Measurement On Financing Efficiency Of Cultural And Creative Industries In China And Its Influencing Factors

As a long-lasting,splendid and ancient civilization,China has many and various cultural heritages and resources.Along with the national economic restructuring strategy under the circumstances of “new normal”,the cultural and creative industries(CCIs)have become one of the most promising industries in China.However,to fund their sustainable development,CCIs in China have to rely not only on the orientation of government's policy of cultural industries,but also on the finance resource allocation by the financial market,since CCIs in China,as a whole,are currently in their infant stage.The ongoing cultural system reform and financial reform in China over the past decedes provide us the availability in both the institutional background and decent data for measuring the financing efficiency of CCIs and investigating the impact of industrial policies and financial development on their financing efficiency.Against this backdrop and on the basis of economic structure readjusting,theoretical analysis and literature review of financing CCIs,this research first analyzes the existing financing patterns of CCIs and their development in China.It then measures their static and dynamic financing efficiency using the DEA-BCC model and DEA-Malmquist index with the data from 2012 to 2016,and further examines the spatio-temporal change of their static and dynamic financing efficiency.Last,using the Tobit model,this research investigates the impact of industrial policy and financial development on their financing efficiency,respectively.This research includes seven chapters: the first chapter is the introduction;the second chapter denotes the theoretical analysis and literature review;the third chapter shows the overview of the development of cultural finance and the main financing patterns of CCIs in China;the fourth chapter measures the static and dynamic financing efficiency of CCIs in China and analyzes their spatio-temporal change;the fifth chapter studies the impact of industrial policy on the financing efficiency of CCIs;the sixth chapter examines the impact of financial development on the financing efficiency of CCIs,and explores the moderating effect of intellectual property protection(IPR)on the relationship between the financial development and financing efficiency of CCIs.The seventh chapter draws conclusions,highlights limitations and future work.The results of this research are as follows:First of all,bank loans are currently the main powerhouse of financing CCIs in China whilst the government funds play a vital guiding role.However,the products and service innovation of cultural finance is still insufficient despite it has initially formed a multilevel financing system for CCIs in China.Secondly,this study measures the static and dynamic financing efficiency of CCIs in China using the DEA-BCC model and the DEA-Malmquist index.Regarding to the static financing efficiency,the results reveal that the financing efficiency currently has an increasing return to scale,and the average value of the financing efficiency of CCIs is 0.633,with the eastern region enjoys the highest financing efficiency 0.845 and the cultural manufacturing industry has the highest financing efficiency 0.504.Overall,the spatio-temporal change of static efficiency of CCIs is fairly stable during 2012 to 2016.The financing efficiency of cultural manufacturing industry and cultural wholesale and retail industry has declined slightly,whereas the financing efficiency of cultural service industry has been rose steadily.Also,it is noticeable that provinces in the eastern region have a higher financing efficiency,especially for the cultural manufacturing industry.Concerning the dynamic financing efficiency,the Malmquist Productivity Index has increased by 1.6% during 2012 to 2016,along with a drop by 0.45% to 0.47% in the cultural manufacturing industry and rise by 0.8% and 19.3% in the cultural wholesale and retail industry and cultural service industry,respectively.Particularly,the dynamic financing efficiency of cultural service industry has increased by 16.1%,9.7% and 29.2% in the eastern,central and western region,respectively during this period.The fluctuation range of dynamic financing efficiency of CCIs is small,except it fluctuates significantly in the cultural service industry,showing an upward trend during 2012 to 2016.Meanwhile,it shows a higher growth rate in the central and western regions.In summary,the financing efficiency of CCIs is higher in the eastern region,whereas the central and western regions have seen a higher growth rate.Particularly,the financing efficiency has grown most rapidly in the cultural service industry among other cultural and creative sectors.Thirdly,this research investigates the impact of industrial policies on the financing efficiency of CCIs.The results show that the industrial policy can contribute to the promotion of the financing efficiency.Compared with financial policy,the fiscal policy(especially the government subsidy)is more significant.This phenomenon evokes remarkable differences among sub-sectors and regions: only the financing efficiency of cultural service industry can notably benefit from both the fiscal policy and financial policy,and industrial policies play a more significant role in improving the financing efficiency of CCIs in the central and western regions.Finally,the research analyzes the impact of financial development on the financing efficiency,and further explores the moderating effect of IPR on the relationship between the financial development and financing efficiency.The results indicate that compared to the depth of financial development and the expansion of financial scale,the financial innovation can be particularly helpful to enhance the financing efficiency of CCTs.Thus,it is evident that the role of financial resource allocation of the financial market has not fully performed.Additionally,the moderating effect of IPR on the relationship between the financial depth and financing efficiency,as well as the financial scale development and the financing efficiency,is very limited.Furthermore,the IPR is not conducive to help the financial innovation promote the financing efficiency of CCIs,especially in cultural service industry.The results of this research support the enhancement of financial system reform,the innovation of cultural finance and the IPR protection in China,so as to alleviate the financing constraints to improve the financing efficiency of CCIs and achieve their sustainable and healthy development.