金融发展对促进文化企业投资的影响

The Influence of Financial Development on Investment of Cultural Enterprises

运用2009～2015年48家中国文化上市公司的数据，选取183个有效观察样本，从投资——现金流的视角探讨金融发展与文化企业融资的关系，验证金融发展是否促进了文化上市公司的投资。实证研究结果表明：中国上市文化公司普遍存在显著的融资约束；非国有文化控股公司比国有文化控股公司面临的融资约束更加严重；金融发展未能体现对文化上市公司投资的明显促进作用。因此，要促进文化企业的投资，必须要针对文化产业的行业特征进行金融创新，做好文化金融中介机构等相关的配套政策措施。

By selecting 183 effective samples from 48 culturally-related listed compa- nies between 2008 and 2015 ,this paper tries to find out whether financial development pro- motes companyg investrt, ent. The empirical results show that：generally financing constraints exist in all culturally-related listed companies with non-stated-owned companies having more constraints than state -owned companies;there is no significant influence of financial development on the investment of culturally -related listed companies. Therefore, to promote investment into cultural industries, financial innovations according to the culture industry＇s own characteristics should be encouraged should be developed. and relevant supporting policies and measures