Study On The Influence Of Science And Technology Finance On The Management Performance Of Cultural Listed Enterprises

The development of cultural industry not only helps to enhance the cultural soft power of the nation,but also is a driving force to cultivate the new momentum of economic development.However,the quality and benefit of cultural industry's development are not high and demand transformation and upgrading.Cultural enterprises are microscopic forces to realize this aim,while cultural listed enterprises,as the backbone enterprises with strong competitiveness,are the power source to enhance innovation ability of cultural industry.However,the technological foundation of China5s cultural listed enterprises is weak at present,independent innovation ability is not strong enough,the efficiency that the cultural scientific achievements transform into the actual productivity is not high.In addition,the comprehensive scale of management performance represented by the operation,innovation,profitability and solvency capacity is poor,so it is urgent to seek for new momentum.As a financial system that supports building of a strong technological and innovative country,aiming at promoting technological research and development as well as transformation of achievements,science and technology finance can provide capital for the operation of cultural listed enterprises.Science and technology finance can be divided into market-oriented and government-oriented models.Market-oriented model enhances the operation,innovation,profitability and comprehensive management performance of cultural listed enterprises through mechanisms of incentive,competition,price as well as resource allocation,while government-oriented model enhances these performances through mechanisms of information disclosure,coordination and guidance,leverage,as well as supervision and restraint.In order to evaluate the management performance of cultural listed enterprises,this study selects the samples of emerging forms supported by the state and the manufacturing forms of high-tech culture,uses the method of principal component analysis to measure comprehensive management performance and various capabilities,finding that comprehensive management performance of cultural listed enterprises is volatile on the whole:79 percent of the sample enterprises'comprehensive management performance is negative,only 12 percent increasing,9 percent steady maintenance.From the structural perspective,profitability growth is weak,without benign interaction with comprehensive management performance.Innovation ability is stable,but not fully drives comprehensive performance.The solvency is significantly reduced,thus influencing the comprehensive performance.The growth of operation capacity is flat,but the effect driving the comprehensive performance is not obvious.So what is the impact that science and technology finance exerts on cultural listed enterprises'management performance?By hierarchical and stepwise regression analysis,the study compares the different impacts that market-oriented and government-oriented science and technology finance exert on cultural listed enterprises'comprehensive management performance,innovation ability and profitability.The conclusions are as follows.On the whole,the contribution of market-oriented science and technology finance to cultural listed enterprises'comprehensive management performance is 55%,which is stronger than that of government-oriented science and technology finance(32%).From the perspective of the internal capital structure of market-oriented science and technology finance,equity financing in multi-level science and technology capital market is the key to enhance enterprises5 comprehensive management performance,profitability and innovation ability,moderate reduction of dependence on scientific loans of commercial banks is conducive to improving the comprehensive management performance and innovation ability,the securities investment fund in the field of culture is the new momentum to enhance the comprehensive management performance and innovation ability,and the special bond of cultural industry is a beneficial supplement to improve the comprehensive management performance.From the perspective of the internal capital structure of government-oriented science and technology finance,the reward of scientific innovation achievements is conducive to the promotion of enterprises'comprehensive management performance and innovation ability,moderate reduction of direct financial subsidies for scientific research and development is conducive to enhancing the comprehensive management performance and innovation ability,reasonable and moderate technology loan discount is the engine force to enhance the comprehensive management performance and innovation ability,and the special funds for the development of cultural industry provide a strong support for improving the comprehensive management performance and profitability.Therefore,in order to fully apply the promoting effects that science and technology finance exert on management performance of cultural listed enterprises,the following measures are put forward.From the level of supply,it is supposed to clear the relations between government and market.Market-oriented science and technology finance should help to improve cultural listed enterprises' management performance with openness,while government-oriented science and technology finance should guide to improve enterprises',management performance with stimulus.At the demand level,improving the financing proportion of science and technology capital market,getting the help of cultural securities investment funds,making rational use of the financing leverage of science and technology loan,issuing special bonds of cultural industry are correct choices to stimulate new momentums of market-oriented science and technology finance.While reducing the dependence on direct financial subsidies,increasing the enthusiasm for seeking the reward of innovation,obtaining special funds for the development of cultural industry are realistic ways to optimize the government-oriented science and technology financial capital structure.From the perspective of service intermediary,it is supposed to improve the credit rating service system of cultural enterprises,improve the service ability of cultural intangible assets evaluation for pledge financing,and help cultural listed enterprises increase their access to resources of science and technology finance.