政府补贴对数字内容产业绩效影响的实证研究——基于我国上市影视公司的全业态数据分析

An Empirical Study of the Impact of Government Subsidies on the Performance of Digital Content Industry --Based on the Analysis of Full Format Data of Listed Film and Television Companies of China

基于全业态视角,以2015年度影视类上市企业为样本,采取杜邦分析法,将权益乘数、总资产周转率和销售净利率作为考量标准,检验政府补贴对于不同业态影视上市企业的经营绩效的影响。研究发现,政府补贴能够对影视类上市企业的部分财务指标在当期产生定向性作用;政府补贴对影视类上市企业经营绩效影响效度在企业业态和财务指标两个层面产生双重交互式差异;政府财政补贴在某种程度上虚增了影视类上市企业的盈利能力,导致＂寻租＂行为的发生。故此,政府对于影视类上市企业的财政补贴应当由定向补贴向定点补贴转变,由直接补贴向间接补贴转变,由以补为主向以奖代补转变。

Based on the perspective of full formats, with 2015 annual film listed companies as samples, this study adopts DuPont analysis method, considers equity multiplier, turnover of total capital, and net selling interest rates as criteria, tests the impact of government subsidies for different types of film listed companies operating performance. The results show that the government subsidy play a directional role in the current fi- nancial indicators of listed companies in the film and television industry; the effectiveness of government subsidies on the performance of listed film and television listed companies has double interactive differences in two aspects of enterprise format and financial indicators; and to some extent, the gov- ernment financial subsidies have increased the profitability of the listed film and television enterprises, resulting in ＂Rent-seeking＂ behavior. Therefore, the government＇s financial subsidies for film and television listed companies should be changed from directional subsidies to fixed subsidies, from direct subsidies to indirect subsidies, from supplement to reward.