Research On Social Responsibility And Financing Efficiency Of Listed Companies In Cultural Industry

The development of cultural industry can reflect the comprehensive competitiveness of a country or a region to a certain extent.At present,China is now in the crucial stage of building a strong cultural country.The main carrier of the cultural industry is the listed companies in the cultural industry.The listed companies of the cultural industry are not only increasing the importance of economic development,but also spreading positive energy,and guiding the society to have a special role in the right direction of development.However,in reality,the listed companies of the cultural industry themselves have a large proportion of intangible assets,small proportion of fixed assets,and strong dependence on capital.Most enterprises have the misunderstanding of increasing the pressure of the enterprise development by fulfilling social responsibility.The financing difficulties aggravate the degree of social responsibility of the listed companies in the cultural industry.Therefore,this paper selects financing efficiency as a breakthrough point,and studies from the perspective of corporate social responsibility,which is of great significance to the performance of social responsibility and financing for Chinese cultural industry listed companies.Based on stakeholder theory,this paper selects 33 companies listed in two Shanghai and Shenzhen cultural industries as samples,selects the data of their 2009-2016,and adopts the method of combining qualitative and quantitative research to construct the evaluation body of social responsibility indicators from the seven dimensions of shareholders,creditors,employees,consumers,suppliers,government and community.We get the formula of each factor score and the comprehensive social responsibility score.It also puts forward the relevant assumptions between social responsibility and financing efficiency,and constructs a panel data model to investigate the overall situation of the social responsibility of the listed companies in China’s cultural industry,and to explore whether it affects the financing efficiency,and on this basis,the internal mechanism of the impact is deeply studied.SPSS,Stata and other statistical analysis tools are used to study the relationship between social responsibility and financing efficiency of the listed companies of cultural industry from different time span and each dimension.Finally,the following results are obtained.First,on the whole,the performance of social responsibility of Listed Companies in cultural industry is on the rise.Secondly,there is a positive correlationbetween the social responsibility and the financing efficiency of the listed companies in the cultural industry.Moreover,the social responsibility of the listed companies in the cultural industry is positively related to the relationship between the social responsibility and the financing efficiency of the shareholders,the consumers and the government,and the social responsibility and financing efficiency of the listed companies in the cultural industry for the creditors.The relationship of rate is negatively correlated.Based on the empirical results,this article from the enterprise,government,financial markets suggest three aspects,on the one hand,cultural industry of the listed company shall fulfill its social responsibility,positive cognition will be helpful to fulfill the social responsibility of financing and the development of enterprises,on the other hand,the government should play a role of reasonable supervision,provide policy guidance,guide and inspire the cultural industry actively fulfill the social responsibility of listed companies,for the enterprise to reduce the financing constraints,provide way to improve the efficiency of financing,in addition,the financial markets should be social responsibility as an important index for credit evaluation,We will further improve the financing index system that correctly guides listed companies in cultural industries to fulfill their social responsibilities.