An Evaluation Reaserch On The Financing Efficiency Of China’s Listed Companies In Cultural Industry Based On DEA

Since the country was determined to develop cultural industry into a pillarindustry, the relevant supporting policies were introduced the cultural industry incultural sector has become the darling of the various capital chasing. Since2004, ourcountry culture industry development speed is much higher than GDP growth duringthis period, however, with the developed countries and compared with theinternational countries on the same level of development still a huge gap. Cultureindustry financing difficulties, low financing efficiency is one of the main reasons forits development. Under such a background, this paper tries to through the use of DEAefficiency evaluation model to evaluate the efficiency of China’s cultural industrylisted companies financing analysis.DEA model is put forward by American home of operational research Charnesas an efficiency evaluation method, the method has been used in the field of economicmanagement in our country in recent years, mainly used in economic efficiencyevaluation, resource allocation, performance evaluation, evaluation of bank andenterprise management efficiency evaluation, etc., based on the DEA model analysisof financial efficiency as reference for other industry, evaluate the financing efficiencyof listed culture companies of our country. In this paper, the culture industry is definedand elaborated the development of the enterprise financing model, systematicallycombed the literature cultural enterprises financing, financing efficiency relatedliterature and theory of the DEA model. Selection on the basis of the Shanghai andShenzhen stock markets48enterprises of the three input variables, two output scalarin2011-2013average to calculate the cultural industry listed companies financingefficiency by Deap2.1software.Through theoretical analysis and empirical analysis, this paper, the mainconclusions are: first, only10%of companies in public cultural enterprises achieveDEA effective,33%of the enterprises achieve pure technology effectively, and67% of companies are both non-technical effective and non effective scale and shows thatmost of the companies did not raise funds effectively. Second, entertainment,advertising, packaging, cultural, educational and recreational tourism, media in thesefour industry, the first three industry most enterprise size, diminishing returns shouldbe reduced investment to improve the utilization rate of capital increase output; Andcultural leisure industry enterprises in scale increasing return state, indicate that theseenterprises are in growth stage, should increase investment in these enterprises. Third,most of these companies not only failed to effectively raise funds and to melt into thefund use efficiency is lower, so should improve the enterprise’s own capitalmanagement ability. On this basis this, the article put forward from the enterpriseitself, financial level, the government level to improve the countermeasures ofenterprise financing.