| In recent years, with the continuous development of knowledge economy and technology, people are paying more attention to the new resources of technology and culture. Cultural creative industries can make technology and culture together, so that they can support and promote each other, which makes it very popular in various countries and regions. and it has gradually become an important factor of strategic competition between our country and others. Our country said that we should promote the development of cultural creative industry vigorously, and make it become the pillar industry of our national economy. Without the financing and investment,the cultural creative enterprises cannot be able to develop rapidly. The MM theory proposed by Modigliani and Miller holds that, financing and investment decisions in the perfect capital market is completely separated, they have no relationship. However, the real-world capital market is imperfect, there are problems of the information asymmetry, entrusted agency, and the enterprise’s financial condition will have a very important influence on the investment decisions, with a lack of investment or an excessive investment of inefficiency investment behavior appearing.The cultural creative enterprises starts late in our country, and each aspect development is not yet mature, so that the scale of the cultural creative enterprises generally small, most of them are small and medium-sized enterprises.The proportion of intangible assets in each cultural creative enterprise is very high so that they lack of effective tangible collateral, which makes them difficult to raise money and face serious financing constraints. Both in the internal and external of the cultural creative enterprises,they don’t have enough money. In such a situation, investment decisions of the cultural creative enterprises are limited by many factors,leading to the efficiency investment behavior.These conditions are not good for the long-term development of cultural creative enterprises. So do a further research on financing constraints and the relationship between the investment efficiency of the cultural creative enterprises are of a great significance both in theory and reality.This paper firstly systematically analyzes the domestic and foreign research status of financing constraints and investment efficiency, and then elaborates the related theoretical basis of financing constraints and investment efficiency. On thebasis of the actual situation of our country, this paper analyzes the related factors of financing constraints as well as describes the present situation of the cultural creative enterprises about financing and investment in our country, and then puts forward some assumptions. Setting the data of the cultural creative enterprises in China’s 2012-2014 as samples, mainly using factor analysis method, data envelopment analysis method, Richardson investment expectation model, and multiple regression method, and using deap2.1, SPSS 17.0 software to do statistical analysis, studied systematically the relationship between financing constraints of the cultural creative enterprises and the investment efficiency.The results of the study show that, the cultural creative enterprises in our country have the problem of financing constraints and inefficiency investment behavior generally; and under-investment is more significant than over-investment; the more financing constraints they face, the easier under-investment will appear. so that we could know financing constraints is the important factor which causes the under-investment of the cultural creative enterprises. In the last of this paper, according to the empirical analysis of the above and the relevant conclusions, this paper puts forward some pertinent suggestions, which can give a guide to reduce financing constraints and inefficiency investment of the cultural creative enterprises... |
PDF Full Text Request