The Research Of The Investment And Financing Efficiency Of Culture Industry In Shandong Province

With the development of the world’s economy, the importance of the culture industry has been acknowledged by more people and the investment and financing of this emerging industry has been investigated by more scholars consequently. To maintain the sustainable and quick development of the culture industry, we are obliged to focus on the effective use of the resources. As for Shandong province which is well-known for "the birthplace of Confucius and Mencius, the state of ceremonies, has enjoyed the reputation of great potential for culture development. After the 17th CPC National Congress. Shandong followed the strategy of the country and aimed to construct a powerful province of culture.In order to accelerate the process of culture industry, the fiscal revenue and expenditure has considerably increased. However, the lack of research is mainly about the two aspects,the maintaining of balance between the investment and needs, the efficiency of the investment in culture industry.This paper gives a broad review of the related literature about the investing and financing of the culture industry in the beginning and defines the concept of culture industry and the investing and financing within. Secondly, following a concise and clear framework of the culture industry, the paper focuses on the specific development of Shandong Province and remarks on the current situation of the development of culture industry, then makes a detailed conclusion of the efficiency of investing and financing of the industry. Besides, except from Shandong Province, the paper demonstrates empirical test using panel indicators of 27 provinces from 2008 to 2013. Through the traditional steady DEA model and Malmquis-DEA productivity index method, we conducts a comprehensive empirical research about the efficiency of investing and financing of the culture industry in Shandong Province. Based on the problems emerging from theory and empirical investigation, the paper at last offers the relative advice about the future development and from the view of financial innovation, we explore some ideas of crowd funding and Internet finance in culture industry.As for the conclusion, the efficiency of the investing and financing of culture industry takes a lead of Shandong Province and is on the top ten of the whole country. But, the development is unstable and in some years we can observe a phenomenon of decreasing returns to scale. It is apparently the enthusiasm of investing is in high level but the distribution and waste of resource needs great attention. The total factor productivity saw a dropdown from 2008 to 2013,which means the decrease of technical efficiency. To cope with that, we need to adjust the way of investing of the culture industry and take a reform of the management and pay more attention to the technical development to avoid the unnecessary waste of resources.