DOI: 10.5176/2251-1970_BizStrategy18.130
Authors: Xiaoming Chen, Yanping Shi and Mingzhu Wen
Abstract: This paper uses the annual financial data of 53 listed cultural companies from 2011 to 2016, and based on the investment-cash flow model, analyzes in depth the mechanism of supply chain finance mitigation of cultural companies' financing constraints, and proposes the proportion of property rights and the proportion of intangible assets to supply chain finance. Ease the view that the cultural enterprise's financing constraints have a moderating effect.The results of the study show that cultural companies generally have financing constraints, and supply chain finance can ease the degree of financing constraints of cultural enterprises and increase the access of cultural enterprises to financing.Compared with state-owned enterprises, supply chain finance of non-state-owned enterprises has a more pronounced mitigation effect on financing constraints. Compared with companies with small intangible assets, supply chain finance has a more significant impact on corporate financing constraints where intangible assets account for a larger proportion.
Keywords: supply chain finance；investment - cash flow model；cultural business investment；financing constraint
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