基于实物期权的文化创意行业投资决策分析

发布时间：2018-05-23 21:30

本文选题：文化创意 + 文化创意行业　；参考：《中央民族大学》2012年硕士论文

【摘要】：文化创意行业近年来发展迅猛,目前已经在世界各国经济发展中占据重要的位置。随着行业市场的不断增长,如今这个高投资回报的领域开始吸引资本市场目光。然而,文化创意行业由于本身产品在市场中价值的不确定性,使得行业投资风险偏高。传统的价值评估方法虽然能够评估现有的资产价值,但对文化创意产品这种未来价值增长不确定的投资却很难进行评估。实物期权价值评估方法恰恰解决了这个问题,实物期权价值评估方法能够对投资项目中具有不确定性的价值增长提供具体的量化模型,相对准确地评估出未来的增长价值。目前运用此方法在文化创意行业进行投资分析的研究还比较少,本文以科学严谨的研究方法进行深入分析论证,并通过实际企业案例体现出研究的意义。第一章,首先介绍了国内外文化创意行业的发展,并解释了资本市场与文化创意行业结合的重要性。随后给出了要研究的问题和本文的总体框架。第二章,分别从文化创意、文化创意行业、实物期权、文化创业行业投资价值评估四个研究领域对国内外的研究进行了文献综述,评价了现有的研究成果。第三章,深入分析了文化创意行业的特征,并通过文化创意产品本身的特征差异,价值、价值链增值,以及投入资本的循环等方面分析了文化创意行业的价值内涵,本章是对后而进行具体论证的重要依据。第四章，，首先介绍了传统评估方法,随后对实物期权在不同运用实践阶段表现出的不同种类进行了定义和分析,并且与传统的价值评估方法进行了比较,分析出了实物期权在文化创意企业投资评价上的优势。第五章,通过第三章的文化创意行业价值内涵分析结果,运用实物期权方法对文化创意产品构建出B-S框架模型,确定模型中具体参数。第六章,最后结合具体的企业案例来进一步加强论证实物期权评估方法在文化创意行业上投资决策的有效性。实物期权商业研究目前是比较热门的研究方向,笔者通过本文的研究诠释了文化创意行业的内在价值,帮助投资人在市场中发现投资机会和规避投资风险。同时，本文系统的研究了文化创意企业价值内涵的独特之处,用定量的价值评估方法对定性的文化创意行业进行了评估。希望能为今后的文化创意行业的资本市场发展做出贡献。
[Abstract]:The cultural and creative industries have developed rapidly in recent years, and now occupy an important position in the economic development of all countries in the world. As the industry continues to grow, now this high return on investment in the field began to attract the attention of capital markets. However, because of the uncertainty of the value of its own products in the market, the industry investment risk is on the high side. Although traditional valuation methods can evaluate the value of existing assets, it is difficult to evaluate the investment of cultural and creative products whose future value growth is uncertain. The real option valuation method solves this problem precisely. The real option value evaluation method can provide a specific quantitative model for the uncertain value growth in the investment project and relatively accurately evaluate the future growth value. At present, there are few researches on investment analysis in cultural and creative industries by this method. This paper uses scientific and rigorous research methods to conduct in-depth analysis and demonstration, and shows the significance of the research through practical enterprise cases. The first chapter introduces the development of cultural and creative industries at home and abroad, and explains the importance of the combination of capital market and cultural and creative industries. Then the problems to be studied and the general framework of this paper are given. In the second chapter, the literature review of domestic and foreign research on cultural creativity, cultural creative industry, real option, investment value evaluation of cultural entrepreneurship industry is carried out, and the existing research results are evaluated. The third chapter analyzes the characteristics of the cultural and creative industries, and analyzes the value connotation of the cultural and creative industries through the differences of the characteristics of cultural and creative products, the value chain appreciation, and the circulation of investment capital. This chapter is an important basis for concrete argumentation. Chapter four introduces the traditional evaluation methods, then defines and analyzes the different kinds of real options in different application stages, and compares them with the traditional valuation methods. The advantages of real options in investment evaluation of cultural and creative enterprises are analyzed. The fifth chapter, through the third chapter of the cultural and creative industry value analysis results, the use of real options to cultural and creative products to build a B-S framework model, determine the specific parameters of the model. In the sixth chapter, combining with specific enterprise cases, we further strengthen the effectiveness of the real option evaluation method in the cultural and creative industries. The commercial research of real options is a hot research direction at present. The author interprets the intrinsic value of cultural and creative industry through the research of this paper, and helps investors to find investment opportunities and avoid investment risks in the market. At the same time, this paper systematically studies the unique value connotation of cultural and creative enterprises, and evaluates the qualitative cultural and creative industries with quantitative value evaluation method. I hope to contribute to the development of the capital market in the cultural and creative industries in the future.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.48;G124;F224

【参考文献】