政府补助对文化上市企业经营绩效的影响机制与优化路径——基于191家文化上市企业面板数据的实证分析

The Influence Mechanism and Optimization Path on Government Subsidy to the Performance of Cultural Listed Enterprises——An Empirical Analysis of Panel Data Based on 191 Cultural Listed Companies

政府补助是实现经济增长、产业发展、文化繁荣等政策意志的重要手段,文章基于191家文化上市企业2012-2015年的财务面板数据,探究涵括政府补助对文化上市企业经营绩效的直接效应,基于企业创新能力的中介效应,以及基于企业治理结构的调节效应在内的政府补助对文化上市企业经营绩效的影响机制。实证分析结果显示,政府补助的直接效应显著但影响程度较低,研发投入的中介效应显著且影响程度较高,治理结构的调节效应显著但不同治理结构因素的影响程度不尽相同。据此,本文得出,我国须优化文化上市企业补助机制,增强文化上市企业创新驱动,完善文化上市企业治理结构。

Government subsidy is the common strategy to realize the policy wills on economic growth,industrial development and cultural prosperity,thus.The article takes 191 cultural listed enterprises as the research sample,takes its2012-2015 financial information as the data source,and constructs the fixed effect analysis model of panel data,aim to explore the influence mechanism on government subsidy to the performance of cultural listed enterprises comprehensively,including the direct effect of government subsidy on the performance of cultural listed enterprises,the intermediary effect based on R&D investment and the regulation effect based on enterprise governance structure.The empirical analysis shows that,the direct effect of government subsidies is significant with low conversion rate,the intermediary effect based on R&D investment is significant with a deep degree,the regulation effect based on enterprise governance structure is significant with different validity.The article shows that the government must optimize the subsidy mechanism of cultural listed enterprises,enhance the innovation ability of cultural listed enterprises and to perfect the governance structure of cultural listed enterprises.