摘要
基于中国上海市软科学基地“上海市知识竞争力与区域发展研究中心”建立的文化产业调研数据,在测算企业全要素生产率的基础上,考察在文化企业创新发展中企业内源融资渠道和政府专项扶持资金、银行借款、民间借贷、债券融资等外源融资渠道对文化企业绩效的影响。研究结果表明:以银行借款、民间借贷、债券融资为代表的债务融资对文化企业的绩效提升具有显著的促进作用;政府专项扶持资金对文化企业绩效的影响随着企业内源融资规模的扩大而由负转正,即具有“门槛效应”;政府专项扶持资金对企业内源融资具有“杠杆效应”,两种融资渠道相互促进,共同推进文化企业创新发展绩效的提升。立足融资模式之视角,为更好地促进文化产业创新发展提供政策启示。
Using the survey data of cultural enterprises based on the“Shanghai Knowledge Competitiveness and Regional Development Research Center”of China Soft Science Base,this paper empirically examines the impact of various financing approach such as internal financing channels,external financing channels including bank loans,private lending,bond financing and government special support funds on the innovation performance of cultural enterprises based on the measurement of the total factor productivity of each enterprise.The results show that debt financing represented by bank loans,private lending and bond financing can significantly promote the performance improvement of cultural enterprises.The impact of government special support funds on the performance of cultural enterprises will change from negative to positive as the scale of internal financing increases,which is called"threshold effect".Internal financing has a"leverage effect"on the government special support funds,and the two financing channels mutually promote each other to jointly promote the performance improvement of cultural enterprises.Based on the perspective of financing approach,the study provides policy inspiration for better promoting the innovation and development of the cultural industry.
作者
郝羚伊
史占中
HAO Lingyi;SHI Zhanzhong(Antai College of Economic and Management,Shanghai Jiao Tong University,Shanghai 200030,China)
出处
《上海管理科学》
2019年第6期79-88,共10页
Shanghai Management Science
基金
国家社会科学基金重大项目(16AZD08)
关键词
文化产业
内源融资渠道
外源融资渠道
全要素生产率
cultural industry
internal financing channels
external financing channels
total factor productivity
