文化创意企业融资约束对投资效率影响的研究

The Research of the Effect of Financing Constraints on Investment Efficiency of Cultural Creative Enterprise

本文以我国文化创意企业2012-2014年上市公司数据为研究样本,基于DEA效率分析,运用Richardson的投资期望模型、因子分析和多元线性回归方法,通过对文化创意企业的特征、融资来源、融资约束的影响因素等多个角度,对中国文化创意企业融资约束及其与投资效率之间的关系进行了实证研究。结果表明,中国文化创意企业普遍存在融资约束问题和非效率投资行为;投资不足现象较投资过度现象严重;融资约束越严重,越容易发生投资不足现象,融资约束是引起文化创意企业投资不足的重要原因。

Setting the data of the cultural creative enterprises in China＇ s 2012 - 2014 as samples, using data envelopment analysis method, Richardson investment expectation model, factor analysis method and muhiple regression method, through the study of the characteristics,financing sources and the influence factors of financing constraints of cultural creative enterprises, this paper mainly studies financing constraints of the cultural creative enterprises and the relationship between financing constraints and the investment efficiency. The results of the study show that, the cultural creative enterprises in our country have the problem of financing constraints and inefficiency investment behavior generally; and under-investment is more significant than over-investment; the more financing constraints they face, the easier under-investment will appear, financing constraints is the important factor which causes the under-investment of the cultural creative enterprises.