Research On Factors Affecting The Performance Of China’s Cultural Industry Investment Funds

With the continuous release of the cultural industry development promotion policy dividend,the cultural industry has gradually become an important engine to promote cultural prosperity and economic development.The long-term development of the cultural industry has benefited from the support of the multi-level investment and financing system.Among them,cultural industry investment fund as an innovation financial system in cultural industry investment and financing system has made great progress in recent years.Generally speaking,cultural industry investment fund refers to the industrial investment fund which invests in the cultural enterprise equity with the growth potential in the related fields of the cultural industry.It is obvious that China’s cultural industry investment fund development is affected by the national policy.Till the end of 2016,more than 200 funds have been invested in cultural industries.The size of funds is over 300 billion yuan.From the regional distribution,the cultural industry funds are mainly distributed in Beijing,Shanghai,Guangzhou,Shenzhen and other developed regions;from the industry point,the cultural industry funds mainly invest in Internet,education,tourism,games and film and television.This paper chooses 165 unbalanced panel data of the mixed type cultural industry investment funds from 2004 to 2016 as the samples to analyze the influence of the fund’s characteristic factors on the performance of China’s cultural industry investment funds and traditional funds and their differences by using the individual time two-way fixed effect model.The empirical results show the following things.First,compared with traditional common funds,cultural industry investment fund has higher risk compensation income.Second,the preference of some investors in new industries improves the performance of cultural industry investment fund.Third,there are no significant differences in the influence of the fund’s characteristic factors on the performance of sports and education industries theme investment funds and the performance of traditional common funds.On the basis of this,the author further examines the impact of the cultural industry on the performance of the cultural industry investment fund from the macro level.It is found that the development of the cultural industry is conducive to the improvement of the performance of the cultural industry investment fund.Yet,there is a clear decoupling phenomenon between the development of the education industry and the performance of the cultural industry investment fund.The development of the various segments of the cultural industry within its fields not only promotes the performance of the corresponding theme funds,but also has spillover effect on the performance of its non-corresponding industry theme funds.