文化金融政策和文化企业绩效的研究——基于2006—2018年上市公司的实证分析

Research on Cultural Financial Policy and Performance of Cultural Enterprises——Based on the empirical analysis of listed companies from 2006 to 2018

以委托代理理论、信息不对称理论和利益相关者理论为基础,以2006—2018年所有非金融类上市企业为样本,利用DID模型从动态视角研究文化金融政策实施前后对文化企业绩效的影响。研究发现,文化金融政策的实施显著提升了文化企业的绩效。进一步研究发现,相比金融欠发达地区,金融发达地区的文化企业绩效提升更加显著;相比非国有文化企业,国有文化企业的绩效提升更加显著。基于此,研究认为当前文化金融政策体系应该针对金融不发达地区的文化企业和民营文化企业进行完善,充分释放它们的增长潜力,提升它们的绩效水平。

Based on the principal-agent theory,information asymmetry theory and stakeholder theory,taking all non-financial listed enterprises from2006 to 2018 as samples,this paper studies the influence of cultural and financial policies on the performance of cultural enterprises from a dynamic perspective by using a DID model.It is found that the implementation of cultural financial policies has significantly improved the performance of cultural enterprises.Further research shows that the improved performance of cultural enterprises in financially developed areas is more remarkable than that in underdeveloped areas.Compared with non-state-owned cultural enterprises,the performance improvement of state-owned cultural enterprises is more significant.Based on this,the research thinks that the current cultural and financial policy system should be improved for cultural enterprises and private cultural enterprises in underdeveloped areas,so as to fully release their growth potential and enhance their performance。