我国文化产业上市公司债务融资与股权融资的效率解析  

Reasearch on the Efficiency of Debt Financing and Equity Financing of Chinese Cultural Industries Listed Companies

作　　者：闫玉刚[1] 王潇斐 YAN Yu-gang;WANG Xiao-fei(Faculty of Economics and Management,Communication University of China,Beijing 100024,China)

机构地区：[1]中国传媒大学经管学部,北京100024

出　　处：《中国传媒大学学报（自然科学版）》2017年第6期1-8,共8页Journal of Communication University of China：Science and Technology

基　　金：教育部人文社科青年基金项目(11YJC860019);北京市社科基金项目(14JGB074)

摘　　要：我国文化产业的多元化融资结构已初步形成,本研究选取60家文化类上市公司2005-2015年财务数据作为样本数据,以资产收益率为被解释变量,以债务股权比率、每股收益、负债平均利润率为解释变量,以主营业务收入和总资产为控制变量,分析了债务融资和股权融资对上市公司运营的影响。研究发现,现阶段我国文化类上市公司的股权融资和债务融资与总资产收益率呈正相关,且前者效率高于后者,同时债务融资具有一定的正财务杠杆效应。基于此,本研究认为,一方面文化上市公司应根据自身的发展阶段调整融资结构,实现内源和外源融资的成本协同;另一方面金融行业的创新服务可以丰富文化企业的融资渠道,而政府则应助推文化产业投融资信息平台建设,以实现投融资的整体效率。The diversification of financing structure of cultural industry has initially formed in China.The paper analyzed the impact of debt financing and equity financing on the operation of listed companies.This study selected 60 cultural 2005-2015 financial data of listed companies as the sample data,return on assets as explanatory variables,the debt equity ratio,earnings per share,debt average profit rate as the explanatory variable,with the main business income and total assets as control variables.It is found that the equity financing and debt financing of sample companies are positively correlated with the yield of total assets,and the former is more efficient than the latter,and the debt financing has certain positive financial leverage effect.Based on this,this study argues that the listed companies should adjust the financing structure according to their own development stage and realize the cost coordination of endogenous and external financing.In addition,the innovation service of the financial industry can enrich the financing channels of cultural enterprises.The government should help push the cultural industry investment and financing information platform to achieve the overall efficiency of investment and financing.

关 键 词：文化产业 融资 运营效率 

分 类 号：F092[经济管理—政治经济学]