Measurement On Financing Efficiency Of Listed Cultural Media Companies In China And Its Influcing Factors

The Chinese people used wisdom to forge an amazing Chinese civilization,and created lots of cultural heritages with great value of research for the world.With the rapid development of nation economy,the cultural industry has risen strongly.For the Chinese cultural industry,which is in full swing,to achieve stable,long-term and sustainable development,can’t be separated from the country’s strong support and scientific guidance.Furthermore,it’s necessary for the market-the’invisible hand’ to play a regulatory role in cultural resources.With the gradual opening of the Chinese capital market and the diversification of investment entities,the implementation of the ’culture+finance’ model has not only greatly expanded the scope of financial services,but also accelerated the pace of cultural and financial innovation and development,which made the significant changes in financing ecology of the cultural industry.The cultural media industry occupies a pivotal position in the cultural industry in China.With the acceleration of economic globalization and integration,and also the further relaxation of domestic policy controls,the Chinese culture and media industry,which has been controlled by the state for a long time,also faces more severe challenges.Due to the high technological content of cultural media industry,unstable income,and low asset mortgage capacity,compared with other companies,the cultural media companies rely more on capital inputs and professional management of financing funds.Facing the current situation of financing constraints and low financing efficiency,only by effectively solving the financing problems can cultural media companies achieve stable and long-term development.In view of this,this article will take full consideration of various factors,based on the existing relevant research results,and take the current status of cultural industry financing as the starting point,using relevant data from 2014 to 2018,the DEA-BCC model and DEA-Malmquist index method to measure the static and dynamic efficiency of financing of cultural media listed companies,and analyzes the time evolution pattern of the latter.In addition,this article also comprehensively and thoroughly explores the main factors affecting corporate financing efficiency by applying the CLAD model.This article is mainly composed of seven parts.The first chapter is the introduction,which mainly discusses the research background,the purpose,and the used methods of this article.The second chapter is the related theory,which briefly explains the main concepts and theories involved in this article,such as the enterprise financing,financing theory.The third chapter is the analysis of the financing status of listed cultural media companies.It objectively discusses the development of the cultural media industry through scientific and reasonable methods and then elaborates the financing status of listed cultural media companies in details and empirically demonstrates the financing efficiency for the next part.The fourth is empirical research.On the premise of sorting out and analyzing the financing efficiency models of commonly used companies,this article bases on the development status and financing situation,and creates a scientific and reasonable evaluation model by DEA method,which quantitatively evaluates its financing efficiency and tries to compare it among various sub-sectors.The fifth is to establish a CLAD model based on a qualitative analysis of the factors that affect the financing efficiency of listed cultural media companies.The sixth chapter put forward the countermeasures and suggestions for improving the financing efficiency based on the previous research.The seventh part concludes all the results,the limitations and prospects of the study.Through the analysis,the following conclusions are obtained:First of all,the listed cultural media companies mainly obtain development funds through bank loans,and government funds also provide some support.Although the cultural media industry has initially formed multi-level financing channels,the cultural and financial products and services still have a low level of innovation.Secondly,using the DEA-BCC model and DEA-Malmquist index method,the static and dynamic efficiency of financing of listed cultural media companies are being calculated.In 2018,the static efficiency of financing of listed cultural media companies was 0.751,which decreases significantly compared with 2014.The average value of scale efficiency of listed cultural media companies was 0.964 and 0.937 in 2014,the one of pure technological efficiency was 0.876 and 0.863 in 2018.It can be seen that from 2014 to 2018,the financing efficiency of listed cultural media companies has shown a downward trend as a whole,and the decline in financing scale efficiency has been greater than the decline in pure technology.From the perspective of changes in returns to scale,the polarization in 2018 was more severe than in 2014,and companies with decreasing returns to scale increased.Among the subdivided industries,the decline in financing efficiency of the cultural and art industries was the smallest,and the decline in the recording of radio,television,film,and television recording operations was the largest.From the perspective of changes in returns to scale,the changes in various sub-sectors are consistent with the overall situation,that is,the number of companies with constant returns to scale decreases,and the number of companies with decreasing returns to scale and increasing returns to scale increases.From the perspective of the dynamic efficiency of financing of listed cultural media companies,on the whole,the average total factor productivity index of financing efficiency has increased,indicating that technological progress is the main factor of the improvement of total factor productivity.For subdivided industries,the press and publishing industry,the radio,television,film,and television recording operations increased by 16.2%and 8.9%respectively,and only the culture and art industries experienced declines.After the time evolution of its financing dynamic efficiency,it can be found that in the five years(2014-2018),generally,there was a large fluctuation in financing dynamic efficiency.The trends of the news and publishing industry,the radio,television,film,and television recording operations were consistent with the overall situation.In addition,the latter has a smaller fluctuation range.The total factor productivity index of the two has shown an upward trend in recent years,while the cultural and art industries have changed in the opposite direction during the observation period,and the total factor productivity index of financing efficiency has also shown a downward trend.Thirdly,using the CLAD model,it’s found that the total assets of listed cultural media companies have a significant negative impact on financing efficiency,and the asset-liability ratio,the proportion of intangible assets and the return on assets have a significant positive impact on financing efficiency;the concentration of equities has an effect on the financing efficiency of cultural media listed companies,but the effect is not significant.Compared with state-owned cultural media listed companies,non-state-owned cultural media listed companies have higher financing efficiency,but the nature of shareholders has no significant impact on financing efficiency.Finally,the improvement of the financing efficiency of listed cultural media companies needs to start from the following three subjects:For the government,it should optimize its position,including strengthening the laws and regulations in cultural finance,increasing financial support,encouraging the private capital to participate in the cultural media industry and improving the credit guarantee system.The financial institutions should provide diversified services in terms of loans,equity financing,bond financing,international financing,etc.For listed cultural media companies,they should first strengthen the ability of independent innovation from four aspects,including improving the capabilities in research and development,in production,in marketing,and strengthening the management of intellectual property.Furthermore,they should also optimize their asset structure,and raise their level of capital management to reduce financing constraints,achieve the steady and long-term development of the cultural media industry.