The Impact Of Government Subsidies And Financial Support On The Total Factor Productivity Of Digital Creative Industries

With the advancement of digital technology,the digital creative industry has achieved rapid development in the "13th Five-Year " period.Webcast,online video,online games,and online literature have all become indispensable parts of people’s lives,ushered in the era of digital economy in China.For example,the rise of live delivery has made a significant contribution to the economic recovery during the epidemic in China,stimulating online consumption and injecting new vitality into economic growth.In the period of the 14 th Five-Year Plan,more advanced digital technologies will be developed and produced,so the emerging industry will create more innovative business models and become an effective driving force for economic growth.Total factor productivity is an important indicator to measure the future development of an emerging industry.Therefore,it is necessary to conduct in-depth research and analysis on the total factor productivity level of the digital creative industry.Through the empirical analysis of total factor productivity of digital creative industry,we can understand the current development shortcomings of enterprises more clearly,and then point out the direction to promote the development of the industry.At present,China ’s digital creative industry still has great market potential,but the financial support system provided by the government and financial institutions is still not perfect,and can not effectively promote the development of digital creative industry.Therefore,this paper selects the panel data of 43 listed companies in the digital creative industry from 2010 to 2019 as the research sample.The DEA-Malmquist index method is used to measure,analyze and decompose the total factor productivity of the digital creative industry.The total factor productivity and its decomposition technology Efficiency and the efficiency of technological progress are used as the explained variables,and a panel regression model is established to analyze the impact of government subsidies,financial support and the total factor productivity of digital creative industries and the source of the impact.The research conclusions are as follows:(1)The total factor productivity of my country’s digital creative industry has increased by 2%annually.This is mainly due to the improvement of enterprise technology.The reason for the decline in technical efficiency is mainly due to the low efficiency of enterprise management and imperfect scale structure.In addition,from the perspective of sub-industries,there is a gap in total factor productivity between industries.The total factor productivity of the online game industry has grown the fastest,while the total factor productivity of the creative content industry has declined.(2)Government subsidies have a restraining effect on the total factor productivity of the digital creative industry,and the restraining effect between the two mainly comes from its restraint on the efficiency of enterprise technological progress.(3)Bank credit support has an inhibitory effect on the total factor productivity of the digital creative industry.It is to play the inhibitory effect of bank credit on total factor productivity by suppressing technological progress.(4)Equity financing support and internal income financing support both promote the total factor productivity of the digital creative industry.Among them,internal income financing support plays the most important role in promoting technological progress.Among them,it has a significant role in promoting technological progress and has no impact on technical efficiency.Significantly.Finally,some reasonable suggestions for the development of my country’s digital creative industry based on the research conclusions are also helpful for the government and financial institutions to formulate more effective support measures to promote the development of the digital creative industry.