CAJ | 학술논문

选取中国文化传媒上市公司2006~2011年的非平衡动态面板数据，运用系统 GMM 方法构建了融资-投资模型，从内源融资、债务融资和股权融资三个方面对融资因素对投资行为的影响进行实证研究。结果表明：内源融资无法满足中国文化上市公司投资行为的资金需求，存在一定的负效应；债务融资和股权融资对投资行为起着较强的正向促进作用，且后者的影响更大。此外，中国中小型文化传媒公司存在较明显的股权融资偏好。
선취중국문화전매상시공사2006~2011년적비평형동태면판수거，운용계통 GMM 방법구건료융자-투자모형，종내원융자、채무융자화고권융자삼개방면대융자인소대투자행위적영향진행실증연구。결과표명：내원융자무법만족중국문화상시공사투자행위적자금수구，존재일정적부효응；채무융자화고권융자대투자행위기착교강적정향촉진작용，차후자적영향경대。차외，중국중소형문화전매공사존재교명현적고권융자편호。
Based on the unbalanced dynamic panel data from Chinese cultural industry listed companies from 2006 to 201 1,this paper establishes a financing investment dynamic econometric model using the System GMM estimation,in order to examine the influences of cumulative effect and three financing factors.The results demonstrate that,on the whole,internal funds of the cul-tural industry listed companies are lacking and the investment mainly rely on external financing.It shows that investment behavior is dominated by internal financing,but debt financing and equity financing have dominant positive effect on investment behavior,and the latter's impact is larger. Moreover,the small and medium of cultural media firms have a preference for equity financing.