| As a special cultural and economic form,culture industry is an important way to meet the spiritual and cultural needs of the people,and also a powerful engine to drive economic restructuring and change the mode of economic development.Party and state attach great importance to the development of cultural industry.Through a series of industry policy arrangements and continued increased investment support,China's culture industry has been effectively promoted and developed rapidly.At the same time,under the stimulation of culture industry policy,some places and industries have also appeared the phenomenon of “follow-the-wind investment” and “investment surge”,which leads to the low efficiency of industrial investment and the problem of inefficient investment.Based on the strong government intervention of China's culture industry,it is of great theoretical value and practical significance to study the inefficient investment of China's culture industry from the perspective of industry policy.This article takes our country culture industry as the research object and the optimization of culture industry investment efficiency as the cut-in point.The impact of culture industry policy on the investment behavior and efficiency of cultural enterprises is analyzed in detail,which provides a reference to solve the difficulty of inefficient investment in cultural industry from the policy level.The main content of this paper includes four parts.First of all,the evaluation of the culture industry at the provincial level and the internal industry investment efficiency.This article has combed China's culture industry basic characteristic and the investment pattern,the culture enterprise corporate governance characteristic,as well as the typical culture industry policy content.And on this basis,the investment efficiency of China's cultural industry is measured to establish a realistic background for the full-text study.Taking the investment of fixed assets,the expenses of cultural undertakings and the expenditure of projects in cultural industries and related industries as input indicators,and the total income of cultural industries and related industries as output indicators,DEA Model is used to measure and analyze the investment efficiency of cultural industry at the provincial level.At the same time,by constructing SFA model,this paper evaluates and analyzes the non-efficiency investment of five core cultural industries,such as news and information service,content creation,creative design service,cultural communication channel and Cultural Entertainment and leisure service.Secondly,the theoretical framework of the influence of culture industry policy on inefficient investment is constructed.This paper systematically expounds the internal mechanism of the cultural industry policy influencing the investment level and efficiency of the cultural industry through issuing government subsidies,changing the industrial competition degree and other various channels,and forms the corresponding theoretical analysis frame.The policy of cultural industry affects the investment level of cultural enterprises,the inefficient investment of cultural enterprises,the mechanism of inefficient investment of cultural enterprises,and the inefficient investment of cultural enterprises.Based on the above four dimensions,this paper puts forward a series of theoretical hypotheses.Thirdly,the paper empirically tests the concrete impact of cultural industry policy on inefficient investment.In the first stage,according to certain rules,this paper selects 152 domestic listed companies and 7902 financial data records from Wind database as unbalanced panel data samples.On the basis of reasonably determining the relevant index variables,a hybrid model of cross-sectional and chronological data is constructed.It also examines the impact of the implementation of cultural industry policy on the level of culture industry investment and inefficient investment.In the second stage,DID double difference,mediating effect and regulating effect models are introduced.Then the research perspective is extended to whether the government subsidy can play a significant intermediary role between the cultural industry policy and the investment efficiency of private culture enterprises,whether industrial competition can regulate the relationship between industry policy and government subsidy,government subsidy and inefficient investment,and how the behavior of cultural enterprises following industry policy investment affects inefficient investment.And carries on a series of robustness tests to the empirical result.Finally,through the method of normative analysis,the conclusions of the full text of the study are summarized,while putting forward the corresponding policy recommendations.The main conclusions of the paper are as follows.(1)The investment efficiency of culture industry is low as a whole,and the differences between provinces and between industries are tremendous.On the whole,there are serious inefficient investment problems in our culture industry.In the view of province-by-province,the funds for culture undertakings and the employees of culture industries in each province have achieved technical effectiveness.However,most of the scale efficiency is not ideal,the horizontal contrast gap of the culture industry investment efficiency is large,and the vertical is very unstable between year and year.In the view of different industries,the degree of inefficient investment of enterprises in the core areas of culture and related industries is serious,and the gap between industries is obvious.Among them,the inefficient investment problem is the most prominent in the cultural communication channel industry,but the content creation industry is relatively less serious.This shows that there are serious inefficient investment problems in the process of investment of culture industry in China.The utilization rate of the invested funds and human resources is not that high,and the investment operation management needs to be improved.