Research On The Comparison Of Efficiency And Selection Of The External Financing Ways From Culture-based Perspective

Corporate finance level of efficiency for the enterprise management has a greatimpact, understood the importance of the development of the enterprise, so more andmore people accordingly concern and attention. At present, China academic researchfor corporate financing efficiency also pay close attention to it a lot, such as SMEfinancing Efficiency, Efficiency of emerging business financing, SME board listedcompanies financing efficiency and so on, but for cultural enterprises financingefficiency has amounted to much.In recent years, along with the national policy on culture industry’s strong support,and continuously improve market environment, the cultural industry has beenbooming in China. So, how to choose the way of external financing of culturalenterprises, how to improve the efficiency of financing, financing cultural enterprisesand institutions to provide some useful advice, to solve the financing problems ofChina’s cultural enterprises, become a problem to be solved.This paper first introduces the meaning and purpose of the study, at the same timeon the exogenous financing efficiency comparative literature reviewed; Thenelaborate our country culture, the status of equity financing and debt financing,through the analysis of the affecting factors on the financing efficiency, equity anddebt financing from the perspective of theory of high and low efficiency; Lastly,respectively list on the main board and small and medium-sized enterprise board andgem195cultural enterprises as samples, select the data from2002to2012, usedescriptive analysis and panel data analysis methods such as empirical research, theselection influence the efficiency of the culture industry financing the owner’s equityratio and gearing ratio as explained variable, to return on net assets is as explainedvariable, to establish the empirical model. Research shows that our country cultureindustry negative correlation of creditor’s rights financing and the financing efficiency,and equity financing are positively correlated to the financing efficiency. Finally,based on the above research results, according to the actual situation, put forward howto optimize the environment of creditor’s rights financing, and how to choose the debtand equity financing and innovation.