Research On Financing Innovative Modes For Cultural And Creative Enterprises

With the China’s economy enters the new normal,the cultural industry has played a big role in national economy.The development of cultural industry relies on the development and expansion of cultural and creative enterprises,and,the cultural and creative enterprises cannot be developed without funds.Because of the uncertainty of the culture and creative product,the cultural and creative enterprises value can’t get effectively evaluate,Financial institutions such as banks are lending reluctantly to the cultural creative industry.While in recent years the state has promulgated a series of policies about financial capital support the development of cultural industry,and increase policy support for the cultural industry,but in order to control risk,financial institutions and the state finance a special fund are still willing to support the large-scale culture enterprise and cultural project,the small and medium sized culture creative enterprise can do little benefits.Current the cultural and creative enterprises mostly belongs to the medium small and micro-sized enterprises which the small enterprise scale and the poor fixed assets of using to mortgage in our country,It is difficult to use the traditional financing model to obtain financing from Banks and other traditional channels.So must to create to the existing financing model and put forward the financial support system in suitable for the medium small and micro-sized culture creative enterprise.With the rise of the Internet plus,innovational financing methods such as crowdfunding have caused more and more concern.For example,renowned Chinese musical producer and the senior creation team of American Broadway together to create a musical have made three financing on zhongchou.com,totaling more than 700000 yuan.With increased awareness for knowledge property projection,the financing model of copyright pledge have been applied in some commercial banks,such as,Merchants Bank offered the first national copyright pledge financing for the shooting process of the film assembly.And with the arising of insurance products,such as,performance activities canceling insurance,personal accident and health insurance,the financing risk of cultural and creative enterprises can get a certain guarantee.First,this paper analyzed the existing of models of financing and problems of cultural and creative enterprises in our country,then,we make use of the empirical research,explore which the key factors influence internal financing and debt financing capacity for culture creative enterprise in our country,the result shows that: The main factors affecting financing capacity are insufficient financing channels,few fixed assets for pledging and more operational risks.Taking the performing arts companies as example,the paper puts forward the financing innovative mode for cultural and creative enterprises based on crowdfunding,copyright pledge and insurance policy as collateral in the three aspects: financing channel,pledging and risk management.This research consists of nine chapters.First was introduction section,which introduced the background and the meaning,research idea and method of the issue,demonstrated the significance of financing innovations in the development of cultural and creative industry,produced theoretical value and practical meaning,and presented the logical way and the research methods of this article.Chapter one was relevant literature review about cultural and creative industry.By the method of summarization and induction,this part arranges and summaries domestic and overseas scholars research results in cultural and creative industry and cultural and creative enterprises financing,including the causes of hard financing,financing model and the financial support system of cultural and creative enterprises.Finally,this chapter put forward the defects of domestic and overseas scholars’ research and the starting point of the paper.The second chapter was discussed current of cultural and creative enterprises’ financing.This chapter analyzed the development and the financing model of cultural and creative industry of China with that of England,America,France,and Japan by versus analytical method and summarized method.From a gap analysis of the financing of cultural and creative enterprises both at home and abroad,it also exist problems that financing single,the financing pledge lack of innovation,the big risk of financing in cultural and creative enterprises.This paper intended to analyze the causes of those problems,which prepared for putting forward the innovation of financing channel,financing pledge loan mode and financing risk management for the following discussion.The third chapter analyzed the influence factors of financing capability for cultural and creative enterprises.Based on the difficult situation for cultural and creative enterprises financing,Combining enterprises’ characters,this part extracted the influence factors of financing capability for cultural and creative enterprises,explored the logical relationship between these factors and enterprises financing capability through experimental study.The study found that the collateral value,return on equity and turnover of current asset produced positive effects on the financing capability for cultural and creative enterprises;the better monetary policy of region,the easier access to debt financing for cultural and creative enterprises;with the rate of return on total assets