(2)The policy of supporting culture industry has incentive effect on the investment of cultural enterprises,especially private cultural enterprises.The supportive cultural industry policy can provide abundant conditions for the investment of cultural enterprises and promote the investment level of cultural enterprises significantly.At the same time,according to the different level of the policy and the main body of the culture market,this incentive effect will also show distinct heterogeneity.Specifically,the culture industry policy of the central government is obviously stronger than that of the local government in the overall promotion effect and the marginal promotion effect.The promotion effect of culture industry policy on the investment level of private culture enterprises is obviously stronger than that of state-owned cultural enterprises.It shows that the investment behavior of private culture enterprises is greatly influenced by the policy of culture industry,especially the policy of the central government and the state.(3)The supportive culture industry policy has a restraining effect on the investment efficiency of culture enterprises,especially private culture enterprises.The introduction of supportive culture industry policy is apt to aggravate the problem of inefficient investment.According to the difference between the policy-making level and the main body of the culture market,the supportive culture industry policy at the central state level can significantly inhibit the investment efficiency of private culture enterprises,but the impact on the investment efficiency of state-owned culture enterprises is not obvious.The local government's cultural industry policy and the Central Government's policy have the same direction to the enterprise investment efficiency,but the intensity of the influence is relatively weak.This shows that under the guidance of industrial policy,the phenomenon of investment surge in private culture enterprises coexists with the problem of inefficient investment,which is not conducive to intensive and efficient use of resources.(4)The higher the level of government subsidy,the stronger the effect of industry policy to restrain the investment efficiency of private culture enterprises.Government subsidies are often part of supportive culture industry policies.After introducing the government subsidy interaction in DID model,we find that,other things being equal,government subsidy can significantly change the influence degree of cultural industry policy on inefficient investment of cultural enterprises.The higher the level of government subsidy,the more serious the inefficient investment degree,or the more obvious the restraining effect on the investment efficiency of culture enterprises.The results of the model show that government subsidies play a mediating role between the policy of cultural industry and the inefficient investment of private cultural enterprises.That is to say,when the central and local governments implement cultural industry policies,they tend to give out government subsidies.The government subsidy will lead to the inefficient investment of private cultural enterprises,which strengthens the robustness of DID test.This means that reasonable determination of the level of government subsidies can be taken as one of the policy paths to improve the efficiency of private cultural enterprises.(5)The higher the level of competition in the industry,the stronger the effect of culture industry policy on the investment efficiency of private culture enterprises.If other conditions are not changed,industry competition will significantly affect the relationship between culture industry policy and inefficient investment of culture enterprises.The higher the degree of industry competition,the stronger the degree of non-efficiency investment caused by industry policy,that is,the more obvious the effect of culture industry policy to restrain the efficiency of enterprise investment.The result of adjustment effect model shows that the industrial competition can adjust the relationship between industrial policy and government subsidy,and between government subsidy and inefficient investment notably.The higher the level of competition,the more inclined the policy of culture industry will be to direct government subsidy,and the more serious the impact of government subsidy on non-efficiency investment of private cultural enterprises.This demonstrates that we can properly reduce the internal competition of cultural industry through M & A,reorganization and so on,and then improve the investment efficiency of cultural enterprises.(6)The investment efficiency of state-owned and non-state-owned cultural enterprises is restrained by following the supportive culture industry policy.When the central or local culture industry policy is promulgated,the Inefficient Investment Degree of cultural enterprises that adopt the investment behavior of following the industrial policy will obviously increase compared with those enterprises that do not follow the investment.Furthermore,this kind of influence exists obviously in the state-owned cultural enterprise and the private cultural enterprise.It also reflects the phenomenon of catch-up-with-trend investment that cultural enterprises are guided by industrial policy,which will further aggravate the problem of inefficient investment.Based on the conclusions of the study,this paper proposes the following policy recommendations.First,we can increase the investment of culture undertaking fee and project investment,so as to improve the efficiency of fixed assets investment and optimize the allocation of resources.Second,through the relaxation of government regulation,lowering the barriers to entry and introducing a freer competition mechanism,the investment environment can be optimized and the cross-border integration of culture industries and emerging industries can be strengthened.Third,in the culture industry policy-making process,reduce non-essential government subsidies.Appropriately increase the concentration of industry and weaken the differential treatment between private enterprises and state-owned enterprises.And strengthen the regular evaluation and deviation correction of the policy implementation effect.The fourth and last point is that the local cultural industry policy should conform to the local reality in order to highlight its own characteristics.It can't be too emphasized that policies should be more detailed and more targeted. |
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