产业投资基金支持文化产业发展研究
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摘要
随着文化产业的不断发展,投融资的问题成为制约中国文化产业发展的瓶颈。因此,如何加强对文化产业的金融支持已成为理论界与实务界高度关注的命题。结合中国文化产业的发展状况,产业投资基金必将成为文化产业重要的融资方式之一,但是中国尚缺乏将产业投资基金与文化产业结合起来的系统性研究,产业投资基金支持文化产业发展的实务操作模式也尚未形成。因此,本文运用产业经济学和投资学的原理和方法,探讨了产业投资基金对文化产业支持的理论框架,重点研究了产业投资基金支持文化产业发展的机理,并结合中国文化产业发展及融资现状,提出了组建新型文化产业投资基金以及构建文化产业综合性金融支撑平台等具体的政策建议。全文分为六大部分:
(1)本文的理论基础。对产业生命周期理论、产业升级理论、投资组合理论、交易费用理论、委托代理关系理论及金融创新理论进行了回顾和总结,为本文的研究提供了理论依据。
(2)产业投资基金的特点与模式。首先明确了产业投资基金的概念,分析了产业投资基金的特点;随后归纳总结了产业投资基金的模式;最后对国内外产业投资基金的发展历程进行了回顾。
(3)文化产业的金融支持。首先明确了文化产业的概念,分析了文化产业的投资特性;随后分别以法、英、韩、美四国为例,比较了政府经营管理、政府行政指导、政府引导市场和市场主导四种不同的文化产业金融支持模式;最后对世界主要国家文化产业金融支持的配套措施进行了归纳总结。
(4)产业投资基金支持文化产业发展的作用机理。首先研究了产业投资基金支持文化企业成长的机理,在对文化企业成长进行理论分析的基础上,描述了产业投资基金与文化企业成长的过程的关系,分析了产业投资基金促进文化企业成长的路径;然后研究了产业投资基金支持文化产业成长的机理,在对文化产业成长进行理论分析的基础上,描述了产业投资基金与文化产业成长过程的关系,并分析了产业投资基金支持文化产业成长的路径;最后在对文化产业升级进行理论分析的基础上,研究了产业投资基金支持文化产业升级的作用机理。
(5)中国文化产业融资方式的比较与选择。首先分析了中国文化产业发展的现状,回顾了中国文化产业发展的历程;接着对中国文化产业中传统融资方式进行了介绍,并分析了各自的局限性;在此基础上,指出文化产业投资基金是中国文化产业融资方式创新的必然选择。最后,根据现有文化产业基金在具体运作中面临的问题,进一步指出构建新型的文化产业投资基金势在必行。
(6)新型文化产业基金及文化产业综合性金融支撑平台的构建。首先对新型文化产业投资基金这一全新概念进行了界定,对其特点进行了分析,并对其组建原则、组建规划、运作方式、投资策略乃至配套措施提出了具体方案和相关政策性建议。最后,本文尝试构建一个以新型文化产业投资基金为核心的,具有中国特色的文化产业综合性金融支撑平台。该金融支撑平台包括两个子平台和一个体系,即政府金融子平台、市场金融子平台和金融服务体系。这些子平台之间,子平台与新型产业投资基金之间相互作用,共同发展,为文化产业提供强有力的金融支撑,从而推动文化产业的发展。
With the development of culture industry, the financing and investment have become a bottleneck restricting the development of Chinese culture industry. Therefore, how to enhance the financial support to culture industry has gained highly attention from the theory field and the practical affairs field. Combined with the current status of Chinese culture industry, this dissertation presents that industrial investment fund is definitely going to become one of the important financing methods to support culture industry. However, the systematic study on industrial investment fund supporting culture industry is still absent in China; and practical operation mode has not yet formed. Therefore, by using theories and methods of industry economics and investment, this dissertation constructs systematic theory framework of industrial fund supporting culture industry, emphasizing the research of the mechanism for industrial investment fund supporting culture industry. With describing Chinese culture industry development and financing status, the dissertation proposes the detailed policy suggestions of establishing a new type of culture industrial investment fund and constructing a culture industrial financing support platform. The dissertation consists of six parts:
(1) The theoretical foundation of this dissertation. This dissertation overviews industry life cycle theory, industrial upgrading theory, investment portfolio theory, transaction cost theory, commission-agency relationship theory and financial innovation theory; and those theories provide theoretical foundation for this dissertation.
(2) The features and modes of industrial investment fund. Based on the understanding of relative definitions of industrial investment fund, the dissertation analyzes the features of industrial investment fund, and concludes the modes of industrial investment fund, and then reviews the developing course of domestic and international industrial funds.
