Empirical Study On The Financing Efficiency And Financing Efficiency Of Listed Companies In Cultural Industry

In recent years,the cultural industry has returned to calmness after experiencing a blowout development,and the capital of the cultural industry market is gradually tending to rationality.Because of the listed cultural companies’ large ratio of intangible assets,fuzzy uncertainty of profit and market regulation and other characteristics,the listed companies of cultural industry with short establishment time have difficulty raising funds.In this case,the cultural industry listed companies’ financing efficiency and influence factors are studied,which is beneficial to optimize financing structure,improving financing efficiency;Second,it is of great significance for the government to strengthen macro-control and coordinate the development of different systems,industries and regional cultural industries.In this paper,the financing efficiency is systematically defined on the basis of existing research literature by sorting out literatures,and an evaluation system of financing efficiency of 4 outputs and 4 inputs is constructed by DEA model.Firstly,according to the relevant data of listed companies in the cultural industry from 2015 to 2018,the DEA-BCC model was used to conduct static evaluation and analysis of financing efficiency of 70 listed companies.Second,choose DEA-Malmquist index analysis method to culture industry listed companies from 2015 to 2018 for dynamic analysis,the focus is on cultural industry listed companies financing efficiency change trend,at the same time,based on this data,carries on the system of cultural industry listed companies,industry and regional comparative analysis,further clarify the different industries,system,regional influence on cultural industry listed companies financing efficiency.The measurement results of DEA model show that from the static analysis,the financing efficiency of listed companies in cultural industry over 30% in 2015-2018 is effective.More than 60% of listed companies in cultural industry are of high efficiency,and the overall level of financing efficiency is high.The financing efficiency is greatly affected by the financing management level,and the financing scale should be optimized.From the perspective of dynamic analysis,from 2015 to 2018,the listed companies in the cultural industry suffer from the influence of innovation ability and enterprise operating efficiency,and the financing efficiency declines.From the perspective of the system,the financing efficiency of listed companies in state-owned cultural industry is higher than that oflisted companies in non-state-owned cultural industry.From the perspective of industry,news and publishing industry has the highest financing efficiency,followed by cultural service industry,radio,television and film service industry and animation and game industry.From the perspective of regional distribution,the financing efficiency of cultural listed companies is the highest in the western region,followed by the central region in the eastern region.Based on this,this paper uses the Tobit model to make an empirical study on the factors affecting the financing efficiency of listed companies in the cultural industry,and draws the following conclusions:asset-liability ratio,enterprise size and financing efficiency are negatively correlated,while return on equity and turnover of total assets are positively correlated with financing efficiency.Finally,from the definition of financing efficiency,the author puts forward some countermeasures and Suggestions from the perspective of improving the ability of fund raising and fund utilization.