摘要
区别传统回归方法局限于相关性的分析,文章定量测算文化类企业融资约束导致的投资效率损失。研究结果表明:融资约束导致文化类企业实际投资支出比最优水平低约40%—50%,平均的投资效率仅为53.6%,文化类上市企业投资非效率现象十分严重;投资水平“较好”的文化类企业与“较差”的企业间投资效率差异并不显著,整体分布趋势较为集中;从分组情况来看,地处文化产业集聚程度较高地区的文化类企业、规模较大的企业以及更为“年轻”的企业投资效率越高。该结论不仅丰富了文化企业投资效率研究的分析范式,也为企业文化投资提供了微观证据。
Different from the traditional regression method limited to the correlation analysis,this paper quantitatively measures the loss of investment efficiency due to the financing constraints of cultural corporations.The research results show that the financing constraints cause the actual investment expenditure of cultural enterprises to be about 40%-50%lower than the optimal level,and the average investment efficiency is only 53.6%.That is to say the efficiency loss is serious among listed cultural companies.The difference in investment efficiency between the cultural firms and"poor"business is not significant.The overall distribution trend is relatively concentrated.Cultural firms located in areas with high concentration of cultural industry and larger or"younger"firms have higher investment efficiency.This result not only supplements the analytical paradigm of the research on investment efficiency of cultural firm,but also provides useful evidence for investment of corporate culture.
作者
张海龙
刘杨
ZHANG Hai-long;LIU Yang(School of Business,Tianshui Normal University,Tianshui 741000,China)
出处
《兰州财经大学学报》
2019年第4期22-30,共9页
Journal of Lanzhou University of Finance and Economics
基金
国家社会科学基金项目“融资决策、资本结构调整与经理管理防御研究”(12CGL030)
国家自然科学基金项目“贸易开放与中国文化多样性的变迁:理论、测度与文化地图”(71863032)
天水师范学院“青蓝”人才工程基金项目
关键词
文化类企业
投资效率
融资约束
随机前沿模型
cultural enterprises
investment efficiency
financing constraints
stochastic frontier models
