中国数字创意产业上市公司融资效率评价

Evaluation on the financing efficiency of listed companies in China’s digital creative industry

数字创意产业是中国社会经济发展新动能,其融资问题是制约产业发展的瓶颈。运用DEA模型对2015—2018年间中国数字创意产业287家上市公司融资效率进行评价,结果表明,中国数字创意产业上市公司融资效率总体水平不高,受政策红利的影响呈稳步提升态势。从效率分解看,纯技术效率处于较高水平,规模效率提升幅度及规模效率对融资效率的影响均较大;从融资方式看,债权融资效率高于股权融资效率;从地区差异看,西部地区融资效率最高,东部地区次之,中部地区相对较低。据此提出了提升中国数字创意产业公司融资效率的政策建议。

Digital creative industry is a new driving force of China’s social and economic development,but its development has been hindered by financing problem.The paper uses the DEA model to make an empirical study of the financing efficiency of 287 listed companies in China’s digital creative industry during 2015-2018.The results show that the level of financing efficiency of listed companies in China’s digital creative industry is generally low,but there exists a steady uptrend under the influence of policy dividend.In the perspective of efficiency decomposition,pure technical efficiency is at a relatively high level while scale efficiency’s improving magnitude and impact on financing efficiency are large.In the perspective of financing mode,the efficiency of debt financing is higher than that of equity financing.In the perspective of regional differences,financing efficiency is the highest in the western region,followed by the eastern region,and financing efficiency is relatively low in the central region.