【作者】 刘静；

【导师】 甘国华；

【作者基本信息】 江西师范大学 ， 产业经济学， 2015， 硕士

【摘要】 以知识、创意为核心的文化产业是当今世界的新兴朝阳产业,在各国经济中的地位逐渐提升。新一轮的国家发展规划中明确指出,未来20年势必要将文化产业发展为我国的支柱性产业。但是不可否认的是与发达国家相比,我国文化产业依然处于发展初期,对国民经济增加值的贡献偏低,距离成为支柱性产业还有差距。基于此原因,本文就沪深A股文化产业上市公司的融资效率及影响因素展开研究。首先,在理论方面,明确了融资效率的研究内容,考虑到实证对象数据的可获得性,本文的融资效率侧重于对资金配置效率的研究,即对企业内部融资结构、股权结构、生产经营及财务状况下资金利用效率的深入研讨;其次,在实证方面,主要采用熵值法计算融资效率各影响因素的权重,本文选择沪深两市67家A股上市公司作为研究对象从资金融入效率、资金配置效率以及融资风险三个大方面入手,选择19个评价指标对文化产业上市公司的融资效率进行分析。通过实证研究结果,发现沪深A股文化产业上市公司的融资效率普遍较低,诸多企业并没有合理高效地运用融入地资金,企业资产负债率和股权集中度过高,资金缺乏和资金配置不当严重地阻碍了我国A股文化产业上市公司快速发展。最后,本文提出了一些应对之策,从提高企业资本融入效率和改进融资配置效率两个角度出发,企业自身应加强制度建设和完善信用建设,与此同时,通过增强政府服务监督作用、创新文化产业金融产品和合理利用融资租赁,以改进融资资金配置效率。更多还原

【Abstract】 The culture industry which regards the knowledge, creativity as the core is a new sunrise industry in recent world. And it has gradually improved its status in global economy. The national development plan for a new round explicitly proposed that "promote the cultural industry has become the backbone industry of the national economy". But it is undeniable that compared with developed countries, the Chinese cultural industry is still in the initial period of development. The low contribution to the national economy indicated that there is a long distance for the Cultural Industry becoming a pillar industry.Based on this reason, this paper studied financing efficiency of Cultural Industry Public Company of Shanghai and Shenzhen A Shares and the factors affect the financing efficiency. First of all, in the aspect of theory, the paper confirmed the research content financing efficiency. Taking into account the empirical object data can be acquired, the financing efficiency of the paper focuses on the research on the efficiency of capital allocation, namely to in-depth discussion of capital utilization efficiency of enterprise internal financing structure, ownership structure, the production and business operation and financial condition; secondly, in the empirical aspect, the author mainly selected the calculation of relative efficiency between the major decision making unit by the entropy method, and according to the above information to find out the main factors affect the financing efficiency. This paper select the Shanghai and Shenzhen two city 67 home A shares of enterprises as the research objects in the dimensions of the financing efficiency, capital allocation efficiency and financing risk in three aspects, and analyzed the financing efficiency according to the 19 evaluation indicators of cultural industry listing Corporation.The empirical research results indicated that the financing efficiency of the Shanghai and Shenzhen A shares of the cultural industry is generally low. Many enterprises didn’t use of funds into the ground rationally and efficiently. The enterprise debt-to-asset ratio is too high and the stock rights are over-accumulated, and it also lacks of funds and capital misallocation. Those facts seriously hindered the rapid development of China’s A share cultural industry. Finally, the author proposed some advice in improving the efficiency of enterprise capital in configuration and improving the financing efficiency two angle, enterprise itself should strengthen the system construction and perfect credit construction, at the same time, by strengthening the government supervision and service function, the cultural industry innovation financial products and the reasonable use of financing lease, to improve the financing efficiency of capital allocation.更多还原