基于文化产权交易所的艺术品金融化模式研究

发布时间：2018-01-14 11:02

本文关键词：基于文化产权交易所的艺术品金融化模式研究　出处：《陕西师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：艺术品金融化模式与市场化形态的路径对应,可以遵循艺术资源—商品化—产权化—资产化—资本化(证券化)的发展演化过程逐步展开。本文通过艺术品产权化对应艺术授权和艺术品投资产权组合、艺术品资产化对应艺术银行和艺术品质押融资、艺术品资本化对应艺术基金和艺术品信托、艺术品证券化对应基于经营收益权的艺术品权益拆分和艺术期权等多种业务模式的分析,理清文化产权交易所框架下艺术品金融化的脉络,对基于文化产权交易所的艺术品金融化模式的选择标准和体系构建提出全新的见解,同时对文化产权交易所的业务转型和陕西的艺术金融发展得出有益启示。通过金融化模式运营促成产权交易机制作为社会化、大众化的资本市场,在艺术品交易体系中建立作为核心和基础的平台地位,以文化产权交易所为中心,综合银、证、信、保等金融机构推动构建艺术品确权、鉴定、评估、定价的信用价值流转机制。同时,探讨后份额化时代文化产权交易所艺术品业务模式可能性,一是基于经营收益权的艺术品证券化,一是艺术期权形式的金融衍生工具产品。本研究的特色和创新在于市场化形态各阶段与艺术品金融化模式的对应,在文化产权交易所框架下理清艺术品金融化的发展脉络,以及由此推断的更高形式的金融化方式的可行性,即基于收益权的资产证券化和金融衍生工具业务。根据现状论述和案例研究,梳理艺术品金融化业务运作模式,分析提出文化产权交易所艺术品金融化模式选择和体系建立的标准,对文化产权交易所艺术金融业务转型及发展方向提供有价值的结论和建议。考量市场交易原则、产权归属程度、信息披露要求、风险防范措施和资产配置功能五个标准,基于文化产权交易所的艺术品金融化体系构建可以通过第二价格密封拍卖机制、艺术品投资产权组合、艺术租赁融资、艺术品消费信贷等模式和途径,推动艺术品市场金融化由生产型、投资型金融到消费型金融过渡和转变,充分发挥资本市场融通资金、扩大市场规模、提高交易活跃程度、优化资源配置效率的功用。
[Abstract]:The pattern of art financialization corresponds to the path of marketization. The development and evolution of art resources, commercialization, property right, assets and capitalization (securitization) can be followed step by step. Art capital corresponds to art bank and art pledge financing, art capitalization corresponds to art fund and art trust. Art securitization corresponds to the analysis of various business models, such as the split of art rights based on the right of operating income and the art option, to clarify the context of the financialization of art under the framework of the cultural property exchange. This paper puts forward a new opinion on the choice standard and system construction of the art financialization model based on the cultural property right exchange, at the same time, it gives a beneficial enlightenment to the business transformation of the cultural property right exchange and the development of art finance in Shaanxi. Through the operation of financialization mode, the mechanism of property right transaction, as a socialized and popular capital market, is established as the core and foundation of the art trading system, with the cultural property exchange as the center. Comprehensive banking, securities, credit, insurance and other financial institutions to promote the establishment of the right to art, appraisal, evaluation, pricing of credit value flow mechanism. This paper discusses the possibility of the art business model of the cultural property exchange in the post-quota era, one is the securitization of art based on the right of operating income, the other is the financial derivative product in the form of art option. The characteristics and innovation of this study lie in the correspondence between the various stages of the market-oriented form and the model of art financialization, and in the framework of the cultural property exchange, it clarifies the development context of the financialization of works of art. And the feasibility of a higher form of financialization, I. E. asset securitization and financial derivatives business based on income rights. Combing the operation mode of the art financialization business, this paper analyzes and puts forward the standards for the choice of the art financialization mode and the establishment of the system in the cultural property rights exchange. It provides valuable conclusions and suggestions for the transformation and development direction of art finance business of cultural property exchange. Consider the market transaction principle, ownership of property rights, information disclosure requirements, risk prevention measures and asset allocation function of five standards. The construction of art financialization system based on cultural property exchange can be done through the second price sealed auction mechanism, art investment portfolio, art leasing financing, art consumption credit and so on. We will promote the transition and transformation of the art market from production-type, investment-oriented finance to consumption-oriented finance, give full play to capital market financing, expand the scale of the market, and increase the level of trading activity. Optimize the efficiency of resource allocation.
【学位授予单位】：陕西师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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