| After the policy orientation of "building a socialist cultural power" proposed at the 19 th National Congress of the Communist Party of China,the development of cultural media enterprises has generally improved under the strong support of the government,and has become an important engine for promoting economic growth and stimulating consumer demand.Intensive enterprises need a lot of capital to support their development.Because their assets are mostly intangible assets,it is difficult to evaluate them,making it difficult to mortgage,and due to the characteristics of long profit cycle and high risk of capital investment,it is more traditional.It is more difficult for the industry to obtain financing,and it is also more difficult to convert the financing into higher returns.In 2016,affected by the increasing intensity of national supervision,the financing of cultural media enterprises began to be cold.Since then,the establishment of a new regulatory pattern and the tightening of exit channels have made industry financing more difficult.The outbreak of the epidemic in 2020 has made the industry capital market "cold winter" "The trend continued to intensify,and the financing activity further declined.At present,cultural media enterprises generally have problems such as difficulty in financing,high financing cost,unreasonable financing structure,and lack of scientific management and efficient utilization of the raised funds,all of which restrict the improvement of their financing efficiency.Therefore,to evaluate their financing efficiency In order to promote the efficient financing and benign operation of cultural media enterprises,and then create higher economic and social benefits,it has practical guiding significance.This paper takes Zhejiang Huace Media Co.,Ltd.(abbreviation: Huace Media)as the case study object.First,it summarizes the relevant research literature on financing and financing efficiency evaluation of cultural enterprises at home and abroad.Financing theory serves as the theoretical basis;secondly,based on the current financing situation of cultural media enterprises,taking Huace Media as an example,it deeply analyzes its financing scale and financing channels,and uses data envelopment analysis(DEA)to finance Huace Media.Efficiency is evaluated and analyzed from two aspects: static and dynamic;finally,it proposes corresponding improvement strategies for the problems existing in the financing efficiency of Huace Media,and provides enlightenment for cultural media enterprises to improve financing efficiency.This paper draws the following conclusions: From the evaluation of the static efficiency of financing,the financing efficiency level of Huace Media has not reached the optimal state,and its comprehensive technical efficiency value and pure technical efficiency value are both lower than the average value of enterprises in the same industry,and the type of financing efficiency They have not reached a strong state,their financing structure is unreasonable,and the input has not achieved the maximum output;after 2017,the average financing efficiency of enterprises in the same industry has shown a downward trend year by year,and the number of strong efficiency units has also declined,while the financing efficiency is at The number of enterprises in non-effective status is generally on the rise.Judging from the evaluation of financing dynamic efficiency,the changes in financing dynamic efficiency of Huace Film and most companies in the same industry are generally progressive,but this is mainly due to the progress of production technology.an important factor in improving efficiency.According to the conclusions drawn from the analysis,this paper analyzes the reasons for the problems in the financing efficiency of Huace Media,and proposes corresponding financing efficiency improvement strategies,and provides enlightenment for cultural media enterprises to improve financing efficiency from the perspectives of enterprises in the same industry and the government. |
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