文化产业融资困境:市场化抑制与政府扶持不足——来自上海实践的实证检验

Cultural Industry Financing Dilemma:Marketization Inhibition and Insufficient Governmental Support——An Empirical Test from Shanghai Practice

党的二十大提出“坚持把社会效益放在首位、社会效益和经济效益相统一,深化文化体制改革,完善文化经济政策”,为上海文化产业的发展提出了最新的指引。为建成全国文化中心和国际文化大都市,上海市政府近年连续加大对文化产业的固定资产投资和财政支出。上海作为全国金融中心,在贯彻党二十大提出的深化文化体制改革过程中,应该充分发挥资本市场的融资功能,加快从非市场化融资向市场化融资转变。本文通过实证分析股票和债券等市场化融资渠道对上海市文化产业产出的促进作用,分析财政支出和固定资产投资等非市场化政府产业支持政策的有效性,为解决上海市文化产业面临的融资困境提出政策建议。

At the 20th National Congress of the Communist Party of China,it was proposed that“insisting on putting social benefits in the first place,unifying social and economic benefits,deepening the reform of the cultural system,and improving cultural and economic policies”,which put forward the latest development guidelines for the development of Shanghai’s cultural industry.In order to build a national cultural center and an international cultural metropolis,Shanghai Municipal Government has continuously increased its fixed asset investment and financial expenditure on the cultural industry.This paper explores the impact of different financing methods on the output of cultural industry in Shanghai through empirical analysis,focusing on the limited role of market-based financing channels of stocks and bonds in promoting the development of cultural industry.It analyzes the effectiveness of non-market-oriented government industrial policies such as fiscal expenditure and fixed asset investment,and puts forward corresponding policy recommendations for the financing development of cultural industry in Shanghai.