Financing Efficiency Evaluation Of Cultural Industry Listed Companies And Research Of Its Influencing Factors

Cultural industry is the "sunrise industry" of the 21 st century,with low consumption,low pollution,high value,high potential development advantages,thus become much starker choices-and graver consequences-in during "support the goal of the sex industry of national economy.In recent years,research on financing problems of cultural industry has been increasing,but the vast majority of bureau be confined to the financing,financing ways,we suggest qualitative analysis level.Few scholars from the perspective of financing efficiency analysis of the cultural industry listed companies financing present situation and micro factors affect the financing efficiency.Therefore,this article in the country under the background of vigorously developing the cultural industry,cultural industry listed companies,for example,through the empirical analysis to study the financing efficiency,and gives the Suggestions to solve the problem of the culture industry financing,effectively make up for the deficiency of related literature,have great significance in theory and in practice.First of all,this article through to the related literature at home and abroad and research,combing the research situation of financing and financing efficiency and the insufficiency,in search of research perspectives and research methods of this article.Then this article involves the related concept of defined,including the cultural industry and its related concepts of financing problems involved.After the overall situation of the financing of cultural industry and cultural industry listed company capital operation situation are briefly analyzed,the basis for empirical analysis.Secondly,by studying the process of capital chain financing of DEA efficiency evaluation model is established,and analyzes this model in evaluating the effectiveness of the financing efficiency of cultural industry.Based on the discussion of capital configuration and trial period to establish the financing efficiency of input and output index of two systems and financing efficiency of two sub-systems: money is calculated respectively.Through DEA to measure the results were analyzed,and the study: the configuration phase of the technical efficiency of funds average 0.5344,and money to use the technical efficiency of mean value of 0.6683,,but the total distance DEA efficient also there is a big gap.Overall,in addition,the trial stage efficiency of funds slightly higher than the raise phase.In addition,through the evaluation of dynamic malmquist index on the financing efficiency,technical efficiency change index smooth,large variations in technical progress,the enterprise itself to show unstable state capital chain management.Finally,this paper introduced the coupling coordination degree model to measure the phase of using the capital raise and coherent degree,study the coupling coordination degree of decision making units 49 average at around 0.67,shows that capital chain coherent level needs to improve.Then,through the establishment of Tobit regression model,the influence factors of the financing efficiency of cultural industry listed companies are studied,found that macro factors such as economy and finance development of culture industry financing efficiency is higher than the influence of microcosmic factors such as enterprise scale,financing structure.Finally,through the above theoretical analysis and empirical results,from the government from three perspectives,the financial system and enterprise itself is put forward to improve our cultural industry listed companies financing efficiency improvements.