基于DEA方法的我国上市文化企业融资效率评价  

Evaluation of Financing Efficiency of Listed Cultural Enterprises in China Based on DEA Method

作　　者：胡洪斌 马子红 Hu Hongbin;Ma Zihong

机构地区：[1]云南大学文化发展研究院 [2]云南大学经济学院

出　　处：《文化产业研究》2022年第2期198-216,共19页Cultural Industry Research

摘　　要：近年来,我国文化产业对国民经济的重要性日益凸显,文化产业的增长质量开始受到关注。通过构建DEA的CCR和BCC模型,并结合Malmquist生产率指数,本文对2012—2019年我国上市文化企业融资效率进行静态与动态的评价,进而利用Tobit回归方法对融资效率的影响因素进行分析。结果表明,从整体上看,我国文化上市企业的融资效率均值较高,但从趋势来看具有逐年下降的特征;从个体上看,受企业的经营能力、资金利用率、市场估值等因素的影响,我国上市文化企业融资效率存在明显的异质性。在此基础上,本文从企业、市场和政府三维视角提出提升我国上市文化企业融资效率的路径选择及对策建议。In recent years,the importance of Chinese cultural industry to the economy has become increasingly prominent,and the growth quality of the cultural industry has begun to attract attention.Combining with the Malmquist productivity index,this paper constructs DEA's CCR and BCC models,then makes a static and dynamic evaluation of the financing efficiency of listed cultural companies in China from 2012 to 2019,and then uses the Tobit regression method to analyze the factors affecting financing efficiency.The results show that:on the whole,the average financing efficiency of culturally listed companies in China is relatively high,but from a trend point of view,it has the characteristics of declining year by year;from an individual point of view,there is obviously heterogeneous within the financing efficiency of listed cultural companies in China,which is affected by factors such as corporate operating capabilities,capital utilization,and market valuation.On this basis,this paper proposes path selection and countermeasures to improve the financing efficiency of listed cultural companies in my country from the three-dimensional perspectives of enterprises,markets and governments.

关 键 词：上市文化企业 融资效率 评价 DEA 

分 类 号：G124[文化科学]