and the quick ratio increasing,the stronger of gain capability of endogenous and equity financing,cultural and creative enterprises would have come to rely less on government debt financing;The study also found that the power of intangible asset helped strengthen financing capability effect of various factors;but intangible asset has no direct increases in debt financing,this just shows that our country’s financing system on intangible assets-mortgage is very imperfect,and,desperately need encourage financial institutions to build up innovational financing methods for cultural and creative enterprises’ copyright pledge.The fourth chapter studied the innovation mode about financing channel in performing arts companies based on crowdfunding.The beginning of the part analyzed the operation mode of crowdfunding deal for performing arts companies from the functional orientation and transaction process of crowdfunding platform for performing arts categories projects.And then the backers’ investment behavior for successful projects is analyzed by the samples of successful performing projects listed on zhongchou.com from September of 2013 to September of 2015 using web data fetching method.It is shown that the typical pattern of backers’ investment behavior is u-shaped over the funding cycle,that is,the number of backers is decreasing during the beginning period and increasing during the ending period,but decreases on the last day.It is also shown that backers invest with obvious herd effect during the financing process while video promotion can reduce the herd effect.The fifth chapter studied the innovation mode about pledge financing in performing arts companies based on copyright value evalution.The beginning of the part analyzed three typical modes such as the Beijing model of “government subsidized+ copyright pledge financing”,the Shanghai model of “guarantee agency + copyright pledge financing” and the Wuhan model of“industrial clusters + copyright pledge financing” about cultural and creative enterprises’ copyright pledge,On the base,the model of “government subsidized+ independent assessment+counter-guarantee” was put forward under the copyright pledge financing service platform dominated,and operation procedures was designed.Combining the merits of cost-appraising method,market-appraising method,and profits-appraising method,the paper has constructed the fuzzy value of copyright factor index system compared with the same type of copyright trading;according to the risk of pledge financing,the paper has also constructed the fuzzy index system of risk factors;considering the risk-averse natures of the financial institution,this paper put forward the value evaluation model of copyright pledge based on the VaR risk measurement about performing arts companies.Finally,the new constructed model is verified with the actual data.The sixth chapter studied the innovation mode about financing risk management in performing arts companies based on insurance.The insurability of performing risks is analyzed firstly,the risk of performing arts companies were divided into three categories: the course of performing activities risk,performing arts companies’ own risk and the risk of cultural content,it took each potential risk to match insurance products.In succession,it designed the three insurance policies as collateral model corresponding to the product: the insurable model of performing arts companies,the insurable model of commercial bank and the model of cooperation with commercial banks and insurance companies.Finally,it studied service pricing of insurance policies as collateral for business insurance with deductibles and the level of highest compensation,The premium decision of insurance company and the conditions of bank provided a loan in corresponding situations are given.The study found that insurance companies need to provide the highest pay higher level to ensure that banks lend to performing arts companies with the increase of the funding gap,and banks want to improve deductibles of insurance to low the insurance costs.The seventh chapter presented some practical suggestions in improving financing innovations for cultural and creative enterprises.Respectively,the article makes the suggestions from government,financial organizations,enterprises themselves.Research suggests that government should continue to strengthen support,establish good culture-financial environment as well as improve the intellectual property system for the cultural and creative enterprises.The financial institution should improve financial products innovation and culture-financial risk management,the financial institutions should intensify cooperation;cultural and creative enterprises should improve cultural products content creation,enterprise credit grade and try to extend financing channel.The eighth chapter was conclusions and prospects of this paper.This paper proposedinnovating financing models from three perspectives: financing channel,pledge and risk management,and gave an impetus to the theory of cultural and creative enterprises financing.At the same time,this study also provided practical advice for extending financing channel and easing the financial restraint of cultural and creative enterprises,opening up new operations and achieving its own development for commercial banks and insurance companies and other financial institutions.But,in this thesis,there are still some limitations,including limited sample,research methods,and etc.This is the future research directions.