(3) Financial support for culture industry. The dissertation firstly defines the concept of culture industry; and analyzes the investment characteristics of culture industry; and then takes France, Britain, Korea and United States as examples to compare four different types of financing methods supporting culture industry with industrial investment fund, that is, government operation management, government administrative guidance, government market guidance, and market-oriented method; and finally, concludes the supporting measures of culture industry financial support of world main nations. The mechanism of industrial investment fund supporting culture industry. This dissertation firstly studies the mechanism of industrial investment fund acted on culture enterprises growth. Based on the theoretical analysis of culture enterprises growth, this dissertation describes the correlation between industrial investment fund and culture enterprises growth; and analyzes the path for industrial investment supporting culture enterprises' development. Next, the dissertation studies the mechanism of industrial investment fund acted on culture industry growth. Based on the theoretical analysis of culture industry growth, this dissertation describes the correlation between industrial investment fund and culture industry growth; and analyzes the path for industrial investment supporting culture industry's development. Finally, based on the theoretical study of culture industrial upgrading, the dissertation studies the mechanism of industrial investment fund supporting culture industry upgrading.
(4) The compare and selection of Chinese culture industry financing methods. This dissertation firstly describes the development of Chinese culture industry and its financing status; and reviews the developing course of Chinese culture industry; and then introduces the traditional financing methods for Chinese culture industry; and also analyses the limitation of those traditional methods. Based on those, the dissertation concludes that industrial investment fund is an inevitable choice for culture industry financing. Finally, in order to solve the difficulties that existing industrial investment funds are facing during practical operation, the dissertation presents that the establishment of a new type of culture industrial investment fund is imperative.
(5) A new type of culture industrial fund and the establishment of its financing platform. the dissertation defines the concept of the new type of culture industrial investment fund; and analyses its features, and also proposes concrete organizing principles, layouts, operating manners, investing strategies, layout measurements and relative policy suggestions of new type of culture industrial investment fund. Finally, this dissertation tries to establish a new type of financing platform with Chinese characteristics and with the new type of culture industrial investment fund as its core. This financing platform is constructed with two sub-platforms and a system, that is, government financial sub-platform, market financial sub-platform and financial service system. The reciprocal mechanism between two sub-platforms and also between sub-platforms and the new type of industrial investment fund, renders strong financial support for culture industry and therefore, promotes development and upgrading of culture industry.
(1)本文的理论基础。对产业生命周期理论、产业升级理论、投资组合理论、交易费用理论、委托代理关系理论及金融创新理论进行了回顾和总结,为本文的研究提供了理论依据。
(2)产业投资基金的特点与模式。首先明确了产业投资基金的概念,分析了产业投资基金的特点;随后归纳总结了产业投资基金的模式;最后对国内外产业投资基金的发展历程进行了回顾。
(3)文化产业的金融支持。首先明确了文化产业的概念,分析了文化产业的投资特性;随后分别以法、英、韩、美四国为例,比较了政府经营管理、政府行政指导、政府引导市场和市场主导四种不同的文化产业金融支持模式;最后对世界主要国家文化产业金融支持的配套措施进行了归纳总结。
(4)产业投资基金支持文化产业发展的作用机理。首先研究了产业投资基金支持文化企业成长的机理,在对文化企业成长进行理论分析的基础上,描述了产业投资基金与文化企业成长的过程的关系,分析了产业投资基金促进文化企业成长的路径;然后研究了产业投资基金支持文化产业成长的机理,在对文化产业成长进行理论分析的基础上,描述了产业投资基金与文化产业成长过程的关系,并分析了产业投资基金支持文化产业成长的路径;最后在对文化产业升级进行理论分析的基础上,研究了产业投资基金支持文化产业升级的作用机理。
(5)中国文化产业融资方式的比较与选择。首先分析了中国文化产业发展的现状,回顾了中国文化产业发展的历程;接着对中国文化产业中传统融资方式进行了介绍,并分析了各自的局限性;在此基础上,指出文化产业投资基金是中国文化产业融资方式创新的必然选择。最后,根据现有文化产业基金在具体运作中面临的问题,进一步指出构建新型的文化产业投资基金势在必行。
(6)新型文化产业基金及文化产业综合性金融支撑平台的构建。首先对新型文化产业投资基金这一全新概念进行了界定,对其特点进行了分析,并对其组建原则、组建规划、运作方式、投资策略乃至配套措施提出了具体方案和相关政策性建议。最后,本文尝试构建一个以新型文化产业投资基金为核心的,具有中国特色的文化产业综合性金融支撑平台。该金融支撑平台包括两个子平台和一个体系,即政府金融子平台、市场金融子平台和金融服务体系。这些子平台之间,子平台与新型产业投资基金之间相互作用,共同发展,为文化产业提供强有力的金融支撑,从而推动文化产业的发展。
With the development of culture industry, the financing and investment have become a bottleneck restricting the development of Chinese culture industry. Therefore, how to enhance the financial support to culture industry has gained highly attention from the theory field and the practical affairs field. Combined with the current status of Chinese culture industry, this dissertation presents that industrial investment fund is definitely going to become one of the important financing methods to support culture industry. However, the systematic study on industrial investment fund supporting culture industry is still absent in China; and practical operation mode has not yet formed. Therefore, by using theories and methods of industry economics and investment, this dissertation constructs systematic theory framework of industrial fund supporting culture industry, emphasizing the research of the mechanism for industrial investment fund supporting culture industry. With describing Chinese culture industry development and financing status, the dissertation proposes the detailed policy suggestions of establishing a new type of culture industrial investment fund and constructing a culture industrial financing support platform. The dissertation consists of six parts:
(1) The theoretical foundation of this dissertation. This dissertation overviews industry life cycle theory, industrial upgrading theory, investment portfolio theory, transaction cost theory, commission-agency relationship theory and financial innovation theory; and those theories provide theoretical foundation for this dissertation.
