| The cultural industry has developed rapidly and has gradually become an important force to promote national economic development.However,compared with other industries,the cultural industry has some inherent disadvantages,such as small scale,light assets,lack of collateral and so on,which makes it difficult to finance and seriously restricts the sustainable development of small and medium-sized cultural enterprises.Bond financing has many advantages,such as optimizing the financial situation and financing structure of enterprises,reducing financing costs and ensuring corporate control.It may become one of the main channels for direct financing of cultural enterprises.By combing the existing literature,it is found that the current domestic and foreign scholars’ research on the financing efficiency of cultural industry has become increasingly rich.But it mainly focuses on other financing methods such as endogenous financing and equity financing.The research on bond financing is mainly theoretical analysis,and the empirical research is still in the exploratory stage.This thesis mainly focuses on the bond financing mode of the cultural industry.By using the Three-stage DEA model and Malmquist index method,this thesis calculates the static and dynamic efficiency values of the bond financing data of 46 listed companies in China’s cultural industry from 2017 to 2020,and uses the super efficiency DEA model to rank and compare the sample enterprises at the forefront of efficiency.Among them,the third stage efficiency value adjusted by SFA regression has eliminated the influence of external factors such as environmental variables,statistical noise and random error,which can more accurately show the bond financing effect of listed companies in the cultural industry.The study found that the overall bond financing efficiency of Listed Companies in China’s cultural industry is low,and is greatly affected by environmental factors.The main reason for the low efficiency of industrial bond financing is the small scale efficiency.The technical management level of enterprises does not play a major role in the financing efficiency,and there is also a lot of room for improvement.Therefore,in the process of improving the bond financing efficiency of Listed Companies in the cultural industry,we should consider the impact of environmental factors on the bond financing efficiency of cultural enterprises firstly.The cultural system should be further reformed the macroeconomic environment.The government should strengthen the support and supervision and promote the coordinated development.Second,we should expand the scale of bond financing and improve the cognitive level of Issuers on bond financing methods.At the same time,the financing channels of enterprises should be broadened by combining with other financing methods to improve the scale efficiency.Third,enterprises should improve their own development quality,and optimize the management level of business technology and enterprise financing structure. |
