Research On Financial Support Efficiency And Its Influencing Factors Of Cultural Industry

As an important fulcrum of economic restructuring,cultural industry plays an increasingly prominent leading role in economic development.In order to promote the development of cultural industry,the Chinese government has successively implemented effective policies and continuously increased its support to the cultural industry development in recent years.Therefore,It is important to analyze the financial support effect and its influencing factors to improve the financial support efficiency and promote the prosperity and development of cultural industry.This research will sort out and analyze the domestic and foreign research on financial support for cultural industry,and summarize relevant concepts and theoretical basis.Besides,this paper will also analyze the development and financial support status of cultural industry in China.This paper takes listed companies of cultural industry as the research objects,and selects DEA model to measure the financial support efficiency of sample companies.The results show that the financial support efficiency of listed companies in Chinese cultural industry is generally low,and the resource allocation efficiency of the financial system in the process of supporting the development of cultural industry needs to be improved.In terms of specific industries,the sample companies with high financial support efficiency mainly belong to animation games,advertising services and digital marketing industries.While the financial support efficiency of information transmission industry is relatively low.The financial system has not achieved the optimal financial resource allocation efficiency in the development of Chinese cultural industry.There we should improve the mechanism operation and management capability of the financial system.We should also expand the scale of financial support for the cultural industry,and pay attention to business process and organizational innovation.In this paper,we use Tobit model to carry out regression analysis on the factors affecting the financial support efficiency of cultural industry.The results show that enterprises’ innovation ability,profitability,macroeconomic growth and financial market development have positive correlation with financial support efficiency,while the company size is negatively correlated with financial support efficiency.In addition,the ownership concentration,state-owned property rights and government support have indistinctively negative influence on financial support efficiency.Finally,this paper analyzes the advanced experience of foreign financial support for the development of cultural industry and summarizes the previous research conclusions.Based on the results,we put forward some relevant policy suggestions to improve the financial support efficiency of cultural industry.