目前，我国经济已由高速增长阶段转向高质量发展阶段。文化产业成为推动 我国经济高质量发展的重要动力。文化产业的高质量发展不能没有投融资 的大力 支持，如何吸引更多资源进入文化产业、挖掘文化产业投资项目、丰富文化产业 融资方式、使投入资源更加有效地运行等问题受到众多学者的关注。作为一个文 化资源丰 富的大省——河南省，在文化产业领域里有着独特的优势。近年来，河 南省政府大力支持文化产业的发展，不断加大对文化产业的支出，吸引众多资本 供给主体投资文化产业。 但是投融资规模的扩大是否适应河南省文化产业高质量 发展的需要，投融资效率如何，是亟待深入研究的问题。 本文以河南省文化产业的投融资效率问题作为研究对象，首先梳 理了国内外 学者在文化产业投融资领域的研究成果，总结了文化产业相关概念和理论基础， 分析了河南省文化产业的投融资问题。其次从投资、融资两个方面构建指标体系， 运 用传统DEA模型、超效率DEA模型和DEA-malmquist指数法，从静态和动态 两个角度对比分析河南省和所选省市的文化产业投融资效率，根据实证结果分析 河南省文化产业投融资存 在的问题。最后提出改善河南省文化产业投融资状况的 对策和建议。 通过研究，本文发现河南省拥有丰富的文化资源，近年来文化产业取得快速 发展，但依旧存在诸如政府对文 化产业的相对支出在下降、外资利用率低、直接 融资渠道不畅等投融资问题。另外，2013-2017年，河南省各年的文化产业投融资 效率不高。相对于纯术效率来说，河南省文化产 业投融资在规模效率方面表现较 好，文化产业的发展主要依靠政策扶持和规模扩大来推动。从变化趋势来看，河 南省文化产业投融资动态效率在提升，其中技术效率是总体效率 水平提升的主要 驱动因素。近年来，政府大力支持文化产业的发展，由此带动大量资金进入文化 产业，文化产业的投融资效率得以提高。但是，河南省政府还要遵循经济发展规 律，按需分配资源。同时金融机构要加快融资模式创新，文化企业要提高自身管 理水平。 关键词：河南省；文化产业；投融资效率；DEA II Abstract Atpresent,China'seconomyhasshiftedfromahigh-speedgrowthphasetoa high-qualitydevelopmentphase.Theculturalindustryhasbecomeanimportantdriving forceforpromotingthehigh-qualitydevelopmentofChina'seconomy.Thehighquality developmentofculturalindustrycannotbewithoutthestrongsupportofinvestment andfinancing.Howtoattractmoreresourcesintotheculturalindustry,explorethe investmentprojectsoftheculturalindustryenrichthefinancingmethodsofcultural industries,andmakeinvestmentresourcesrunmoreeffectivelyhasattractedthe attentionofmanyscholars.Asaprovincewithrichculturalresources,HenanProvince hasuniqueadvantagesintheculturalindustry.Inrecentyears,theHenanProvincial Governmenthasvigorouslysupportedthedevelopmentoftheculturalindustry, continuouslyincreasedspendingonculturalindustries,andattractedmanycapital supplierstoinvestintheculturalindustry.However,whethertheexpansionof investmentandfinancingscaleissuitableforthehigh-qualitydevelopmentofcultural industriesinHenanProvince,andtheefficiencyofinvestmentandfinancingisanissue thatneedstobefurtherstudied. ThispapertakestheinvestmentandfinancingefficiencyofHenanculturalindustry astheresearchobject.Firstly,itcombstheresearchresultsofscholarsinthefieldof investmentandfinancingofculturalindustryathomeandabroad,summarizesthe relatedconceptsandtheoreticalfoundationsofculturalindustry,andanalyzesthe investmentandfinancingproblemsofculturalindustryinHenanProvince.Secondly, theindexsystemisconstructedfromtwoaspectsofinvestmentandfinancing.The traditionalDEAmodel,super-efficiencyDEAmodelandDEA-malmquistindexmethod areusedtocompareandanalyzetheinvestmentandfinancingefficiencyofcultural industryinHenanProvinceandselectedprovincesandcitiesfrombothstaticand dynamicperspectives,accordingtotheempiricalresults,theproblemsofinvestment andfinancingofculturalindustryinHenanProvinceareanalyzed.Finally,itputs forwardcountermeasuresandsuggestionstoimprovetheinvestmentandfinancing situationofculturalindustryinHenanProvince. Throughresearch,thispaperfindsthatHenanProvincehasabundantcultural resources,andtheculturalindustryhasdevelopedrapidlyinrecentyears.However, III therearestillinvestmentandfinancingproblemssuchasthegovernment'srelative spendingonculturalindustriesisdeclining,theutilizationrateofforeigncapitalislow, anddirectfinancingchannelsarenotsmooth.Inaddition,theefficiencyofinvestment andfinancingofculturalindustriesinHenanProvinceisnothighfrom2013to2017. Comparedwithpuretechnicalefficiency,theinvestmentandfinancingofcultural industryinHenanProvinceperformsbetterinscaleefficiency.Thedevelopmentof culturalindustrymainlyreliesonpolicysupportandscaleexpansion.Fromthe perspectiveofchangingtrends,thedynamicefficiencyofinvestmentandfinancingof culturalindustriesinHenanProvinceisimproving,andtechnicalefficiencyisthemain drivingfactorfortheimprovementofoverallefficiency.Inrecentyears,thegovernment hasvigorouslysupportedthedevelopmentofculturalindustry,whichhasledalarge numberoffundsintotheculturalindustry,andtheefficiencyofinvestmentand financingofculturalindustryhasbeenimproved.However,theHenanprovincial governmentshouldfollowthelawofeconomicdevelopmentandallocateresources accordingtodemand.Atthesametime,financialinstitutionsmustacceleratethe innovationoffinancingmodels,andculturalenterprisesshouldimprovetheir managementlevel. Keywords：HenanProvince;culturalindustry;investmentandfinancingefficiency; DEA IV 目录 1绪 论...............................................................................................................................1 1.1选题背景与研究意 义...........................................................................................1 1.1.1选题背 景.......................................................................................................1 1.1.2研究意 义.......................................................................................................2 1.2文献综 述...............................................................................................................2 1.2.1文化产业投 资...............................................................................................2 1.2.2文化产业融 资...............................................................................................3 1.2.3文化产业投融 资...........................................................................................5 1.2.4文献研究评 述...............................................................................................6 1.3研究方法与结构安 排...........................................................................................6 1.3.1研究方 法.......................................................................................................6 1.3.2结构安 排.......................................................................................................6 1.4论文创新 点...........................................................................................................7 2相关概念和理论基 础...................................................................................................9 2.1相关概 念...............................................................................................................9 2.1.1文化产 业.......................................................................................................9 2.1.2投融 资.........................................................................................................10 2.2理论基 础.............................................................................................................12 2.2.1融资理 论.....................................................................................................12 2.2.2投资理 论.....................................................................................................14 2.2.3技术效率理 论.............................................................................................15 3河南省文化产业及文化产业投融资状 况.................................................................17 3.1河南省文化产业发展现 状.................................................................................17 3.1.1产业规模不断扩 大.........................................