电影产业投融资机制创新的模式研究

发布时间：2019-04-01 16:09

【摘要】：中国电影目前的融资结构中,传统的银行贷款和分散非专业的投资人仍是主力,这和电影产业的快速发展是不相称的。资本有明确的利益诉求,良好的商业模式是电影项目和金融资本结合的前提。本文从电影投资的不确定性入手,分析了电影产业不同于传统行业价值评估的关键因素,并在此基础上分析了电影产业投融资机制的创新模式:电影私募基金、互联网众筹和版权(票房)的收益权证券化。这些创新模式可有效化解电影产业的不确定性,体现在分散市场风险、转移制作风险、化解现金流风险和制片商共担道德风险;这种"收益权共担"为导向的金融创新通过重构价值分配,有效联结产业和资本,可降低交易成本,继而重整电影行业的产业链,有效化解以电影行业为代表的创意项目的融资难题。
[Abstract]:In the current financing structure of Chinese films, traditional bank loans and decentralized non-professional investors are still the main force, which is not commensurate with the rapid development of the film industry. The capital has the clear interest demand, the good business model is the film project and the financial capital combination premise. Starting with the uncertainty of film investment, this paper analyzes the key factors that the film industry is different from the traditional industry, and on this basis, analyzes the innovative mode of the film industry's investment and financing mechanism: film private equity fund, Internet crowdfunding and copyright (box office) revenue rights securitization. These innovative models can effectively resolve the uncertainty of film industry, such as dispersion of market risk, transfer of production risk, elimination of cash flow risk and sharing of moral hazard by producers; This "revenue-sharing"-oriented financial innovation can reduce transaction costs and reorganize the industry chain of the film industry by restructuring the value distribution, effectively linking industry and capital, and thus reorganizing the industry chain of the film industry. Effective solution to the film industry as the representative of the financing problems of creative projects.
【作者单位】：中央财经大学金融学院;
【分类号】：J943

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