融资约束对文化创意企业技术效率及其稳定性的影响

The Impact of Financing Constraints on Technological Efficiency and Its Stability of Cultural and Creative Enterprises

本文利用我国文化创意上市企业2000-2015年面板数据,在测算了我国文化创意企业技术效率水平的基础上,将融资约束纳入异质性随机前沿模型,实证分析了融资约束对文化创意企业技术效率及其稳定性的影响。研究发现:我国文化创意企业的效率整体处于中等水平,仍未进入规模报酬递增阶段,企业规模经济和产业规模经济效益并未得到有效利用,市场推广和研发投入对企业技术效率提升的贡献最大;融资约束显著抑制了文化创意企业技术效率的提高,增加了企业技术效率的不稳定性;市场化程度越高,越能缓解融资约束对企业技术效率的抑制作用并平稳其风险性波动;创意设计服务企业融资约束的缓解对技术效率的提升和稳定作用更为明显,融资约束缓解对民营企业技术效率提升和国有企业技术效率稳定的作用更显著,东部企业融资约束的缓解对技术效率的提升和稳定作用优于中西部地区。因此,文化创意企业融资约束的化解路径和措施是:在推动金融市场化改革的过程中,逐步扩大企业规模,优化生产要素的投入比例,注重提高市场推广及研发支出占比;针对不同行业、不同所有制性质和不同地区企业的差异,采用定制化方式创新金融产品,拓展融资方式。

Based on the panel data of cultural and creative listed companies in China from 2000 to 2015, this paper calculates the efficiency level of cultural and creative industries in China, incorporates financing constraints into heterogeneous stochastic frontier model, and empirically analyzes the impact of financing constraints on the technical efficiency and its stability of cultural and creative enterprises. It is found that the efficiency of China’s cultural and creative enterprises is at a medium level, and they have not yet entered the stage of increasing returns to scale, and the economies of scale of enterpriseshave not been effectively utilized. Market promotion and R&D investment have contributed most to the improvement of industrial technical efficiency while financing constraints have significantly inhibited the improvement of technical efficiency of cultural and creative enterprises and increased the instability of enterprise technical efficiency. Besides, the higher the degree of marketization, the more it can alleviate the restraint of financing constraints on the technological efficiency of enterprises and stabilize their risk fluctuations. The alleviation of financing constraints of creative design service enterprises has a more obvious effect on the improvement and stabilization of technological efficiency. The alleviation of financing constraints of private enterprises has a higher effect on the improvement and stabilization of technological efficiency than that of state-owned enterprises. And the alleviation of financing constraints of eastern enterprises plays a better role in promoting and stabilizing technological efficiency than that of central and western regions. Therefore, in the process of promoting the financial market reform, the ways and measures of resolving the financing constraints of cultural enterprises are as follows: expanding gradually the scale of enterprises, optimizing the proportion of input factors of production, focusing on increasing the proportion of market promotion and R&D expenditure, innovating financial products and expanding financing in customized way according to the differences of different industries, enterprises with different ownership characteristics and different regions.