动漫企业的融资约束、“政策租”与知识创新绩效
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摘要
动漫产业作为文娱产业的重要组成部分,正以惊人的速度在全球范围内崛起。然而,中国的动漫产业长期以来受到各因素的制约导致大量资本收益流失海外。针对中国动漫产业发展核心瓶颈因素——融资约束与"政策租",从微观企业生产及盈利方式出发,通过理论分析和实证检验进行研究,发现动漫企业"政策租"的依赖性加强,降低了企业的边际收益,融资约束抑制了企业知识创新投资,降低了企业的边际收益率,并且债务融资约束比股权融资约束对企业绩效的抑制效应更大。
As an important part of the cultural and entertainment industry,animation industry is rising up in the world with an amazing speed.However,China's animation industry has long been restricted by various factors,resulting in the loss of a large number of capital gains overseas.In this paper the development of Chinese animation industry core bottleneck factor of financing constraints,and " rent" policy,starting from the microscopic enterprise production and profit mode,through theoretical analysis and the empirical study,the study found that the dependence of the animation enterprise policy of "rent" to strengthen,reduces the marginal benefit of the enterprise,financing constraints put a brake on enterprise knowledge innovation investment,reduces the enterprise the marginal rate of return,constraint than equity financing and debt financing constraints more effect on corporate performance.
As an important part of the cultural and entertainment industry,animation industry is rising up in the world with an amazing speed.However,China's animation industry has long been restricted by various factors,resulting in the loss of a large number of capital gains overseas.In this paper the development of Chinese animation industry core bottleneck factor of financing constraints,and " rent" policy,starting from the microscopic enterprise production and profit mode,through theoretical analysis and the empirical study,the study found that the dependence of the animation enterprise policy of "rent" to strengthen,reduces the marginal benefit of the enterprise,financing constraints put a brake on enterprise knowledge innovation investment,reduces the enterprise the marginal rate of return,constraint than equity financing and debt financing constraints more effect on corporate performance.
引文
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[2]张玉峰.中国文化产业税收政策研究[J].商业经济,2011(8).
[3]黄学,刘洋,彭雪蓉.基于产业链视角的文化创意产业创新平台研究——以杭州市动漫产业为例[J].科学学与科学技术管理,2013(4).
[4]叶臻,王琼英.动漫产业集群:自发秩序与政企博弈[J].厦门大学学报:哲学社会科学版,2008(3).
[5]雷宏振,张敬博.动漫产业集群发展中“政策租”效应及其对集群知识创新绩效的影响[J].经济经纬,2013(1).
[6]曾红燕.动漫产业融资困境的症结与突破——基于山东省济南市的调查[J].华东经济管理,2013(9).
[7]汪海粟,曾维新.科技型中小企业的知识产权证券化融资模式[J].改革,2018(4).
[8]李彬,于振冲.日本文化产业投融资模式与市场战略分析[J].现代日本经济,2013(4).
[9]周焱.日本动画产业的发展模式及对中国西部动画产业政策的启示[J].四川戏剧,2018(8).
[10]Fazzari S M,Hubbard R G,Petersen B C,Blinder A S,Poterba J M.Financing Constraints and Corporate Investment[A].Brookings Papers on Economic Activity,1988.
[11]Kaplan S N,Zingales L.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,1997(112).
[12]Whited T M,Wu G.Financial Constraints Risk[J].Review of Finance Studies,2006(19).
[13]张轶,姚树俊.基于知识产权战略视角的知识能力对创新绩效的影响机理研究[J].统计与信息论坛,2016(2).
[14]尹建平,王建琼,闵连星.企业社会责任履行视角下的林业投资特点及模式[J].西北农林科技大学学报:社会科学版,2017(5).
[15]郝金磊,董原.西部地区企业科技创新效率研究[J].西安财经学院学报,2017(3).