Research On The Impact Of Technology Finance On The Development Of Cultural Industries

Since entering the 21 st century,China's cultural industry has developed rapidly.Cultural industry has played a prominent role in expanding consumption,stimulating domestic demand,adjusting structure and promoting growth.At present our country vigorously promotes the culture and the science and technology finance mutual promotion,speeds up the cultural industry transformation to upgrade,and actually promotes the cultural industry to become the national economy pillar industry.Under the new normal condition,it is very necessary to study the influence of science and technology finance on the development of cultural industry.The current research on the factors influencing the development of cultural industry mostly ignores the spatial interaction between individual variables and the scientific and technological financial factors.On the basis of theoretical analysis,this paper uses the 2005-2015 relevant data of 31 provinces,municipalities and autonomous regions of China,and constructs a data model containing spatial items.This model studies the influence of science and technology finance on the development of cultural industry,in order to put forward relevant policy suggestions to promote the development of cultural industry.Firstly,through the Granger test,it preliminarily verifies that all factors of science and technology finance have influence on the development of cultural industry.Secondly,the spatial correlation of cultural industry development is validated,and the spatial Durbin model of double fixed effect is selected,and then the direct and indirect effects of the model are analyzed.Finally,the paper analyzes the panel data of the three economic regions.The research results show that: first,the influence mechanism of technological finance's development on cultural industry is proved by mathematical deduction.It is concluded that government expenditure on science and technology,enterprise investment in science and technology,science and technology loans from financial institutions and venture capital can promote the development of regional cultural industry.Second,spatial statistics show that there is a significant positive spatial autocorrelation in the development of cultural industry.There is not only the interrelation of the cultural industry development among the provinces,but also the significant spatial spillover effect among the related factors.Third,through analyzing of the spatial Durbin model estimation results and the direct and indirect effects,we can see that government expenditure on science and technology,enterprise investment in science and technology,science and technology loans from financial institutions,venture capital,capital and government cultural financial support level directly or through cultural interactions between different regions play a significant role in promoting the development of cultural industries.Finally,this paper analyzes the panel data of three economic regions,and finds that the effect of scientific and technological financial input on the development of cultural industry has regional differences.The development of cultural industry in the east and west is affected by the investment of science and technology funds and the support of venture capital.The central region is affected by the government science and technology expenditure.Based on the above research results,this paper puts forward the suggestions to promote the development of cultural industry in China: strengthen the cooperation of cultural industry among provinces,increase the investment of science and technology,enhance the capital investment of cultural industry and raise the financial support.