Co-integration analysis of Chinese cultural industry development and the influencing factors

The national cultural reform and development plan inTwelfth Five Yearperiod clearly points out that by 2015 the development of cultural industry would be a pillar industry of the national economy,so how to promote the sound and rapid development of cultural industry is an important subject.The factors of the development of cultural industry are analyzed.Based on stationarity test,by co-integration analysis,constructing error correction model and vector auto regression model,using the annual data of 1992-2012,the empirical analysis on the factors of the development of China's cultural industry is made.The quantitative data reveal the long-term effect and short-term effect among cultural industry added value,cultural undertakings and cultural infrastructure investment.Aiming that,some proposals are put forward.The results show there is co-integration relationship among cultural industry added value,cultural undertakings and cultural infrastructure investment.The added value of cultural industry depends not only on the cultural undertakings and infrastructure investment,but also on deviating from the equilibrium level of the culture industry in a period of increased value.