财政支持、企业家社会资本与文化企业融资——基于信号传递分析视角

Financial Support,Entrepreneur's Social Capital and Cultural Firm Financing:From the Perspective of Signal Transmission

融资难是当前我国文化企业面临的最突出问题之一。本文立足金融市场信息不对称的现实特点,基于信号传递分析视角,从理论上考察财政支持、企业家社会资本与文化企业融资之间的关系,并使用178家江苏文化企业调研数据进行相应的实证检验。研究结果发现:财政支持有助于显著提高文化企业获得外部融资的机会;企业家社会资本对文化企业融资具有显著影响,但企业家政治关系资本与企业家商业关系资本的影响存在明显差异。作为直接调控手段的财政支持和作为非正式制度的企业家社会资本,在文化企业融资中均起着重要作用,这对政府部门探索解决文化企业融资难问题和提升文化企业融资能力,从而加快文化企业发展,具有积极的理论指导意义和实践参考价值。

Difficulty in financing is one of the most prominent issues which China＇ s cultural firms are facing now. It is well - known that financial market has the realistic feature of information asymmetry. From the per- spective of signal transmission, this paper has investigated the relationship among financial support, entrepre- neur＇s social capital and cultural firm financing. According to the above analysis, corresponding empirical tests have been done using survey data of 178 cultural firms in Jiangsu. The research results show that financial sup- port could significantly increase cultural firm＇ s opportunity of obtaining external financing. Social capital has significant impacts on cuh/iral firm financing. And the impacts of entrepreneur＇ s political relationship capital and business relationship capital are obviously different. Financial support as directly regulated measure and so- cial capital as informal institution both have played important roles in the process of cultural firm financing. It could help government to explore how to solve the difficult issues in financing and improve the ability of finan- cing of cultural firms, which can accordingly speed the development of cultural firms. Generally, the results have positive theoretical significance and practical reference value.