| The seventh session of the Sixth Plenary Session of the meeting proposed to reform the cultural system, which aimed to promote cultural development and prosperity. China’s cultural industry has entered a new period of development. Due to the characteristics of the cultural industry, it has a high risk in developing and a long cycle, which causes lack of mortgage in financing process and property rights are unclear and so on. The number of culture media industry listed companies was more than ten before2000. After2009, with the development of economic level, the number of new cultural industries listed company increased to24and the future of cultural industries got attention from the government and social. However, China’s cultural industry is still in a vulnerable stage compared to many developed countries. Financing efficiency is particularly important to the whole industry. It’s crucial to identify the key reasons to affect financing efficiency, and only though this can solve the difficult to use less funds to achieve more production.Author inspected a lot of previous studies and found that many papers have focused on financing problems of cultural industries, but few papers were using empirical analysis methods. Only theoretical explanation without data support isn’t enough to make solid conclusion. Then the theory of financing efficiency was introduced for this current study. Start from the equity financing structure, the relative financing efficiency were roughly calculated through the24listed companies.In the current study, the author defined the content of financing efficiency. The efficiency of capital allocation decisions is trade-off between the level of financing cost and the financing structure. Accordingly, the paper needs to examine the internal factors include corporate financing structure and conditions to analyze whether the funds can be taken good use of. On the other hand, considering of the access of related data, the financing efficiency of this current study is mainly focused on the configuration of the efficiency of funds.Linear programming in the method of DEA, as a tool to calculate the relative efficiency between the various decision-making unit. Then we can get some information about the various factors, and can roughly calculate the direction which you need to adjust. The method is useful in complex multi-input-output case. This method was mostly used as an essential tool to calculate the efficiency of production, and also in finance field in recent years. In this paper, related data from year2010to2012from24listed companies was analyzed, moreover the CCR and BCC model were selected as the theoretical basis for empirical analysis. The choice of indicators with reference to some domestic scholars’study about the financing efficiency in companies listed on the SME board. Mainly from internal factors including the net equity financing, debts to assets ratio, ownership concentration, stock liquidity as input indicators, and use the ROE, Income growth rate and Tobin’s Q as output indicators, The higher the output index represents more efficiently the integration allocate capital is, and the higher efficiency of the transaction.Through the analysis above, some conclusions were made:(1). Among some listed companies in China, financing efficiency is generally low for cultural and creative industries. This suggests the lack of rational use of funds for these companies. Not only due to the external social causes such as the late development, there are also factors such as poor management of the company itself.(2). Extremely high debts-to-assets ratio is a widespread problem revealed by the database. The companies may have excessive dependence on debt financing and the equity division reform isn’t perfect.(3). Most companies in the cultural industries, in the stage of increasing returns to scale, have lower DEA efficient. This illustrates the lack of rational use of funds which maybe a key factor restricting the development of cultural industries.According to the above-mentioned reasons, a few advices were summarized in order to improving China’s cultural industries financing efficiency:Government policies should tilte to a certain degree to support for the "public goods", in order to solve the problem of market failure. Enterprise need to take full advantage of a variety of financing ways together and reducing the company’s financial leverage, so that enterprises are facing financial crisis to reduce, then it can improve market expectations of investors and improve stock liquidity. Companies should improve equity framework and reduce the degree of concentration of ownership, which can motivate employees to innovate. Finally the company will find new profit growth point and understand how to strengthen the use of company funds. The law should play the regulatory role, and the relatived department should strengthen the implementation of intellectual property protection measures and self-discipline. |
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