Research On Financing Efficiency Of Listed Companies In Digital Culture Industry

With the rapid development of the digital economy,the trend of the integration of digital technology and culture and art is becoming more and more prominent.With the upgrading of consumption by the broad masses of the people,the demand for spiritual and cultural products is increasing day by day.The digital cultural industry has ushered in the spring and even realized a counter-trend growth under the pressure of the general economic downturn.The digital cultural industry is a new format of cultural industry development up to now,with strong growth,high innovation,green and low carbon industrial advantages.With the Ministry of Culture putting its innovative development on the agenda in 2017,the development prospect of the digital cultural industry is promising.At present,it is in a critical period of transformation and upgrading from traditional cultural industry to digital cultural industry.Financing efficiency has become a key issue that cannot be ignored in the development process of digital cultural industry.Listed companies,as the leading army,have become the main research object.In order to ensure the high-quality development of the digital cultural industry during its innovation and development,this research studies the financing efficiency of 54 listed companies in the digital cultural industry from 2014 to 2018 from both static and dynamic levels.At the static level,the super-efficiency EBM model is used to measure and sort the financing efficiency of each listed company in each sample period in the past five years,and five sub-areas of animation,games,network culture,digital cultural equipment and digital art exhibition are divided for comparison.On the dynamic level,Malmquist index is used to decompose the production factors and calculate the dynamic changes of the financing efficiency of the decision-making unit in different periods,thus comprehensively reflecting the current situation of the financing efficiency and giving corresponding countermeasures.The results of empirical analysis in this paper show that:(1)pure technical efficiency and scale efficiency in static efficiency measurement have affected the low level of financing efficiency of listed companies in digital cultural industry to varying degrees,with the most obvious performance in the fields of network culture,digital cultural equipment and games.(2)Static calculation results show that most listed companies in digital culture industry have a high proportion of redundancy in input index,especially total assets.(3)The dynamic financing efficiency in the field of games and animation in the past five years is relatively low,which is different from the static calculation results.This may be due to the relatively late start of animation and games but the higher requirements for technological innovation.(4)The dynamic calculation results show that the low technology change index in Malmquist index decomposition is a technical regression,which is one of the main reasons for the low financing efficiency of listed companies in digital culture industry.Based on the above analysis,this paper puts forward suggestions on strengthening policy support,broadening financing channels and improving the level of technological innovation from the perspective of the government and enterprises.