Research On The Effect Of Financial Subsidy Policy Of Listed Companies In Digital Culture Industry

With the continuous improvement of residents' living standards and the rapid change of digital technology,the cultural industry,one of the pillar industries of the national economy,has also been accompanied by technological development.It has expanded from traditional cultural industries to content industries to creative industries such as new cultural fields.Now,under the background of vigorously developing the digital economy,the digital cultural industry combines digital technology and cultural industries to innovate and develop.This is an emerging industry that focuses on the supply-side structural reform in the cultural field and places more emphasis on technology,innovation,and industrial integration on the basis of traditional cultural industries.As President Xi stressed in the report of the 19 th National Congress,the needs of the people's good life are characterized by diversity,hierarchy and increasing nature.Traditional culture industry can not meet the needs of people's growing good life.But the emergence of digital culture industry meets the new needs of people for cultural consumption in the era of digital economy,and brings new experience to consumers.In the context of the digital economy era,the high-quality development of the digital cultural industry has important strategic significance.The effective integration of digital technology and cultural industries has stimulated the creative vitality of the cultural industry and provided it with unprecedented development opportunities.In order to implement the above strategy and support the development of the digital culture industry,we need a comprehensive and profound understanding and analysis of the current development of the digital culture industry.In view of this,this paper takes the listed companies of China's digital culture industry as the research object,and summarizes the relevant policy documents and previous research results.On this basis,from the perspective of economic and social benefits,this paper studies the policy effects of financial subsidies of 109 A-share listed companies in China's digital cultural industry in 2014-2018,in order to provide some practical basis for the development of China's digital cultural industry and the adjustment of government financial subsidies.The empirical results show that:(1)there is no significant relationship between the economic benefits of Listed Companies in digital culture industry and the current financial subsidies,but there is a significant positive correlation between the economic benefits and the previous financial subsidies.(2)The relationship between financial subsidies and economic benefits of Listed Companies in digital culture industry has nothing to do with the nature of ownership.(3)The relationship between financial subsidies and the economic benefits of Listed Companies in the digital culture industry is affected by regional factors.Financial subsidies have a positive role in promoting the economic benefits of non eastern regions and there is a certain lag.(4)The social benefits of Listed Companies in digital culture industry are positively correlated with the current financial subsidies,and positively correlated with the previous financial subsidies.(5)The relationship between financial subsidies and social benefits of Listed Companies in the digital culture industry is affected by the nature of enterprise ownership.The current financial subsidies play a positive role in promoting the increase of social benefits of Listed Companies in the state-owned digital culture industry.(6)The relationship between financial subsidies and social benefits of Listed Companies in digital culture industry is affected by regional factors.The financial subsidies of the current period and the previous period are positively related to the social benefits of the listed companies of digital culture industry in the eastern and non eastern regions respectively.Based on the empirical results,this article makes the following four suggestions: firstly,we ought to follow the market rules with digital cultural enterprises as the main market,supplemented by financial subsidies.Secondly,we need to improve the external business environment of digital culture enterprises and promote the improvement of social benefits.Thirdly,we should balance the subsidy of state-owned and non-state-owned digital cultural industry listed companies.Finally,the government should establish the financial subsidy system of digital culture industry and improve the long-term management mechanism.