Empirical Study On Financing Efficiency Of Cultural And Creative Industries

After the strategy of "Cultural Power" was put forward,the cultural and creative industry was the key industry to support and develop in China.Cultural creative industries have the characteristics of light asset,high uncertainty and high value-added products.There are many differences between traditional industry enterprises in many aspects of the asset structure,profit model and value factors.The high uncertainty in the value of cultural creative enterprises are often underestimated in the process of valuation.This negative impact of financing is one of the factors causing the problem of financing constraints in cultural creative industry.Due to the characteristics of cultural and creative industries,it is speculated that the financing scale may be insufficient and the financing quality may not be high.What is the integration degree between the whole industry and the progress of science and technology,and what role does the progress of science and technology play in the change of its financing efficiency is also an urgent problem to be recognized.In order to alleviate the financing difficulty of cultural and creative industries,it is necessary to have a clear understanding of the current financing efficiency of cultural and creative industries.To sum up,it is necessary to study the financing efficiency of cultural and creative industries and make empirical analysis on it.Therefore,this paper will combine the existing research results on financing problems of cultural and creative industries,respectively calculate the static efficiency and dynamic efficiency of different industries of cultural and creative industries,summarize the status quo of financing efficiency of cultural and creative industries and give corresponding opinions on improving financing efficiency based on the empirical results.For the study of cultural creative industry financing efficiency in our country,this article will combine culture creative industry financing problems of the existing research results,found in the current domestic research,at the same time for cultural creative industry financing efficiency to calculate the static and dynamic efficiency of research are very few,and by using the classic DEA model,there is no use of three-stage DEA model respectively calculate the static and dynamic study of financing efficiency.So this article will be according to the Shanghai and shenzhen main board and gem listed on December 31,2013 cultural creative enterprises2014-2018 financial data collection cultural creative industry related input and output data,including radio,television,film and video recording studios,culture art industry with the three segmentation in journalism industry data(SFC Guide(2012)Classification of Industry of Listed Companies ").First in Shanghai and shenzhen main board and gem listed on December 31,2013 the cultural creativity of enterprise's annual data during 2014-2018 as the basic unit,using DEA-BCC model industry of cultural creative industry in 2018 as a result,the comprehensive technical efficiency and its decomposition to the DEA-Malmquist index method to calculate the dynamic change of total factor productivity index and its decomposition results,and on the basis of analyzing the difference of industry segment.The main research conclusions of this paper are as follows:(1)The financing efficiency of China's cultural and creative industry is satisfactory.The change of the financing efficiency of the industry shows a trend of increasing,then decreasing,and then leveling off.The overall trend is decreasing year by year.By 2018,54% of the enterprises are in the state of non-efficiency.As for industry as a whole,the decline of financing efficiency mainly dues to technical level drops: in 2014-2015,due to the popularity of the media technology,most enterprises seize the opportunity of the technical innovation,but in the later years,caused by a lack of management level or profitability,the enterprise put enough to be a technical improvement in technology and finance quality improvement;the lack of fund management is the main reason for its financing inefficiency;according to the results of sample analysis,the proportion of external financing is much higher than that of internal financing,and excessive external financing means higher financing cost,thus reducing financing efficiency.Moreover,from the perspective of the turnover rate of total assets,the cultural and creative industry,which is characterized by asset-light,has a low turnover rate of total assets.Therefore,on the one hand,enterprises should improve their operating level and profitability and increase their surplus reserve to increase the proportion of internal financing.On the other hand,they should change the extensive fund management mode after obtaining financing and improve their fund management ability;and then,invest more in technology.(2)The reasons for the non-efficiency of financing vary from industry to industry: for enterprises in the industries of radio,television,film and film recording,the lack of financing scale is the main reason;for the culture and art enterprises should adjust the capital structure and improve the capital management ability;financing is not efficient in journalism.On the one hand,it is necessary to expand the scale of capital integration,and on the other hand,it is necessary to improve the level of capital management.For all three industries,increased investment in technology is necessary to boost financing efficiency.At the same time,it is also necessary to start from the policy,institutional environment,laws and regulations,supervision and other aspects,in order to improve the contribution of technological progress,technological efficiency on the positive impact of financing efficiency changes.