Environment System，internal Control Quality And Debt Financing Cost Of Cultural Enterprises

As the core of the service industry,the sudden emergence of the cultural industry has brought a chance to China’s economic development and brought a different mental outlook.As a manifestation of soft power,the development of cultural industries on the one hand promotes the release of the potential of cultural consumption in our country,and makes personalized and diversified consumption the mainstream,thereby enabling our economy to better understand and adapt to and lead the new normal of the economy.From the existing literature,it can be seen that the research on the factors influencing the debt financing of enterprises shows that the improvement of the quality of internal information disclosure and the improvement of the external financial market level will all contribute to the reduction of the number of creditors and enterprises Because of information asymmetry and other causes of financing constraints.This article mainly from the perspective of cultural enterprises,with targeted research on the impact of the cost of debt financing of cultural enterprises,not only from the internal control quality analysis of internal factors,but also from the external environment,the institutional environment by adding factors from both internal and external System research and analysis.Through the research,it is found that the improvement of the quality of internal control can help reduce the cost of debt financing for cultural enterprises.Further research shows that the higher the level of financial marketization,the smaller the government intervention,the better the legal environment,the more internal control The impact of quality on the cost of debt financing for cultural enterprises is even more pronounced.This paper not only helps to allocate bank credit funds,but also reduces adverse selection and moral hazard in contract fulfillment due to information asymmetry,but also helps cultural enterprises to better reduce financing costs and improve internal Control quality and cultural industries play a better leverage of funds to improve the integration of cultural resources,cultural industries,the degree of intensive and large-scale,to achieve further integration with the capital market.In this paper,starting from the background and significance of the selected topic,through different research methods and ideas,summarize the literature review both at home and abroad,and put forward the innovation related to the selected topic based on their own point of view;through the relevant theoretical foundation again Analysis,and put forward the hypothesis of this article from different angles,select 125 cultural enterprises listed in A-share market from 2011 to 2015,and finally get 234 data samples excluding invalid data.Through the definition of relevant variables and the construction of the model,Based on the theory of information asymmetry,signaling theory and debt contract,the analysis shows that the improvement of the quality of internal control reduces the information asymmetry between enterprises and creditors and the financing constraints of creditors on enterprises,and protects the safe use of funds.Compared with the state-owned cultural enterprises,the cost of debt financing of non-state-owned cultural enterprises and internal control is even more remarkable.The reason may be that for the state-owned cultural enterprises,due to the existence of the soft budget constraint and the government’s implicit Sexual security,making the state-owned cultural enterprises Industry effectively weakened the correlation between the quality of internal control and the cost of debt financing;the improvement of institutional environment further strengthened the correlation between the quality of internal control and the cost of debt financing of cultural enterprises.Maybe because of the improvement of the institutional environment has effectively reduced the level of government intervention in the market,raised the level of the legal system environment and strengthened the degree of marketization so that banks and other financial institutions are more independent and more normative in making credit decisions.