互联网金融是否放松了文化创意企业融资约束?

Does Internet Finance Relax Financing Constraints of Cultural and Creative Enterprises?

剖析互联网金融对文化创意企业融资约束的影响,可以为互联网金融对经济增长的促进作用提供微观证据。在分析文化创意企业融资约束的形成机制及互联网金融发展对其影响机制的基础上,以欧拉方程投资模型和修正的托宾Q模型为基础,利用2009—2014年沪深上市的153家文化创意上市公司的非平衡面板数据,考察其融资约束状况,并检验互联网金融发展对其融资约束的缓解作用。研究结果表明,中国文化创意上市公司存在较为严重的融资约束问题;互联网金融发展能降低文化创意企业投资对现金流的敏感度,即可缓解其融资约束;在不同的企业所有权以及资产轻重程度的情况下,互联网金融发展的上述效应有不同的表现。

This paper aims to analyze the effect of internet financial development on the financing constraints of cultural and creative enterprises(CCEs),so as to provide micro evidence for the economic enhancement effect of internet financial development.This paper also analyzes the formation mechanism of financing constraints of CCEs as well as its relationship with internet financial development.And based on Euler equation investment model as well as modified Tobin-Q model,this paper chooses the unbalanced data of 153 Chinese listed CCEs from 2009 to 2014 to test the fact of financing constraints of CCEs as well as to examine the the remission effect of internet financial development on financing constraints.The empirical analysis shows that there is a significantly positive relationship between the investment of Chinese listed CCEs and its cash flow,indicating that Chinese CCEs face financing constraints problem;internet financial development can effectively relieve financing constraints of CCEs;internet financial development has different effects on relieving financing constraints of CCEs with different ownerships as well as asset weights.