| This study takes 6824 cultural enterprises in Shanghai from 2008 to2013 as the research object and measures the technical efficiency level of cultural enterprises of different scales by stochastic frontier model.This paper divides industrial policies into three different types: supply,demand,and environment.It also analyzes the direct impact of three different types of industrial policies on the performance of cultural enterprises and the regulatory effects of different financing channels on the performance of cultural enterprises.On this basis,the paper further studies the mechanism of these effects.The analysis of this paper finds that the mature cultural industry ecology is olive-type,and the medium-sized enterprises have the highest efficiency and are the largest contributor to the output value.The prosperous and active medium-sized enterprise ecology is a symbol of the maturity of the cultural industry.As a soil for growing medium-sized enterprises,three types of industrial policies can significantly affect their performance levels,with environmental policies having the most significant impact.Large and medium-sized enterprises are not sensitive to industrial policies,and only supply policies can slightly increase their performance levels.Therefore,targeted support for small businesses is the key to promoting industrial development.The study also found that supply-oriented policies will reduce the performance level of small-scale cultural enterprises,and indirect financing channels will further amplify this negative effect.The mechanism of action may be that subsidies and other policies in the original supply-oriented policies will stimulate enterprises to “seek rent-seeking”.",to weaken its performance level,and indirect financing channels further enhance the company’s "rent-seeking" motives.Therefore,the government should pay special attention to the regulation of supply-oriented policies in the subsequent allocation of policies. |
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