Study On The Influence Of Digital Economy On Total Factor Productivity Of Cultural Companies

In order to meet the people’s ever-growing needs for a better life,the CPC Central Committee set the goal of building China into a strong socialist culture by 2035 at the Fifth Plenary Session of the 19 th CPC Central Committee.Promoting the prosperity and development of the cultural market is an important path for China to achieve this goal.Cultural enterprises are micro-organizations of the cultural market.Improving the total factor productivity of cultural enterprises plays an important role in meeting the new expectations of people’s spiritual and cultural life,promoting the transformation and upgrading of the national economy,improving the quality and efficiency,and improving the country’s cultural soft power.With the deepening and wide application of digital economy in the field of culture,exploring the impact of digital economy on the total factor productivity of cultural enterprises and its role in promoting the high-quality development of cultural market plays an important role.Based on the above background,on the basis of constructing the theoretical analysis framework of production factors,this paper adopts the financial data of all listed companies in cultural industries from 2011 to 2020,uses the method of DEA-Malmquist productivity index to determine the total factor productivity,and then tests the influence of digital economy on it based on the fixed effect model.The results show that:(1)digital economy is positively correlated with total factor productivity of listed companies in cultural industry;(2)Financing constraints play an intermediary role in the relationship between digital economy and total factor productivity of listed companies in cultural industry;(3)Heterogeneity test shows that the development of digital economy has a significant positive impact on non-state-owned enterprises and has a complete mediating effect of financing constraints,while the state-owned enterprises have the opposite effect.Compared with the central and western regions,the total factor productivity of cultural enterprises in the eastern region has a more significant response to the development of digital economy.It is suggested that the government should improve the laws and regulations in the field of intellectual property,the cultural industry should strengthen self-discipline,accelerate the digital transformation,and establish the correct concept.