| The "13th Five-Year Plan" outlines that during the "13th Five-Year Plan" period,China should achieve the goal of "basically completing the public cultural service system and making the cultural industry a pillar industry of the national economy".However,the financial support system of the cultural industry is still not perfect,which is reflected in the following aspects: relying on government support,inadequate information disclosure mechanism,and facing credit discrimination;As well as the characteristics of the cultural industry itself,it is manifested as follows:more intangible assets,more creativity,less assets,etc.Cultural enterprises generally have problems of financing difficulties and high financing costs,which have long restricted the production and operation of cultural enterprises.In order to promote finance to better serve the development of the real economy,the Ministry of Industry and Information Technology,the People’s Bank of China,and the CBRC jointly decided to establish a working mechanism for industrial and financial information docking,strengthen information sharing,promote policy coordination,and further strengthen the positive role of the new financing model of industrial and financial integration for enterprises.Based on the background of the integration of industry and finance and the financing difficulties faced by the cultural industry,this paper empirically studies the impact of the integration of industry and finance on the business performance of cultural enterprises from the perspective of financing constraints.First,analyze the development profile of cultural industry and the development status of industry finance integration of cultural listed enterprises.Based on the motivation of easing financing constraints,combined with transaction cost theory,synergy effect theory and information asymmetry theory,analyze the impact of industry finance integration on business performance,the dynamic nonlinear balance between the two,and the intermediary effect of financing constraints in industry finance integration affecting business performance.Secondly,select the listed enterprises in cultural and related industries from 2003 to 2020 as the data samples,build the basic model,dynamic nonlinear balance model and intermediary effect model,and use the "ordinary least squares regression and heteroscedasticity robust standard error" to empirically test the relationship between the integration of industry and finance,financing constraints and the business performance of cultural enterprises.Then,from the perspective of alleviating the "financing difficulty" and "financing expensive" of enterprises,it explores the specific path of the integration of industry and finance to the enterprise’s business performance by easing the financing constraints,as well as the heterogeneity of the integration of industry and finance affecting the enterprise’s business performance based on the size and ownership of the enterprise.Finally,from the three aspects of raising the threshold of the integration of industry and finance and strengthening the supervision of the integration of industry and finance,the relevant departments of the cultural industry improving their own financing competitiveness and improving the financial support system,enterprises adjusting the development strategy of the integration of industry and finance and strengthening the risk management and control mechanism,this paper puts forward countermeasures and suggestions to promote the integration of industry and finance and improve the level of cultural enterprises’ business performance.This paper enriches the relevant research on the integration of industry and finance and the business performance of cultural enterprises,provides a new theoretical explanation for the integration of industry and finance being favored by government departments and cultural enterprises,and also provides theoretical guidance for improving the integration of industry and finance to better help cultural enterprises’ investment and financing behavior and improve their business performance. |
