CAJ | 학술논문

融资难是当前我国文化企业面临的最突出问题之一。本文立足金融市场信息不对称的现实特点，基于信号传递分析视角，从理论上考察财政支持、企业家社会资本与文化企业融资之间的关系，并使用178家江苏文化企业调研数据进行相应的实证检验。研究结果发现：财政支持有助于显著提高文化企业获得外部融资的机会；企业家社会资本对文化企业融资具有显著影响，但企业家政治关系资本与企业家商业关系资本的影响存在明显差异。作为直接调控手段的财政支持和作为非正式制度的企业家社会资本，在文化企业融资中均起着重要作用，这对政府部门探索解决文化企业融资难问题和提升文化企业融资能力，从而加快文化企业发展，具有积极的理论指导薏；义和实践参考价值。
융자난시당전아국문화기업면림적최돌출문제지일。본문립족금융시장신식불대칭적현실특점，기우신호전체분석시각，종이론상고찰재정지지、기업가사회자본여문화기업융자지간적관계，병사용178가강소문화기업조연수거진행상응적실증검험。연구결과발현：재정지지유조우현저제고문화기업획득외부융자적궤회；기업가사회자본대문화기업융자구유현저영향，단기업가정치관계자본여기업가상업관계자본적영향존재명현차이。작위직접조공수단적재정지지화작위비정식제도적기업가사회자본，재문화기업융자중균기착중요작용，저대정부부문탐색해결문화기업융자난문제화제승문화기업융자능력，종이가쾌문화기업발전，구유적겁적이론지도의；의화실천삼고개치。
Difficulty in financing is one of the most prominent issues which China＇ s cultural firms are facing now. It is well - known that financial market has the realistic feature of information asymmetry. From the per- spective of signal transmission, this paper has investigated the relationship among financial support, entrepre- neur＇s social capital and cultural firm financing. According to the above analysis, corresponding empirical tests have been done using survey data of 178 cultural firms in Jiangsu. The research results show that financial sup- port could significantly increase cultural firm＇ s opportunity of obtaining external financing. Social capital has significant impacts on cuh/iral firm financing. And the impacts of entrepreneur＇ s political relationship capital and business relationship capital are obviously different. Financial support as directly regulated measure and so- cial capital as informal institution both have played important roles in the process of cultural firm financing. It could help government to explore how to solve the difficult issues in financing and improve the ability of finan- cing of cultural firms, which can accordingly speed the development of cultural firms. Generally, the results have positive theoretical significance and practical reference value.