融资渠道、协同创新文化与文化传媒企业创新绩效的关系研究——基于中国文化传媒上市公司数据的分析

Research on Relationship between Financing Channels,Collaborative Innovation Culture and Cultural Media Enterprises’ Innovation Performance——Analysis Based on Data of Chinese Listed Cultural Media Companies

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摘要文章以2016—2018年文化传媒企业上市公司的经营数据作为研究样本,实证检验了融资渠道、协同创新文化与文化传媒企业创新绩效的关系,并按照企业所有制属性、上市板块进行分组,检验了融资渠道对文化传媒企业影响作用的异质性。研究结果表明:(1)股权融资渠道显著促进了文化传媒企业的创新绩效,债权融资渠道显著抑制了文化传媒企业的创新绩效;(2)协同创新的企业文化缓解了债权融资对文化传媒企业创新绩效的抑制作用;(3)股权融资渠道对新三板公司创新绩效的促进作用显著高于非新三板公司,债权融资渠道对非国有企业的抑制作用,显著高于国有企业。因此,政府监管部门应降低文化传媒企业股权资本市场的进入门槛,激励企业创新。金融系统应拓宽企业的融资渠道,降低文化传媒企业债权融资成本;文化传媒企业应构建协同创新的企业文化,降低企业创新的融资约束。 Using the operating data of the listed cultural media enterprises from 2016 to 2018 as a research sample,the article empirically has tested the relationship between financing channels,collaborative innovation culture and cultural media enterprises’innovation performance,and tested the heterogeneity of the influence of financing channels on cultural media companies by grouping the enterprises according to their ownership attributes and listing sectors.The research results show that:(1)equity financing channels significantly promoted the innovation performance of the cultural media enterprises,and debt financing channels significantly inhibited the innovation performance of the cultural media enterprises;(2)the corporate culture of collaborative innovation eased the inhibiting effect of debt financing on the innovation performance of the cultural media enterprises;(3)the equity financing channels were significantly more effective in promoting the innovation performance of New OTC companies than that of non-New OTC companies,and the inhibiting effect of debt financing channels on non-state-owned enterprises was significantly higher than that on state-owned companies.Therefore,the government supervision departments should lower the threshold of entry into the equity capital market for cultural media enterprises and encourage corporate innovation.The financial system should broaden the financing channels of enterprises,and reduce the cost of debt financing of cultural media enterprises;cultural media enterprises should build a corporate culture of collaborative innovation,and reduce the financing constraints of corporate innovation.

作者王亚楠司雨茜 Wang Yanan;Si Yuqian

机构地区华东政法大学传播学院上海大学

出处《文化产业研究》 2020年第3期112-126,共15页 Cultural Industry Research

基金国家社会科学基金项目“基于广告投放的传媒业生态位竞争实证研究”(18BXW104) 国家社科基金重点项目“健全现代文化产业体系和市场体系研究”(20AZD065)阶段性研究成果

关键词创新绩效协同创新股权融资债权融资 Innovation Performance Collaborative Innovation Equity Financing Debt Financing

分类号 G124 [文化科学] F832.51 [经济管理—金融学]