Abstract:

In the process of deepening Chinese modernization and the integration of culture and tourism, promoting high-quality integration of culture and tourism at the consumption level will not only enrich the integration of culture and tourism, but also effectively boost consumption and expand domestic demand. In the practice of integrating culture and tourism, it is particularly crucial to leverage the leading role of pilot demonstration cities for cultural and tourism consumption. Based on this, this policy is regarded as a quasi-natural experiment, and a multi period double difference model is constructed with panel data of listed cultural and tourism enterprises nationwide from 2013 to 2023. It can be confirmed that this policy can significantly improve the total factor productivity of regional enterprises of culture and tourism. As far as alleviating financing constraints and promoting R&D innovation are concerned, this policy has a more significant effect on improving the total factor productivity of enterprises by alleviating financing constraints. Further heterogeneity analysis reveals that at the enterprise level, this policy has a more significant impact on small and non-state-owned cultural and tourism enterprises; at the regional level, it has a better promoting effect on non-first-tier cities and areas with low levels of financial development. The above findings or conclusions expand the research on the micro effects and impact mechanisms of the policy, and provide targeted suggestions for policy optimization and the expansion of cultural and tourism consumption in the medium and long term.

Key words: integration of culture and tourism, cultural and tourism consumption, pilot demonstration cities for cultural and tourism consumption, cultural and tourism enterprise, total factor productivity