A Study On The Securitization Of Cultural Assets

In recent years,as the national demand for spiritual civilization has increased,the cultural industry has developed rapidly.The 13 th Five-Year Plan proposes the policy goal of making the cultural industry a pillar industry of the national economy,adding to the construction of a strong cultural country and economic construction.In order to meet the needs of national spiritual civilization and improve the quality of state-owned cultural brands,we need to encourage the innovative development of cultural industries.However,China’s cultural enterprises generally face financing problems,long production cycles,high costs,poor flexibility,unique ideological regulatory policy risks,and the risk of uncertain market acceptance due to their innovative nature;large initial investment in cultural products;susceptibility to external environmental factors;failure to solve the financing problem of cultural industries not only delays the release of outstanding cultural products,but also affects The failure to solve the financing problem of cultural industry not only delays the introduction of excellent cultural products,but also affects the overall innovation process of China’s culture,and even creates problems such as the breakage of capital chain that endangers development.The securitization of cultural assets,as an innovative application of financial instruments in the cultural field,has enriched the types of asset securitization products in China;it helps cultural enterprises to broaden their financing channels and improve their governance structures;it promotes the effective docking of financial capital and cultural assets,and realizes the goals of cultural finance.Due to their own characteristics,the future income streams of cultural assets depend on the degree of market acceptance that is difficult to determine,so the problem of predicting the future income situation of the underlying assets of cultural assets has been a difficult problem in the pricing of securitization of cultural assets.In order to study the pricing of securitization of cultural assets in China,this article focuses on the problem of predicting the value of the underlying assets of cultural asset securitization products,and solving this problem provides a cash flow basis for the subsequent securitization product pricing problem.This article empirically studies the future revenue prediction of China’s performing arts market and proposes a pricing design for the debt issuance scale and coupon rate of performing arts asset-backed notes.The article first defines the meaning of cultural assets and cultural asset securitization,and elaborates on the theory of diffusion of theoretical innovations applied to the valuation of the underlying assets of cultural asset securitization and the related pricing theory of asset securitization.It introduces the achievements of asset securitization practice in many fields of cultural industry at home and abroad,such as entertainment,scenic tours,film and television distribution,literary creation and performance,and artwork,etc.There are successful cases.The article introduces the overall process of cultural asset securitization,mainly including the transaction structure and credit enhancement that play an important role in the successful issuance of cultural asset securitization products.The core content of the article is the forecast of the future income of the underlying assets of cultural asset securitization,and the determination of the issuance scale and coupon rate of cultural assetbacked notes.Based on the analysis of relevant theories in the previous article,an empirical study is conducted on the issuance of asset-backed notes with the future income of performing arts products as the underlying assets in China.The empirical evidence is based on some plays in the performing arts market that completed ticket sales in China from June to September 2021 as the research sample,and the G-BASS model and regression model are built through the time series and characteristic values of the number of ticket sales of these plays The future revenue of performing arts products can be obtained by combining the corresponding ticket price information.The determination of the future revenue of performing arts products provides the basis for the issuance and pricing of the securitization of performing arts products in terms of future cash flows.The determination of the issuance scale of asset securitization cannot be separated from the determination of the total amount and flow of future cash flows,and the study of the future revenue of performing arts products in this paper is to determine this issue.The research on securitization of performing arts assets enriches the research on securitization of cultural assets,provides feasible ideas for securitization of cultural assets other than performing arts assets,and contributes to the development of asset securitization in China.