不确定性下创意企业投融资互动关系研究
发布时间：2018-07-13 16:53
【摘要】：创意产业发展的十余年间,对经济发展起到较大的推动作用,各国政府也纷纷在政策和发展战略上对创意产业进行倾斜。在创意产业取得令人欣喜的发展成果的同时,创意产业管理和经营等相关问题也随之暴露,其中创意产业内的企业投融资问题成为当下研究热点。创意产业的高不确定性和管理机制的不健全,增加企业价值评估和融资的难度,如何对创意企业投资项目价值进行评估?创意企业的不确定性来源是什么?创意企业融资约束对投资决策有何种影响?基于对这些问题的思考,运用文献分析法、案例分析法、模型分析法、问卷访谈法和实证检验法对不确定性创意企业投融资互动关系展开一系列研究。 论文依托于国家自然科学基金“创意产业园区组织生态系统演进及竞争力评价模型研究(项目编号：70873018)和英国伦敦国王学院CCI(文化创意产业中心)项目"Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities"(中国与英国创意产业运营模式比较)展开对中国上海纺控集团和伦敦巧克力工厂下属的创意企业的实证对比研究。通过对相关文献的梳理,对创意产业的概念、特征和分类进行界定,指出创意产业概念是一个动态集合体概念。运用产业组织理论分析创意产业不确定性的来源与表现形式,按照创意产品的产业化过程将不确定性因素分为三类,从连续时间和离散时间两个角度出发,研究创意企业价值评估实物期权模型,在Schwartz-Moon修正模型中引进不确定性成本、产权收入和公司产品价值损失三个变量,并在考虑税率的情况下构建企业税后净收入模型；基于创意企业价值评估的期权模型,进一步构建创意企业投资决策时间线,并对投资时机进行研究。 从融资成本、融资能力和融资环境角度对创意企业的融资制约因素进行分析,通过本文已构建的创意企业供给需求的理论框架,对创意企业融资约束与投资决策之间的关系进行阐述。在资本供给和需求函数中引入创新能力、知识产权保护力度和宏观金融环境三个变量,用以分析异质性和同质性创意企业在这三个变量的作用下融资过程和企业的投资决策之间的关联性。进而,构建创意企业一阶期权博弈模型和二阶期权博弈模型,进一步从理论上证明创意企业投融资之间存在互动关系。采用封闭式问卷和开放式问卷相结合的方式,对伦敦巧克力工厂和上海纺控集团下属的创意企业进行问卷调研和访谈,并对两地的创意企业进行描述性统计分析和实证检验,从而验证模型的有效性。 通过分析得出,创意企业预期现金流与企业的不确定性成本数量成反比,与企业收入增长率的波动率成正比。创意企业的财富积累与产权收入和产品的价值损失之间存在线性关系。离散时间下变量的收敛速度取决于企业的不确定性大小；当创意企业资本投入不确定性固定的情况下,企业的投资价值会随着现金流比率(收益不确定性)的增加而增加,现金流比率对企业期权价值的影响存在折点,通过折点位置的不同,得出融资约束程度大的创意企业,受不同现金流比率的影响程度更大,等待投资的时间更久。因此,不确定性下企业的融资约束与投资决策之间存在互动关系。
[Abstract]:In the more than ten years of the development of creative industries, the economic development has played a great role in promoting the development of the economy. The governments of all countries have also leaned on the creative industry in the policy and development strategies. While the creative industry has made the exciting development results, the management and management of creative industries are also exposed, including the enterprises in the creative industry. The problem of investment and financing has become the hot spot of research. The high uncertainty of the creative industry and the unsound management mechanism, the difficulty of increasing the value evaluation and financing of the enterprise, how to evaluate the value of the investment project of the creative enterprise? What are the sources of the uncertainty of the creative enterprise? What is the influence of the financing constraints on the creative enterprises on the investment decision? To think about these problems, we use literature analysis, case analysis, model analysis, questionnaire interview and empirical test to carry out a series of research on the interactive relationship between investment and financing of uncertain creative enterprises.
The paper is based on the National Natural Science Foundation of the National Natural Science Foundation, "the evolution and competitiveness evaluation model of the organizational ecosystem of creative industrial parks" (project number: 70873018) and the project "Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities" in King's College in London (Chinese and British creativity). Comparing the industrial operation mode) the empirical comparison of the creative enterprises under the Shanghai textile and control group and the chocolate factory in London. By combing the related literature, the concept, characteristics and classification of the creative industry are defined, and the concept of creative industry is a dynamic aggregation concept. The sources and forms of the uncertainty of the Italian industry are divided into three categories according to the industrialization process of creative products. From two angles of continuous time and discrete time, the real option model of creative enterprise value evaluation is studied. The uncertainty cost, property right income and company product are introduced in the Schwartz-Moon correction model. The value loss is three variables, and the net income model after tax is built in the case of tax rate. Based on the option model of the creative enterprise value evaluation, the time line of investment decision for creative enterprises is further constructed and the investment opportunity is studied.
From the perspective of financing cost, financing capacity and financing environment, this paper analyzes the financing constraints of creative enterprises. Through the theoretical framework of the supply demand of creative enterprises, the relationship between financing constraints and investment decisions of creative enterprises is expounded. The innovation ability is introduced in the capital supply and demand function, and intellectual property protection is guaranteed. The three variables of protection and macro financial environment are used to analyze the relationship between the financing process and the investment decision of the enterprise under the effect of the three variables. Then, the first order option game model and the two order option game model are constructed to further prove the investment and financing of creative enterprises. A closed questionnaire and an open questionnaire are used to investigate and interview the creative enterprises of the chocolate factory in London and the Shanghai textile control group. The descriptive statistics and empirical tests are carried out to the creative enterprises in both places to verify the validity of the model.
