Research On The Efficiency And Influence Factors Of China’s Listed Companies In Culture Industry

In recent years, the culture industry presents a trend of rapid development while China’s economy growth is slowing. The growth rate of culture industry is averagely more than fifteen percent, which is higher than the growth rate of GDP 5 percentage points nearly ten years. Meantime, the government’s support for culture industry has never been interrupted. Most importantly, the ministry of culture clearly put forward the orientation of culture industry is the pillar industry of national economy, which deeply indicates the great importance of culture industry in China. However, there is still a large gap between China’s culture industry and the culture industry in developed countries. We have to face more problems about financing, to which the study is pay more attention recently, but the academia mostly focus on financing status, the government policies and so on, which relies on the qualitative analysis while just a little research turns to financing problems in a quantitative way based on data related to cultural enterprises. So, this thesis is to analyze the financing efficiency of culture industry in China with a contracted way including theoretical analysis and empirical analysis, which is being done in prosperous environment where culture industry is growing aggressively.Firstly, the thesis is started from introducing the background and the way for the research, and combing the domestic and foreign research about the financing and financing efficiency. Then, the concept of culture industry and financing efficiency is clearly defined. Which is mainly followed is the theoretical analysis of the present situation about China’s culture industry and the financing status. The current situation of culture industry is analyzed from two parts including overall size and industry structure, and the current situation of financing status of culture enterprises is analyzed from five aspects which respectively are financial allocation, bank loans, issuing bonds, risk financing and listed financing.Secondly, the empirical analysis about financing efficiency is divided into two parts. The one is trying to building a model for evaluating financing efficiency of culture enterprises by data envelopment model. In this thesis, the rate of assets and liabilities, the owner’s equity and the cost which the company must takes are defined as input index, while the operating revenue and increase rate of business revenue as output indicators. Then,44 listed companies in culture industry have been screened, and the results exported from the calculating software are analyzed from four aspects including pure technical efficiency, scale efficiency, technical efficiency and the return of scale. The other one is trying to analyzing three actors which are apparently influencing the financing efficiency through tobit regression model.Finally, the last part of this thesis is to summarize the theory and empirical analysis based on the above analysis of the financing status of China’s cultural enterprises. It is concluded that although financial grants to the cultural industry in recent years in our country increases year by year, but the relative degree of cultural industry development is still not enough, and the cultural enterprises have to face problems on social credit evaluation when using debt financing, intangible assets valuation, in terms of equity financing is related to enterprise control, and issued and listed financing need pay higher costs. In this thesis, the empirical analysis, this thesis concludes that cultural enterprises in China in recent years are mostly in the stage of increasing return of scale, and the overall ability of resource utilization has more space to improve. In addition to the macro factors, there is a negative correlation relationship between the ratios of property and the financing efficiency, while better operation and development ability can improve the financing efficiency of enterprises. And the related suggestions in terms of financial market, the enterprise itself and the government’s policy are followed.