中国文化传媒上市公司投融资行为影响因素研究
Effects of Financing Factors on Investment Behavior of Cultural Industry Listed Company

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。
Based on the unbalanced dynamic panel data from Chinese cultural industry listed companies from 2006 to 2011, 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 cultural 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．