The Research On Financing Performance Of China's Cultural Enterprises

"The development of cultural industry" has been identified as a major national strategy by the government in September 2006."the 13th Five-Year Plan"is established cultural industry as the pillar industry of our country.The cultural industry developed rapidly in recent years,the added value of the cultural industry increased from 512.3 billion to 2723.5 billion during the past ten years and the contributing rate to GDP increased from 2.37%to 3.97%.However,there is still a huge gap compared with developed country.With the characteristic of "light asset,heavy knowledge",the cultural industry has poor financing ability.The financing performance is very important to the sustainable development of the cultural industry.In this paper,we will analyze the financing performance of culture industry listed company from two respects of capital access ability and utilization ability,combining with their financing characteristics of financing present situation and the trend.We selected 25 cultural industry listed companies from stock markets of the three input index and two output index.Then we use the DEA model and the BCC model to estimate the performance of the cultural industry listed companies.The results showed that,from 2010 to 2015,the financing performance as a whole is low,only 35%of the listed companies achieve DEA financing effective state.The main reason is that the pure technical efficiency is too low.More than 80%of cultural industry listed companies in the stage of scale increasing retum,indicating that most businesses are in benign development of the scale of operation mode.If we reasonable expand the scale of financing,the cultural industry companies will create more profit.