文化创意企业融资内生决策:理论与实证

Cultural and Creative Enterprises Endogenous Financing Decisions: The Oretical and Empirical Analysis

本文基于企业自发秩序理论阐述了融资内生决策的涵义,在此基础上研究了文化创意企业融资内生决策因素对融资结构的影响,并以2010～2011年中小企业板和创业板文化创意上市公司数据进行了检验。结果表明:文化创意企业融资决策受到内生因素的重要影响,其中企业规模形成的组织结构主导企业做出内部决策,企业规模越大越乐于选择债务融资;内生于组织发展的控制权不排斥外部权益融资,但这种情况在现阶段影响尚不十分突出;而以无形性、独特性等形式表现出来的资产特性在选择股权融资和债券融资时也具有配置性质。因此文化创意企业更需要关注、挖掘与企业融资决策相关的内生品质。

This article expounded the meaning of endogenous financing decisions based on the theory of spontaneous order. Based on this, we have studied the influence of cultural and creative enterprises＇ endogenous financing decisions factors on the financing structure, and have tested the data of cultural and listed creative enterprises on the SME and GEM board from 2010 to 2011. The results showed that： endogenous factors had important influence to culture and crea- tive enterprises＇ financing decision. Among them, the organizational structure formed by enterprise scale leaded enter- prises to make internal decision-making, the larger the scale, the more willing to opt for debt financing; control right horned in organizational development didn＇ t exclude external equity financing, but this case at the present stage was not very prominent ; and asset eharacteristies whieh was manifested in invisible, unique and other forms, also had a configuration properties in the ehoiee of equity finaneing and debt financing. Therefore, the cultural and creative enterprises need to pay more attention to endogenous quality related with corporate financing decisions.