Based on the unbalanced dynamic panel data from Chinese cultural industry listed companies from 2006 to 2013,by using the System－GMM estimation, this paper establishes a financing-investment dynamic econometrical model, 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 faced with significant shortage, and the investment mainly rely on external financing．It showed that investment behavior is dominated by internal financing, but debt financing and equity financing have dominant active affect 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