CAJ | 학술논문

在梳理并分析公共文化设施边际融资影响因素的基础上，以我国2011－2013年869家地方融资平台1325个公共文化设施的数据为样本，采用逐步回归的logistic方法处理面板数据，探讨公共文化设施边际融资的最优选择。研究表明：文化品牌价值的增长能力、政府融资风险、资金清算时政府价格谈判能力的增加会使公共文化设施倾向于选择社会资本融资；信贷供给的增加使其倾向于选择债务融资，影响程度的大小顺序为：政府的价格谈判能力、信贷供给、文化品牌价值的增长能力以及政府融资风险。
재소리병분석공공문화설시변제융자영향인소적기출상，이아국2011－2013년869가지방융자평태1325개공공문화설시적수거위양본，채용축보회귀적logistic방법처리면판수거，탐토공공문화설시변제융자적최우선택。연구표명：문화품패개치적증장능력、정부융자풍험、자금청산시정부개격담판능력적증가회사공공문화설시경향우선택사회자본융자；신대공급적증가사기경향우선택채무융자，영향정도적대소순서위：정부적개격담판능력、신대공급、문화품패개치적증장능력이급정부융자풍험。
Based on the clarification and analysis of six risk factors of deciding the most optimum margin financing in public facilities, this paper samples the data of 1325 public facilities of 869 financing platforms from 2011 to 2013 and uses stepwise logistic regression analysis to figure out the extent of the influence of risk factors upon the most optimum marginal fi-nancing of public facilities.The study shows that:the incrementality of culture, government’s financing risk and the growth of government’s bargaining capacity in cost default would make social financing a preferavle choice for public facilities financing, whereas the increase in credit supply makes debt financing a better choice.The effect order from great to small is as follows:bargaining capacity of the government in cost default, credit supply, the incrementality of culture, and government’s financing risk.