Does Internet Finance Ease The Financing Constraints Of Cultural And Creative Enterprises?

In recent years,with the continuous improvement of living standards,people’s needs have gradually shifted from material consumption to cultural consumption.The increasing public demand for spiritual aspects has increased the focus on China’s cultural and creative industry,and this industry has developed to a great extent.The long-term development of enterprises is inseparable from the investment and demand of funds.However,China’s cultural and creative enterprises generally have certain difficulties in obtaining funds,mainly because of their own light assets and heavy creativity.Borrowing requirements.Since 2005,with the gradual maturity of internet finance,more financing channels have been opened up,and more and more companies have turned to internet finance channels to obtain financing.A large number of studies believe that the emergence of the Internet finance industry has great advantages in solving the financing constraints of cultural and creative enterprises,which can effectively eliminate the information asymmetry in the market,but some scholars believe that Internet finance Not necessarily a mitigating effect.What kind of role does Internet finance play in the issue of corporate financial constraints? This article focuses on cultural and creative companies and attempts to explore the relationship between corporate financial constraints and the development of Internet finance.Based on the above objectives,on the basis of combing relevant theories such as information asymmetry,credit rationing,long tail theory,and existing relevant literature at home and abroad,select 12 groups of words from four angles of Internet finance development,and use the cash-cash flow method to construct the Internet Agency variables for financial development.Using the data of China’s cultural and creative enterprises from the first quarter of 2013 to the third quarter of 2019 as a research sample,introducing Internet financial agency variables in the cash-cash flow model to discuss how Internet financial development will affect corporate financing constraints.And how does the result change when the business type of the enterprise is different.Through empirical analysis,we can know that the cash flow regression coefficient of cultural and creative enterprises in my country is significantly positive,which means that in my country,the existing cultural and creative enterprises are facing strong financing constraints.For the interaction item between the development index of Internet finance and the cash flow of cultural and creative enterprises,the regression coefficient of-0.209 is observed,which means that the development of Internet finance has indeed played a mitigating role in the problem of financing constraints.According to the classification of cultural and creative enterprises according to the main business type,news,radio and television and software services and comprehensive enterprises are higher than cultural tourism and manufacturing design companies in terms of financing constraints,and news,radio and television and software The regression coefficients of interactive terms for service and comprehensive enterprises are-0.604 and-0.436 respectively,and the development of Internet finance can more effectively alleviate the financing constraints of news,radio and television cultural and creative enterprises.Therefore,achieving differentiated development of the cultural and creative industries,improving the financial system,promoting the development of Internet financial norms,and improving the legal and regulatory system will help Internet finance better serve China’s cultural and creative enterprises.