文化产业上市公司融资结构对其投资行为的影响研究

【作者】 张斌；

【导师】 黄生权；

【作者基本信息】 中南大学 ， 企业管理， 2011， 硕士

【摘要】 随着文化产业在世界各发达国家经济地位的不断加强,我国在总体经济保持高速发展的同时,开始将文化产业的崛起作为当前最重要的经济目标之一。直至目前,我国文化产业的发展尚未形成具体规模,文化产业类上市公司不仅数量稀少,且其经营模式尤其是财务模式远不够成熟,存在着各方面的发展短板。在这一背景下,本文依托当今政策对文化产业的极大重视,解析国内文化产业上市公司融资结构及投资行为方面的独有特征,试图找出制约当下文化产业上市公司乃至是整个文化产业前进的关键因素。本文首先概述了研究的宏观背景,综述了融资及投资相关理论在国内外的发展进程,介绍了本文的表述框架,提出了本文研究的理论及现实意义。接着对本文的关键研究对象进行了概念界定,并以国内外已有文献及研究成果为依据,系统阐述了本文进行研究的理论基础,分析了融资结构对投资行为影响的作用机理。然后全面比较了国内外文化产业的发展现状,重点剖析了我国文化产业发展过程当中的一些不足,并概述了我国文化产业上市公司目前的融资及投资特征。最后以我国文化产业为背景,利用回归方程检验上市公司融资结构与投资行为两者间的关系,分析我国文化产业上市公司当前融资结构及投资行为的数据表现,得出本文的结论：整体上文化产业上市公司融资结构与投资支出之间存在显著的负相关关系,但这种负相关影响在小规模公司体现得较弱,而在大规模公司则表现比较明显,对于高成长性公司来讲,这种负相关影响可以忽略不计,而低成长性公司却展现了在任何水平下都十分显著的负相关关系。更多还原

【Abstract】 For the rising economic status of cultural industry among developed countries all over the world, China has considered the rising of cultural industry as one of the most important economic objectives as the overall economy develops in high speed. Up until now, the development of Chinese cultural industry is in its initial stage with very few listed companies and immature operating and financial models and many other soft spots. With the help of the present policy toward cultural industry, the thesis analyses the financial structure of the listed companies concerning cultural industry as well as the unique features of the investment behaviour, in order to find the key factor that restricts the development of the listed cultural industry companies and the whole cultural industry.First, the thesis gives a summary of the macro-background of the study and the development of the financing and investment theories in China and abroad, and makes an introduction of the thesis structure, and puts forward the theoretical and realistic significance of the study. Second, the thesis defines the key study objects, and systematically states the theoretical basis of the study, as well as analysing the functioning principles of the financing structure acting upon the investment behaviour. Third, it makes a comprehensive comparison of the current cultural industry development between China and abroad and lays emphasis on those short spots of China’s cultural industry development. Then, it describes the financing and investment features of the listed cultural industry companies in China. Fourth, the thesis uses regression equation to verify the relations and to analyse data performance between financing structure and investment behaviour of the listed companies concerning China’s cultural industry. And finally, viewing the situation as a whole, a distinct negative correlation is found between financing structure and investment behaviour. What’s more, the negative correlation reflects little in small companies and much in large ones. It can be ignored for high-growth companies but displays distinctly in any cases for the low-growth ones.更多还原