Research On Investment And Financing Efficiency Of Cultural Industry In Xinjiang

The cultural industry,which has low input,low energy consumption,high benefit,is now playing an important role in sustainable economic growth.As the cultural center of the Silk Road Economic Belt,Xinjiang has a huge advantage of cultural resources.However,the scale of Xinjiang’s cultural industry is too small,the strength of cultural enterprises is weak and its management ability is not strong.In recent years,the government has been encouraging financial institutions to increase capital investment in the cultural industry in Xinjiang,but it turns out unsatisfied.Financial capital is the core capital of modern investment,if it cannot effectively guide financial capital to enter,Xinjiang cultural industry will be difficult to grow.Only by raising the investment and financing efficiency of the cultural industry,can the sustainable development of the industry be realized.This study sorted out the cultural industry theory,industrial investment theory and investment and financing efficiency theory.On the one hand,the study summarize the current situation of Xinjiang cultural industry,on the other hand,the study use the DEA-BCC model and Malmquist Index Model to evaluate the technology efficiency,pure technology efficiency and Scale efficiency of Xinjiang’s cultural industry,study its racial movement and slack movement.The study found that the efficiency of Xinjiang cultural industry is in a low level,the TE and PTE is at the bottom of the efficiency curve and there is an upward trend.The SE has been in raising range and promote the PTE.Compare with the situation of all China,the investment of Xinjiang cultural industry has less slack movement and it is mainly reflected in Xinjiang’s underdeveloped cultural market.In order to research the mainly factors affecting the efficiency of investment and financing,the study use the Tobit model to test the hypothesis of the investment and financing efficiency of Xinjiang cultural industry,find that macroeconomic,cultural specialization,corporate debt ratio and policy have positive correlation with SE.The educational level,financial environment have negative correlation with SE.Cultural specialization,educational level and financial environment have positive correlation with PTE.Corporate debt ratio and policy have positive correlation with PTE.Cultural specialization,corporate debt ratio and policy have positive correlation with TE.The enterprise scale and financial environment have negative correlation with TE.According to the results above,the study put forward countermeasures and suggestions like improving the investment policy and the way of financial support,increasing direct financing,improving the financing capacity of cultural enterprises and improving the level of industrial specialization.