Research On The Influence Of Intangible Assets On The Financing Constraints Of Listed Cultural Media Enterprises

In recent years,the cultural industry has gradually become an important force in the sustainable development of the national economy.As the leading enterprises in the development of the cultural media industry,listed cultural media companies are the key components of the cultural industry.However cultural media companies generally have the problem of financing constraints due to their small scale.Besides,intangible assets,as an important resource of internal heterogeneity,play an irreplaceable role in corporate financing.Therefore,from the perspective of corporate asset management,exploring possible ways to ease the degree of financing constraints of cultural media companies is conducive to the long-term stable operation of enterprises and is of great significance to promoting the healthy development of cultural industries.Based on the perspective of internal heterogeneity,the paper selects a total of 1471 annual observation samples of 177 listed cultural media companies from 2007 to 2019 as the research objects,and uses the cash-cash flow sensitivity model to determine the existence of financing constraints for listed cultural media companies.Then I establish a panel regression model to verify the relationship between intangible assets and financing constraints on the basis of analyzing domestic and foreign research on intangible assets and financing constraints.In order to further understand the internal reasons,this paper further contrasts the different influence in the intangible assets of intellectual property and non-intellectual property on the financing constraints of listed cultural media companies.The empirical results show that financing constraints are common in listed cultural media enterprises in China,and the increase in intangible assets’ holding rate can significantly reduce the level of financing constraints.Among them,the rise in intellectual property of the intangible assets’ holding rate cannot effectively alleviate financing constraints;but the rise of holding rate in non-intellectual property of the intangible assets with a larger proportion can effectively reduce the level of financing constraints,which further indicates that at present increasing the holding ratio of the intangible assets can effectively alleviate the financing constraints to a certain extent,which is determined by its main non-intellectual property of the intangible assets.This is more in line with the reality of China’s current financing environment,and it also brings the following practical enlightenments to solve the problem of cultural media companies’financing difficulties.First,cultural media companies should strengthen internal management of intangible assets and actively improve external financing capacity.Second,the society should enhance the awareness of intellectual property protection and actively maintain the financing channels of cultural media enterprises.Third,the government should accelerate the optimization of the investment and financing environment,and actively guide in-depth cooperation between cultural industry and financial industry.