Research On Financial Support Efficiency Of Cultural Industry And Its Influencing Factors In Eastern Region

At present,China is at an important node in the transformation of its economic growth mode.As a thriving industry in the 21 st century,the cultural industry connects the primary and secondary industries,playing a prominent role in increasing consumption,stimulating domestic demand,adjusting industrial structure,and promoting economic growth.At the same time,the cultural industry is also facing the contradiction between the demand for funds and the scarcity of financial resources in its development.Therefore,to achieve the sustainable and healthy development of the cultural industry,the support of the financial industry is indispensable.Since the reform and opening up,the eastern region of China has relied on its unique geographical advantages and national policy support to become the most dynamic region in terms of economic and cultural development.Moreover,the output value of cultural industry in the eastern region accounts for more than half of the country’s total,and the development of the financial industry is also far ahead of other areas of China.This feature provides a good sample for conducting research on financial support for cultural industries.In recent years,the country and government have also introduced various policies to increase financial support for the cultural industry.Therefore,this article takes the eastern region as an example to study the efficiency and influencing factors of the financial support of cultural industry,which is of great significance for correctly understanding the regional heterogeneity of the financial support of cultural industry in the eastern region and promoting the coordinated development of cultural industry and finance.This article first defines and summarizes the relevant concepts,theoretical foundations of financial support for the cultural industry by reviewing and analyzing relevant research results at home and abroad.Then,a preliminary analysis is conducted on the development and financial support of the cultural industry in the eastern region of China.On this basis,the panel data of eleven provinces in eastern China from 2008 to 2021 is used to build a reasonable indicator system.The three-stage DEA model and Tobit model are used to measure and analyze the financial support efficiency of cultural industry in eastern China,and identify the key factors that affect the efficiency.The results show:Firstly,the cultural industry in the eastern region has developed well,and the environment of financial support for the cultural industry has been improving.The financial support for the cultural industry has increased,but the driving force and innovation of financial institutions to truly support the development of the cultural industry are insufficient.Secondly,after SFA regression analysis and calculation in the second stage,there is a significant difference between the initial efficiency values in the first stage and the adjusted efficiency values in the third stage in the eastern region.Environmental factors and random errors have a significant impact on resource allocation efficiency.Thirdly,the CRSTE,VRSTE,and SCALE of financial support for cultural industries in the eastern region are relatively high,but there are significant differences within the region,resulting in more or less unreasonable resource allocation.Fourthly,in the analysis of the influencing factors of efficiency,it can be found that the financial scale,the financial regulation,and the urbanization level have a positive impact on the financial support efficiency of cultural industry,while financial asset efficiency,financial structure,and economic development level have a negative impact on efficiency.Therefore,the impact of these factors on the financial support efficiency of cultural industry should be taken seriously.Fifthly,Through summary and analysis,this article believes that in order to improve the efficiency of financial support for cultural industries in the eastern region,we should focus on five aspects:emphasizing economies of scale,fully utilizing capital value,promoting technological innovation,improving the financial support environment for cultural industries,and strengthening economic and cultural exchanges between regions.