CAJ | 학술논문

由于文化传媒业向市场提供的主要是内容产品,这导致了文化传媒业投融资中存在两大问题：收益的不确定性和资产的可抵押性相对较弱。既有的文化传媒业投融资模式主要有政府的财政投入、商业银行贷款、风险投资、上市融资等四种方式,但是这四种方式都没有充分地与文化传媒业的基本属性达到良好的匹配,使得这个产业中投融资空间没有充分发挥。文化传媒产业中的投融资模式创新的基本逻辑是改变影响投融资的风险类型、改变接受资金的企业的收益结构、引入利益相关者和明确风险测量。
유우문화전매업향시장제공적주요시내용산품,저도치료문화전매업투융자중존재량대문제：수익적불학정성화자산적가저압성상대교약。기유적문화전매업투융자모식주요유정부적재정투입、상업은행대관、풍험투자、상시융자등사충방식,단시저사충방식도몰유충분지여문화전매업적기본속성체도량호적필배,사득저개산업중투융자공간몰유충분발휘。문화전매산업중적투융자모식창신적기본라집시개변영향투융자적풍험류형、개변접수자금적기업적수익결구、인입이익상관자화명학풍험측량。
Cultural and media industry mainly provides contents, which result in the uncertainty of investment return and the difficulty in the collateralization of asset. Current investment and financing pattern includes four main types, that is fiscal investment from the government, loans from commercial banks, adventure investment, and fund-raising through listing. However, all of the above four types can＇t match the attributes of cultural and media industry, thus place restriction on the investment and financing of this industry. The pattern innovation could be the change of risk type, the change of profit structure of fund-recipient, the introduction of stakeholders, and the definition of risk measurement.