Effects of Financing Factors on Investment Behavior of Cultural Industry Listed Company

Based on the unbalanced dynamic panel data from Chinese cultural industry listed companies from 2006 to 2011,this paper establishes a financing investment dynamic econometric model using the System GMM estimation,in order to examine the influences of cumulative effect and three financing factors.The results demonstrate that,on the whole,internal funds of the cultural industry listed companies are lacking and the investment mainly rely on external financing.It shows that investment behavior is dominated by internal financing,but debt financing and equity financing have dominant positive effect on investment behavior,and the latter's impact is larger.Moreover,the small and medium of cultural media firms have a preference for equity financing.