Abstract: Cultural and creative enterprises have the following characteristics: light physical assets but heavy intangible assets; uncertain income and high creative value; large difference in input and output efficiency and long chain of derivatives. Based on the panel data of 159 cultural and creative listed companies from 2012 to 2016 in Shanghai and Shenzhen Stock Exchanges, this paper studies the influence factors on the financing structure of cultural and creative industries by adopting fixed effect model and dynamic panel model. Different from the existing results, the holding ratio of intangible assets is positively correlated with asset-liability ratio, and the profitability is negatively correlated with asset-liability ratio. The ownership structure, firm size and growth rate are not relevant to asset-liability ratio. What’s more, there is a self-adjustment mechanism of assets and liabilities, that is, the lagged two-period asset-liability ratio affects the current asset-liability ratio. Based on the conclusions and the characteristics of the cultural and creative enterprises, some suggestions are put forward to improve the capital structure of cultural and creative enterprises.

Key words: cultural and creative industry, intangible asset, capital structure, fixed effect model, dynamic panel model

摘要： 文化创意企业具有轻实物资产,无形资产作用强;收益不确定,创意价值高;投入产出效率差异大,衍生品链条长的特点。本文基于沪深股市159家文化创意上市公司2012～2016年度的面板数据,采用固定效应模型和动态面板模型,研究了文化创意产业融资结构的影响因素。与已有研究结果不同的是,无形资产持有率和资产负债率正相关,盈利能力和资产负债率负相关,而股权结构、企业规模、成长性和资产负债率不相关。同时发现资产负债水平存在自我调节机制,滞后两期资产负债率对当期资产负债率产生影响,存在反应时滞。根据研究结论与文化创意企业的特点,提出了改善文化创意企业资本结构的建议。

关键词: 文化创意产业, 无形资产, 资本结构, 固定效应模型, 动态面板模型