Research On The Financial Support System Of China's Cultural Industry

Being a promising industry in the 21^st century,the cultural industry plays an important role in a country's national economic system.The thriving culture and advanced industry make a powerful country,and cultural industry development will lead to the sustainable development of the society.Realizing the sound development of cultural industry is an effective way to realize the social sustainable development.The culture is a nation's soul,and its development is an important symbol of national development and a significant link of our national economy.The government,enterprises and academic community have reached a consensus to drive cultural industry development to promote China's economic growth.The stable development of cultural industry cannot be separated from the support of financial industry.The finance is not only the foundation of modern economy,but also an important cornerstone of industrial development;on the other hand,cultural industry development will conversely influence the financial industry.Cultural finance will provide an effective support for the development of financially supported national industry.In recent years,China's cultural industry has developed rapidly.In 2018,the value added of China's cultural industry was RMB 3873.7 billion,an increase of 10.3 times over 2004;meanwhile,during 2005-2018,such value added has realized the average annual growth of 18.9%,far higher than the growth rate of GDP in the same period.On the other hand,the proportion of value added of cultural industry in GDP has also increased from2.15%in 2004 to 4.30%in 2018,indicating that its proportion in national economy is increasing year by year.During the rapid development of the cultural industry,the support of financial industry plays an important role.China has sufficient financial resources.With the reform of national financial system and the successive implementation of IPO registration system and Internet finance,the financial support for cultural industry has been constantly strengthened,and cultural industry development has been promoted.However,at present,there are many factors restricting cultural industry development.For instance,the financing constraints of the cultural industry are still severe due to the poor financial ecological environment,the high risk of the cultural industry,the single financing channel and the serious shortage of financing volume.Therefore,it has become an important task for scholars and government departments to give play to the role of finance in promoting cultural industry and build a financial support system for it so that cultural industry development will no longer be restrained by financial problems.In such circumstances,this paper attempts to build a financial support system in line with the development of China's cultural industry,and discusses the interaction mechanism between the financial industry and the cultural industry development,so as to provide a micro foundation for the government to make policies in a more effective way.Based on the basic meaning and basic theory of the cultural industry,this research analyzes the present situation of cultural industry development in China as well as the financial support to the cultural industry in terms of China's fiscal expenditure on culture,banking industry,capital market,bond financing,insurance industry,cultural industry fund,guarantee agency and risk investment etc.As pointed out in this chapter,the problem in the financial support to the cultural industry lies in that the existing financial support system fails to adapt to the development requirement of the cultural industry.On this basis,this chapter discusses the effect of financial support on the cultural industry by means of empirical analysis,including the effect of financial support on cultural industry development and on the protection of cultural industry safety.In the analysis of the effect on cultural industry development,the data are divided into three groups by geographical position,the eastern,the central and the western region of China,and Granger causality test and principal component regression model is adopted,which reaches a conclusion that the financial support to China's cultural industry significantly promotes the development of the cultural industry.Moreover,this chapter also constructs the safety evaluation system of the cultural industry according to the structural framework of the industrial safety evaluation index system,and analyzes the effect of financial support on the safety of the cultural industry by means of the factor analysis and entropy method.As proved by the above analysis,the financial support exerts significant influence on the development of the cultural industry and the protection of cultural industry safety.The focus and the ultimate goal of this paper are to design rational financial support to the cultural industry.It is believed that China's current financial support system is not perfect,and the role of financial support for cultural industries is insufficient,the reasons for which are analyzed from three aspects,including the fuzzy definition of the components and their functions,the imperfect financial support system structure,and the imperfect policy and regulatory structure.When discussing the elements of the financial support system to the cultural industry,this paper proposes the idea of building an omni-directional,all-round and multi-level financial support system that consists of macro,meso and micro elements including the government,capital market,commercial banks and enterprises.It designs a cultural financial system supported by a series of innovative financial instruments such as the banking industry,insurance industry,securities industry,investment companies,capital market and risk investment.Finally,this paper puts forward policy suggestions on five aspects,respectively government policies,financial institutions,capital market,the credit guarantee mechanism and socialized financing service system.