CAJ | 학술논문

随着《“十二五”时期文化产业倍增计划》的提出，金融支持文化产业发展成为社会经济研究的热点，股权融资是文化产业公司最重要的金融支持手段之一，其效率高低直接影响到文化产业上市公司的可持续发展。本文以34家文化产业上市公司为研究对象，基于DEA效率测度结果，对我国文化产业股权融资效率进行评价。实证结果表明，我国文化产业上市公司股权融资效率偏低，且差异较为明显，《“十二五”时期文化产业倍增计划》实施后，其效率出现一定程度的提升；从体制来看，国有控股文化公司股权融资效率低于非国有控股文化公司；从行业来看，文化旅游业上市公司股权融资效率最高，演艺娱乐业上市公司最低；从区域分布来看，西部地区文化上市公司股权融资效率最高，中部地区次之，东部地区最低。基于此，本文从政府、金融机构和文化企业三大主体出发，提出了股权融资效率提升的相关管理策略。
수착《“십이오”시기문화산업배증계화》적제출，금융지지문화산업발전성위사회경제연구적열점，고권융자시문화산업공사최중요적금융지지수단지일，기효솔고저직접영향도문화산업상시공사적가지속발전。본문이34가문화산업상시공사위연구대상，기우DEA효솔측도결과，대아국문화산업고권융자효솔진행평개。실증결과표명，아국문화산업상시공사고권융자효솔편저，차차이교위명현，《“십이오”시기문화산업배증계화》실시후，기효솔출현일정정도적제승；종체제래간，국유공고문화공사고권융자효솔저우비국유공고문화공사；종행업래간，문화여유업상시공사고권융자효솔최고，연예오악업상시공사최저；종구역분포래간，서부지구문화상시공사고권융자효솔최고，중부지구차지，동부지구최저。기우차，본문종정부、금융궤구화문화기업삼대주체출발，제출료고권융자효솔제승적상관관리책략。
With the propose of ＂the twelfth five year plan＂ Period Culture Industry Doubling Plan, the financial support to the development of cultural industry has become the focus of social and economic research. Equity financing is one of the most important means of financial support for the cultural companies, and the efficiency levelof equity financing affects the sustainable development of listed companies from culture industry directly. Based onDEA model, this paper conducts an empirical study of 34 listed companies from cultural industry and makes evaluations on their equity financing efficiency. The empirical study shows that the overall efficiency of cultural industryhas not reached a high level and there exist significant differences in different companies,industries and regions, butthe nationwide efficiency has increased after the implementation of the plan. From the view of company＇s nature, thestateowned company is less efficient than the nonstateowned company. From the aspect of industry category, cultural tourism industry is the most efficient while entertainment is the least. From the point of view of regional distribution, the west is the most efficient region compared with the central and the east region, and the east is the leastefficient area. At last, this paper proposes management strategies to improve the efficiency of cultural industry fromthe aspects of government, financial institutions and cultural companies. Following measures need to be executed to improve the equity financing efficiency of public cultural companies. From the perspective of government, first of all, it should loosen administration regulation and implement marketbased mechanism. Only based on the market mechanism can ensure that funds and paths of financial supporthave reliable system protection. Moreover, the tax preferential policies should be carried out to encourage the development of private cultural enterprises. Most of the current preferential tax policies for cultural industry are lacking ofglobal thinking and few policies are supported for the emerging cultural formats, more comprehensive and specificpreferential tax policies has to be introduced. Further, regional differentiation strategy should be implemented to develop regional characteristics. The eastern region should encourage the development of emerging cultural forms suchas animation game and so on. The central region should develop innovative cultural products and services with itsspecial cultural characteristics. The western region can take advantage of its geographical and ecological environmentto develop the cultural tourism, thus driving the development of other cultural industries. On the side of financial institutions, for one thing, the financing channels should be broadened to expand the scale of financing. For another, financial intermediary service system should be completed to promote the docking of financial support and cultural industries. Financial intermediaries should be committed to building the multilevel financial intermediary service system which contains intangible assets assessment, the protection of intellectual property rights, risk compensationmechanism, and cultural information management consulting. Last but not least, they should innovate the financialsupport mechanism and optimize the financial supporting services.Bankingfinancial institutions may establish the finance special fund, develop intellectual property mortgage and guarantee system of intangible assets pledged to forma series of comprehensive financial service system. The cultural enterprises should not only integrate internal resources to improve management skills but also choose appropriate financing means according to their own characteristics. In order to meet the requirements of improving the equity financing efficiency of cultural industry, listed companies needed to strengthen its management ability and promote the value of enterprise to gain market recognition. Digital publishing and the media industry has easier access to finance in the capital market because of its relatively long developing period and the nature of stateowned. The company of animation games and creative design industry can capitalization of intellectual property rights and raise funds through the property exchange. Some of thedomestic banks have launched the pledge loan which based on intellectual property rights and the film productionright to provide convenient financing channels for the performing arts entertainment. Cultural tourism companies canchoose financing lease loans or cooperate with the foreign capital by BOT（ Build Operate Transfer） mode when exploiting tourism projects.