Through the analysis, it is concluded that the expected cash flow of creative enterprises is inversely proportional to the uncertain cost of the enterprise, and is proportional to the volatility of the growth rate of the enterprise income. There is a linear relationship between the wealth accumulation of the creative enterprise and the loss of the value of the property rights and the value of the product. The convergence rate of the variable in the discrete time depends on the uncertainty of the enterprise. When the uncertainty of capital investment in creative enterprises is fixed, the investment value of the enterprise will increase with the increase of cash flow ratio (income uncertainty). The effect of cash flow ratio on the value of the enterprise option has a broken point. Through the different position of the discount point, the creative enterprises with large financial constraints are obtained by different cash flow ratio. The rate of impact is greater and the waiting time for investment is longer. Therefore, there is an interactive relationship between financing constraints and investment decisions under uncertainty.
【学位授予单位】：东华大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F719
本文编号：2120095
[Abstract]:In the more than ten years of the development of creative industries, the economic development has played a great role in promoting the development of the economy. The governments of all countries have also leaned on the creative industry in the policy and development strategies. While the creative industry has made the exciting development results, the management and management of creative industries are also exposed, including the enterprises in the creative industry. The problem of investment and financing has become the hot spot of research. The high uncertainty of the creative industry and the unsound management mechanism, the difficulty of increasing the value evaluation and financing of the enterprise, how to evaluate the value of the investment project of the creative enterprise? What are the sources of the uncertainty of the creative enterprise? What is the influence of the financing constraints on the creative enterprises on the investment decision? To think about these problems, we use literature analysis, case analysis, model analysis, questionnaire interview and empirical test to carry out a series of research on the interactive relationship between investment and financing of uncertain creative enterprises.
The paper is based on the National Natural Science Foundation of the National Natural Science Foundation, "the evolution and competitiveness evaluation model of the organizational ecosystem of creative industrial parks" (project number: 70873018) and the project "Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities" in King's College in London (Chinese and British creativity). Comparing the industrial operation mode) the empirical comparison of the creative enterprises under the Shanghai textile and control group and the chocolate factory in London. By combing the related literature, the concept, characteristics and classification of the creative industry are defined, and the concept of creative industry is a dynamic aggregation concept. The sources and forms of the uncertainty of the Italian industry are divided into three categories according to the industrialization process of creative products. From two angles of continuous time and discrete time, the real option model of creative enterprise value evaluation is studied. The uncertainty cost, property right income and company product are introduced in the Schwartz-Moon correction model. The value loss is three variables, and the net income model after tax is built in the case of tax rate. Based on the option model of the creative enterprise value evaluation, the time line of investment decision for creative enterprises is further constructed and the investment opportunity is studied.
From the perspective of financing cost, financing capacity and financing environment, this paper analyzes the financing constraints of creative enterprises. Through the theoretical framework of the supply demand of creative enterprises, the relationship between financing constraints and investment decisions of creative enterprises is expounded. The innovation ability is introduced in the capital supply and demand function, and intellectual property protection is guaranteed. The three variables of protection and macro financial environment are used to analyze the relationship between the financing process and the investment decision of the enterprise under the effect of the three variables. Then, the first order option game model and the two order option game model are constructed to further prove the investment and financing of creative enterprises. A closed questionnaire and an open questionnaire are used to investigate and interview the creative enterprises of the chocolate factory in London and the Shanghai textile control group. The descriptive statistics and empirical tests are carried out to the creative enterprises in both places to verify the validity of the model.
Through the analysis, it is concluded that the expected cash flow of creative enterprises is inversely proportional to the uncertain cost of the enterprise, and is proportional to the volatility of the growth rate of the enterprise income. There is a linear relationship between the wealth accumulation of the creative enterprise and the loss of the value of the property rights and the value of the product. The convergence rate of the variable in the discrete time depends on the uncertainty of the enterprise. When the uncertainty of capital investment in creative enterprises is fixed, the investment value of the enterprise will increase with the increase of cash flow ratio (income uncertainty). The effect of cash flow ratio on the value of the enterprise option has a broken point. Through the different position of the discount point, the creative enterprises with large financial constraints are obtained by different cash flow ratio. The rate of impact is greater and the waiting time for investment is longer. Therefore, there is an interactive relationship between financing constraints and investment decisions under uncertainty.
【学位授予单位】：东华大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F719
【参考文献】
相关期刊论文 前9条
1 胡娜;;论现阶段创意产业对接风险投资中的问题[J];江淮论坛;2008年01期
2 陈清华;李向民;;论创意型企业价值评估:基于模块化视角[J];江海学刊;2008年02期
3 陈清华;;创意产业投融资机制的演进:基于模块化与价值网络视角[J];现代经济探讨;2008年09期
4 支晓强;童盼;;管理层业绩报酬敏感度、内部现金流与企业投资行为——对自由现金流和信息不对称理论的一个检验[J];会计研究;2007年10期
5 褚劲风;周灵雁;;地理学视野中的上海创意产业空间集聚[J];上海师范大学学报(自然科学版);2008年02期
6 周笑;;上海文化产业风险投资模式研究[J];现代视听;2007年01期
7 李强,曾勇;不确定环境下企业技术创新投融资决策研究[J];系统工程理论与实践;2005年03期
8 朱春阳;;风险投资基金：文化产业成长的新模式[J];新闻前哨;2007年09期
9 刘凤朝;潘雄锋;施定国;;基于集对分析法的区域自主创新能力评价研究[J];中国软科学;2005年11期
，本文编号：2120095
本文链接：https://www.wllwen.com/jingjilunwen/fwjj/2120095.html
