海外业务提升了文化企业全要素生产率吗?——来自中国文化上市企业的经验证据

Does Overseas Business Enhance Total Factor Productivity of Cultural Enterprises?——Empirical Evidence from Chinese Cultural Listed Enterprises

"十四五"时期我国文化产业仍处于大有可为的重要战略机遇期。基于我国2009—2018年59家文化上市企业的面板数据,利用倾向得分匹配法与工具变量法解决内生性问题以及替换全要素生产率的计算指标进行检验得到稳健的结果能够发现,文化企业开展海外业务能够显著提升自身全要素生产率,且对于我国东部地区企业以及国有企业全要素生产率的提升作用更加明显。"一带一路"倡议的提出也发挥了我国文化企业海外业务对全要素生产率的正向提升作用。这为文化企业积极"走出去"提升自身全要素生产率,为我国文化产业高质量发展提供了理论依据。

During the 14^(th) Five-Year Plan period,China’s cultural industry is still in an important period of strategic opportunities.Based on the panel data of 59 listed cultural enterprises in China from 2009 to 2018,this paper uses propensity score matching method and instrumental variable method to solve the endogenous problem and replaces the calculation index of total factor productivity to test and obtains robust results.It is found that the overseas business of cultural enterprises can significantly improve their own total factor productivity,and the improvement of total factor productivity of enterprises in eastern China and state-owned enterprises is more obvious.In addition,the proposal of“Belt and Road”Initiative also plays a positive role in promoting total factor productivity of overseas business of Chinese cultural enterprises.This provides a theoretical basis for cultural enterprises to actively“go out”to improve their total factor productivity and promote the high-quality development of China’s cultural industry.