Research On The Measurement And Influencing Factors Of Equity Financing Efficiency Of Listed Cultural And Creative Companies

Under the "new normal" of the economy and with the strategic needs of national economic restructuring,the CCIs have become one of China’s most promising industries.However,our country’s cultural industry is still in its growth stage.In addition to relying on government cultural policy support,it also needs to make use of the market’s reasonable allocation of financial resources.In particular,cultural and creative listed companies prefer to raise funds through equity,so the professional operation and management of funds integrated into the capital market is particularly important.Therefore,studying the efficiency of equity financing of cultural and creative listed companies has important practical significance for the country’s economic transformation and corporate investment and financing decisions.In view of this,this article makes a systematic evaluation and research on the equity financing efficiency of listed cultural and creative companies.According to the existing research results,on the basis of combing the related theories of equity financing efficiency,taking the financing status of cultural and creative companies as the starting point,using the DEA-BCC model to measure the equity financing of 94 listed cultural and creative companies from 2015 to 2019 Efficiency,and further compare and analyze comprehensive equity financing efficiency,pure technical efficiency and scale efficiency.Next,this article attempts to make a qualitative analysis of the factors affecting the efficiency of equity financing of cultural and creative listed companies from the macroeconomic and corporate micro perspectives,and then uses the Tobit model to make regression analysis on the factors affecting the efficiency of equity financing.It is based on both cultural manufacturing and cultural services Big industries do heterogeneous regression.The empirical analysis results of this paper show:(1)the equity financing efficiency of cultural and creative listed companies is increasing year by year,but the overall efficiency value is mainly due to the decline of returns to scale and the rapid growth of pure technical efficiency;(2)Capital structure,market competition and M2 growth rate have a positive and significant impact on equity financing efficiency of listed cultural and creative companies,while company size,proportion of circulating shares,proportion of intangible assets and cultural industry revenue growth rate have a negative and significant impact on it,while the nature of enterprise property rights and equity concentration have no significant impact on efficiency;Based on the industry heterogeneity analysis,the regression results show that the capital structure and company size of cultural manufacturing industry have a greater impact on the efficiency of equity financing,while the proportion of circulating shares of cultural service industry has a greater impact on the efficiency of equity financing.Finally,from the enterprise and government level,relevant suggestions are made to promote industrial development and improve the efficiency of equity financing of listed cultural and creative companies.