Research On The Financial Connection Of Cultural Enterprises’ TMT And Financial Constraint Based On Sensitive Model Of Investment And Cash Flow

With the development of economy,science and technology and the continuous improvement of income level,the consumption demand of residents is changing from basic material needs to spiritual and cultural needs.Cultural enterprises also play an increasingly important role in the national economic structure.In addition,cultural products have ideological attributes that can spread values and are an important manifestation of the country’s soft power.In 2009,the State Council promulgated the "Cultural Industry Revitalization Plan",and the cultural industry officially became a strategic industry in our country.Capital is the blood of the survival and development of enterprises.Compared with traditional enterprises,cultural enterprises have the characteristics of being creative,asset-light and high-risk.Their collateral is less and the future income is more uncertain.In addition,the evaluation system and guarantee system of intangible assets in China are not perfect.The light assets and soft assets companies are not sufficient in information disclosure mechanism.The value of intangible assets of cultural enterprises is not fully demonstrated,so the asymmetric information between cultural enterprises and banks or other funds will be larger,cultural enterprises will therefore face greater financing constraints.In order to ease the financial constraints of enterprises,in addition to the formal financing system,the informal system-the role of relations has also been valued by enterprises.The political connection and the financial connection of an enterprise are two important forms of establishing the relationship between the enterprise and the outside.These two relations can help enterprises to broaden the financing channels,reduce the information asymmetry between the enterprises and the capital providers,and promote the mutual trust and cooperation.This article will start from the financial connection and study the impact of the financial connection of senior executives of the cultural enterprises on the financing constraints.This article selects the cultural enterprises under the classification standard of China Securities Regulatory Commission from 2011 to 2016 as the research sample to study the impact of the financial connection of senior executives of cultural enterprises on the financing constraints.First of all,through the investment and cash flow sensitivity model,it confirms the existence of financing constraints of listed cultural enterprises in China,and then uses the senior executives ’financial relation as a moderator variable to get the conclusion that senior executives’ financial connections can indeed alleviate the financing constraints of cultural enterprises.In order to carry out a more specific study of the function of financial connection,this paper divides the financial connection into financial connection between independent directors and internal executives,financial connection between bank and securities and non-bank and non-securities,and correlates the two financial links Type,respectively,to establish a model for regression analysis and comparative analysis.This study finds that the financial connection of independent directors of cultural enterprises plays a stronger role than the financial connection of internal executives.The financial relationship of bank and securities plays a stronger role than that of non-bank and non-securities.Finally,this paper puts forward some suggestions from two aspects:business management and financial policy,in order to promote the financing of cultural enterprises.For cultural enterprises with financing needs,they can appoint independent directors with financial background in a targeted manner,and give priority to those executives who have the background of commercial banks and securities companies.Besides,they can also take the relevant alternative measures by learning the influencing mechanism of financial connection to financing constraints.From the financial policy point of view,we can improve the formal system of finance to replace the role of financial connection in corporate finance,thereby enhancing the fairness of financing;we can also develop intangible assets evaluation system and security system,develop the financial innovation program,and develop diversified channels of financing.In addition,financial institutions can also be given a certain degree of freedom for decision-making,and be encouraged to actively seek high-quality cultural enterprises and establish long-term cooperation.