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论文编号：	13233
作者编号：	2120202871
上传时间：	2022/6/8 16:47:59
中文题目：	数字普惠金融发展水平对文化创意企业投 资效率影响的研究——一个被调节的中介 模型
英文题目：	An empirical research on the influence of the development level of digital inclusive finance on the investment efficiency of cultural creative enterprises -- a moderated intermediary model
指导老师：	崔连广
中文关键字：	文化创意企业；数字普惠金融；融资约束；投资效率
英文关键字：	cultural and creative enterprises;digital financial inclusion;financing constraints;investment efficiency
中文摘要：	2006年，“文化创意产业”的定义第一次出现在党和政府的文化产业发展计划纲要中。不同于中国其他传统产业，中国文化创意产业具有资源耗费较低、环境污染小、技术含量高、重创意轻资产等特点，并成为了我国的战略性发展新兴产业之一，其发展有利于我国文化产业的整体升级和结构优化。十九大报告提出了要坚持文化自信，完善我国现代文化创意体系，大力促进我国文化创意产业发展，建设现代化社会主义文化强国。金融资源是文化创意产业可持续发展所需要的最基础资源之一，然而中小微企业才是中国文化创意产业的主体，其重创意、规模小、无形资产为主等特点使得企业难以在传统的金融体系中获得所需的融资，遭到了资本市场的排斥。文化创意企业的投资也会由于其缺少内外部融资而受到较大的负面影响，这样会导致企业产生非效率投资，不利于企业长期的发展。但 是,数字普惠金融服务的高效应用为减少文化创意企业融资约束创造了更有效的途径,进而对文化创意企业的非效率投资活动形成了有效制约。所以，对于深入研究当前数字普惠金融发展水平及其对文化创意企业的投资效率的影响机制，有着非常重要的理论价值与现实意义。因此，文章将重点研究中国数字普惠金融发展水平及其对文化创意公司投资效率的影响，并研究融资约束在这一过程中的中介功能，并希望为中国数字普惠金融服务的发展趋势以及金融服务对文化创意行业影响提供参考借鉴。文章中首先介绍了数字普惠金融与投资效率的相关概念，然后又对国内外有关数字普惠金融、融资约束与投资效率的理论研究现状做了比较全面的梳理和总结。并在根据当前实际状况的基础上，系统分析文化创意公司的投融资状况，从而给出本文的理论假设。 本文将我国 2011-2020 年十年间上市的文化创意公司数据作为样本，通过将面板数据进行混合效应回归的研究方法，分析了数字普惠金融发展水平对文化创意企业投资效率的影响。论文中引入了Richardson 投资期望模型并进行验证，得出了数字普惠金融的发展可以通过减少融资约束，对我国文化创意公司的非效率投资产生显著的改善效果；随后，我们通过对数字普惠金融的三个子层次进行检验，发现了数字普惠金融能够在覆盖广度、使用深度以及数字化程度三方面都显著减少文化创意公司的非效率投资。最后，在实证数据分析的基础上，本文剖析了实证结果产生的原因并从政府部门、金融机构、公司三种视角给出了相应的管理意见，希望推动中国数字普惠金融更好的帮助企业融资，从而减少文化创意公司长期存在的融资约束与非效率 投资
英文摘要：	In 2006,the definition of "Cultural and Creative Industries(CCI)" appeared for the first time in the government outline of the cultural industry development plan.Different from other traditional industries,China’s CCI has the characteristics of low resource consumption,low environmental pollution,high technology content,emphasizing creativity over assets,and has become one of the strategic emerging industries.CCI’s development is conducive to the upgrading of China's cultural industry.The report of the 19th National Congress of the Communist Party of China proposed that we should adhere to cultural confidence,improve China's modern cultural system,promote the development of China's CCI.Financial resources definitely are the basic resources needed for CCI.However, micro, small and medium enterprises is the main body of Chinese CCI.The small scale and the asset-light characteristics makes the cultural and creative enterprises hard to obtain required financing in the traditional financial system.The investment of cultural and creative enterprises will also be greatly affected by the lack of internal and external financing,which is not conducive to the long-term development.However,the efficient application of digital inclusive financial services creates a more effective way to reduce the financing constraints of cultural and creative enterprises,and thus forms an effective restriction on the inefficient investment activities.Therefore, it’s necessary for in-depth study on the current development level of digital inclusive finance and its influence mechanism on the investment efficiency of cultural and creative enterprises. Therefore,this paper will focus on the development level of China's digital inclusive finance and its impact on the investment efficiency of cultural and creative companies.This paper tries to figure out the intermediary function of financing constraints in this process,hoping to provide reference for the development of China's digital inclusive finance services and the impact of financial services on cultural and creative industries. This paper first introduces the concepts related to digital inclusive finance and III Abstract investment efficiency,and then makes a review of the theoretical research status of digital inclusive finance,financing constraints and investment efficiency.On the basis of the actual situation,the investment and financing of cultural creative companies is systematically analyzed,so as to launch the theoretical hypothesis. This paper takes the data of cultural and creative companies listed in China from 2011 to 2020 as samples,and analyzes the impact of the development level of digital inclusive finance on the investment efficiency of cultural and creative enterprises through the research method of mixed effect regression based on panel data.In this paper,Richardson’s investment expectation model is used,and it is concluded that the development of digital inclusive finance can significantly restrain the inefficient investment of cultural and creative companies in China by reducing financing constraints.Then,by examining the three sub-levels of digital inclusive finance,we find that digital inclusive finance can significantly reduce the inefficient investment of cultural and creative companies in the coverage,depth of use and degree of digitalization. Finally,on the basis of empirical analysis,this paper analyzes the causes of the empirical results and presents the corresponding management recommendations from the viewpoint of government,financial institutions and the company,in order to promote China's digital inclusive finance to better help enterprises financing,thus reducing the cultural and creative company's financing constraints and investment inefficiency.
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