(2) The features and modes of industrial investment fund. Based on the understanding of relative definitions of industrial investment fund, the dissertation analyzes the features of industrial investment fund, and concludes the modes of industrial investment fund, and then reviews the developing course of domestic and international industrial funds.
(3) Financial support for culture industry. The dissertation firstly defines the concept of culture industry; and analyzes the investment characteristics of culture industry; and then takes France, Britain, Korea and United States as examples to compare four different types of financing methods supporting culture industry with industrial investment fund, that is, government operation management, government administrative guidance, government market guidance, and market-oriented method; and finally, concludes the supporting measures of culture industry financial support of world main nations. The mechanism of industrial investment fund supporting culture industry. This dissertation firstly studies the mechanism of industrial investment fund acted on culture enterprises growth. Based on the theoretical analysis of culture enterprises growth, this dissertation describes the correlation between industrial investment fund and culture enterprises growth; and analyzes the path for industrial investment supporting culture enterprises' development. Next, the dissertation studies the mechanism of industrial investment fund acted on culture industry growth. Based on the theoretical analysis of culture industry growth, this dissertation describes the correlation between industrial investment fund and culture industry growth; and analyzes the path for industrial investment supporting culture industry's development. Finally, based on the theoretical study of culture industrial upgrading, the dissertation studies the mechanism of industrial investment fund supporting culture industry upgrading.
(4) The compare and selection of Chinese culture industry financing methods. This dissertation firstly describes the development of Chinese culture industry and its financing status; and reviews the developing course of Chinese culture industry; and then introduces the traditional financing methods for Chinese culture industry; and also analyses the limitation of those traditional methods. Based on those, the dissertation concludes that industrial investment fund is an inevitable choice for culture industry financing. Finally, in order to solve the difficulties that existing industrial investment funds are facing during practical operation, the dissertation presents that the establishment of a new type of culture industrial investment fund is imperative.
(5) A new type of culture industrial fund and the establishment of its financing platform. the dissertation defines the concept of the new type of culture industrial investment fund; and analyses its features, and also proposes concrete organizing principles, layouts, operating manners, investing strategies, layout measurements and relative policy suggestions of new type of culture industrial investment fund. Finally, this dissertation tries to establish a new type of financing platform with Chinese characteristics and with the new type of culture industrial investment fund as its core. This financing platform is constructed with two sub-platforms and a system, that is, government financial sub-platform, market financial sub-platform and financial service system. The reciprocal mechanism between two sub-platforms and also between sub-platforms and the new type of industrial investment fund, renders strong financial support for culture industry and therefore, promotes development and upgrading of culture industry.
引文
[1]渤海产业投资基金课题组.渤海产业投资基金与中国转型期金融创新[J].南开经济研究,2007(5).
[2]R&D:Research and Development研究和开发
[3]渤海产业投资基金课题组.渤海产业投资基金与中国转型期金融创新[J].南开经济研究,2007(5).
[4]IPO:首次公开募股(Initial Public Offerings,简称IPO)是指企业透过证券交易所首次公开向投资者增发股票,以期募集用于企业发展资金的过程。
[1]渤海产业投资基金课题组.渤海产业投资基金与中国转型期金融创新[J].南开经济研究,2007(5).
[1]此项研究已发表于:文化产业金融支持研究述评-基于文化产业投资基金视角[J].财政监督,2009(1).
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[1]夹层融资(Mezzanine),则是具有股权性质的债权资本,例如可转换功能等,因而资本成本介于债权和股权之间。
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[1]IPO全称Initial public offering(首次公开募股)指某公司(股份有限公司或有限责任公司首次向社会公众公开招股的发行方式。有限责任公司IPO后会成为股份有限公司
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[2]同上
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[1]“PE”即Private Equity,我们将其译为“私募股权”。是Equity(股权或权益)之一种,既能发挥融资功能,又能代表投资权益。
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[1]夹层融资(Mezzanine),则是具有股权性质的债权资本,例如可转换功能等,因而资本成本介于债权和股权之间。
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[1]IPO全称Initial public offering(首次公开募股)指某公司(股份有限公司或有限责任公司首次向社会公众公开招股的发行方式。有限责任公司IPO后会成为股份有限公司
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[1]“PE”即Private Equity,我们将其译为“私募股权”。是Equity(股权或权益)之一种,既能发挥融资功能,又能代表投资权益。
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