Financing Efficiency Evaluation Of The Cultural Industry Public Company Of Shanghai And Shenzhen A Shares

The culture industry which regards the knowledge, creativity as the core is a new sunrise industry in recent world. And it has gradually improved its status in global economy. The national development plan for a new round explicitly proposed that "promote the cultural industry has become the backbone industry of the national economy". But it is undeniable that compared with developed countries, the Chinese cultural industry is still in the initial period of development. The low contribution to the national economy indicated that there is a long distance for the Cultural Industry becoming a pillar industry.Based on this reason, this paper studied financing efficiency of Cultural Industry Public Company of Shanghai and Shenzhen A Shares and the factors affect the financing efficiency. First of all, in the aspect of theory, the paper confirmed the research content financing efficiency. Taking into account the empirical object data can be acquired, the financing efficiency of the paper focuses on the research on the efficiency of capital allocation, namely to in-depth discussion of capital utilization efficiency of enterprise internal financing structure, ownership structure, the production and business operation and financial condition; secondly, in the empirical aspect, the author mainly selected the calculation of relative efficiency between the major decision making unit by the entropy method, and according to the above information to find out the main factors affect the financing efficiency. This paper select the Shanghai and Shenzhen two city 67 home A shares of enterprises as the research objects in the dimensions of the financing efficiency, capital allocation efficiency and financing risk in three aspects, and analyzed the financing efficiency according to the 19 evaluation indicators of cultural industry listing Corporation.The empirical research results indicated that the financing efficiency of the Shanghai and Shenzhen A shares of the cultural industry is generally low. Many enterprises didn’t use of funds into the ground rationally and efficiently. The enterprise debt-to-asset ratio is too high and the stock rights are over-accumulated, and it also lacks of funds and capital misallocation. Those facts seriously hindered the rapid development of China’s A share cultural industry. Finally, the author proposed some advice in improving the efficiency of enterprise capital in configuration and improving the financing efficiency two angle, enterprise itself should strengthen the system construction and perfect credit construction, at the same time, by strengthening the government supervision and service function, the cultural industry innovation financial products and the reasonable use of financing lease, to improve the financing efficiency of capital allocation.