Research On The Effects Of Mluti-layered Financing Methods On The Development Of Cultural Industry

Cultural industry has achieved great development in recent years by expanding its industrial scale and added-value.And this industry is expected to play a core role in the process of the structural transition of China's economy,due to its high additional value and low demand for natural resources.But the difficulties encountered in financing has been a longstanding and highlighted problem in the development of the industry,this problem seems to be inevitable.How to choose proper ways to finance,and raise the utilization efficiency of money remain urgent to be solved.In this paper,the author regards technical efficiency and total factor productivity as token indicators of developing performance.This paper calculates TE and TFP of the last decade,and takes financing methods and other control variables as exogenous factors,exploring the effects placed on the developing of cultural industry by those factors.Then the paper offers suggestions about boosting innovation methods on financing.This paper discusses the theme from four aspects.First,getting a comprehensive understanding on the current situation of cultural industry,with focus on the financing types,fund scale and mechanism of how financing factors affect the development of the industry.Second,reviewing the history for the theoretical progress of TE and TFP.Considering the character of data sample,the paper sets up appropriate model and chooses suitable function form.Then the author collects necessary data,calculates TE and TFP by stochastic frontier analysis and ordinary least square method.At the same time,the paper estimates the degrees of influences made by governmental subsidy,bank credit,bond financing and equity financing.At last,the paper offers several pertinent proposals basing on the empirical results.