| Intangible Assets have provided a great number of chances and valuation to enterprises as the important part of assets in the era of knowledge economy,the value relevance of IA has also been discovered and testified in current studies.To enterprises,IA has already became an absolute necessary productive factor.The cultural industry in China has achieved rapid development.The “ IP Film Fever” has been popular in cultural market,which is phenomenon of adapting copyright as a new movie.Intelligence property is vital for cultural companies as a part of intangible assets.Therefore,the combination of value relevance and signal effect in intelligence property could ease the financing constraint,while also ease the information asymmetry between companies and external investors.Because of the different sensitivity of various financing method,intelligence property could influence the choices of financing structure.This article has collected the research of intangible assets,intelligence property and financing structure,analyzed them under the circumstance of recent situation of cultural companies and their investment to mainly discussing the relationship of IP films,what with the nature of Intelligence property,belong to intangible assets and the financing structure.Based on the signaling game model of cultural companies and commercial banks,the data of A-share listed cultural companied from 2012-2016,new third board cultural companies from 2014-2016,this article used the quantity of IP films that cultural companies possessed and the disclosure as substitution variable and the Logistic model to inspect how IP films influence financing method of these companies.We analyzed the outcomes of signal model and empirical model then has come to conclusion: IP films could improve the financing ability of cultural companies to some extent.Besides,the higher quantity and higher quality of IP films are,the more probability these companies incline to equity financing method. |
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