The Financing Efficiency Research Of Chinese Culture Media Listed Companies

The 12th five-year plan clearly puts forward the goal of developing cultural industry into pillar industry. Cultural media industry is an important part of cultural industry. Capital is the foundation of the enterprise management, improving the financing efficiency of cultural media industry is very important to the development of cultural media industry.Based on the features and financing of the culture media listed company and analyzingthe influence factors of the financing efficiency, this paper builds a reasonable evaluation index system. This paper selects the data envelopment to evaluate the financing efficiency of the culture media listed companies. Using the factor analysis method to deal with input and output index is not only satisfying the diversity of the indicators and the integrity of information but also avoiding the emergence of a strong correlation between indicators. Traditional DEA model has a deficiency that it can’t make a further measurement for relative effective decision making units, so introducing the super efficiency model.The empirical research about 43 culture media listed companies shows that only 30.23% of the culture media listed companies in a relative financing efficient and effective state. Culture media listed companies overall is in a relative financing efficient and effective state. Lower pure technical is the main reason that causes the relative ineffective of the culture media listed companies. More than half of the culture media listed companies in the stage of decreasing returns to financing scale. Horizontal comparing the financing efficiency between private and state-owned culture media listed companies, the financing efficiency of private culture media listed companies overall is better than that of state-owned culture media listed company.Using super DEA model further calculate the relatively effective culture media listed companies, Set up the zhongqingbao as benchmarking enterprises. According to the results of this study, this paper put forward financing efficiency optimization strategy from the perspective of enterprise and the government.