›› 2018, Vol. 34 ›› Issue (3): 50-57.

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Has Intellectual Property Protection Relaxed Financing Constraints of Cultural and Creative Enterprises?

CHU Shan'er, GAO Changchun   

  1. Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China;
  • Received:2017-04-10 Online:2018-03-10 Published:2018-03-10

知识产权保护是否放松了文化创意企业的融资约束?

褚杉尔, 高长春   

  1. 东华大学旭日工商管理学院,上海 200051;
  • 作者简介:褚杉尔(1992-),女,浙江余姚人,东华大学旭日工商管理学院博士生;高长春(1964-),男,吉林桦甸人,东华大学旭日工商管理学院教授,博士生导师。
  • 基金资助:
    国家自然科学基金资助项目(13S10702);上海市高校知识服务平台资助重点项目(13S10702);东华大学博士研究生创新资助项目(CUSF-DH-D-2017069)

Abstract: This paper conducts an empirical analysis of the data of 144 Chinese listed private CCEs between 2009 and 2014, then based on modified Tobin-Q model, it explores the impact of intellectual property protection on the financing constraints of CCEs. The study finds that Chinese private CCEs face a widespread financing constraints problem, which is more serious among those CCEs with lighter assets and fewer tangible assets to mortgage. But intellectual property protection can relax the firms' financing constraints problem, especially to those CCEs whose assets are lighter.

Key words: Cultural and Creative Enterprises, Financing Constraints, Intellectual Property Protection, Investment-cash Flow Sensitivities

摘要: 本文选取2009~2014年在沪深上市的144家民营文化创意公司作为样本,以修正的托宾Q模型为基础,实证研究知识产权保护对文化创意企业融资约束的影响。研究发现,我国民营文化创意上市公司普遍面临融资约束,资产越轻、有形资产抵押越少的文化创意企业面临的融资约束问题越严重;地区知识产权保护能有效缓解该地区民营文化创意上市公司的融资约束,且相比于资产较重的文化创意企业,对资产较轻的文化创意企业融资约束的缓解作用更明显。

关键词: 文化创意企业, 融资约束, 知识产权保护, 投资-现金流敏感度

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