信托视角下我国文化企业融资研究

发布时间：2018-05-08 23:02

本文选题：信托融资 + 企业投融资　；参考：《山东大学》2017年硕士论文

【摘要】：文化产业作为国家未来支柱产业之一,在现在和未来都有着相当巨大的发展潜力与盈利空间。文化企业作为推动文化产业发展繁荣的核心,其良性发展需要金融资本的助力支持。囿于传统抵质押资产不足、价值估值体系尚不完备、产品现金流入的波动性与不确定性、金融行业法规对于金融资本流向的若干限制等因素,文化企业长期以来都不是金融机构投融资的优选对象。而信托公司作为唯一可以直接在货币市场、资本市场和实体领域进行债权性投资的金融机构,在业务上具有高度的灵活性与自由度,具备其他同业金融机构无法比拟的特征优势,是引导资本进入文化产业的重要支撑。文章以我国文化企业信托融资为主线,首先从文化企业融资特点入手,从财务报告质量、风险抵御能力、融资渠道依赖度等角度分析非上市文化企业的融资困境。同时基于上市公司公开财务信息,横纵比较性研究上市文化公司的融资特征;其次,文章精要性梳理与总结了我国信托业的发展历程,从公司分布、注册资本、信托资产、收入构成、盈利规模、风险管理等六个角度对我国信托公司的发展现状进行具体分析,并结合文化企业资产特点与规模资质特征,比较性研究信托融资特点、文化企业与信托融资的联动程度;进而,文章基于信托业务现有的成熟模式与文化企业信托融资的特征研究,结合实操案例,从主动管理与事务管理角度,为文化企业信托业务归纳并构建出了相适应的融资模式与交易结构;第四,针对文化企业估值过程中出现的模型构建与方法应用问题,文章以实务中最为常用的估值方法作为突破口,在对有关模型与估值方法进行比较分析的同时,亦通过估值报告的形式,以新三板某家文化科技类公司为估值标的,进行相关方法的应用与具体的估值测算;最后,文章以理论和实务相结合的方式,从信托公司、文化企业、政府立法等角度,探讨对我国文化企业信托融资的对策或建议。
[Abstract]:As one of the pillar industries in the future, cultural industry has great development potential and profit space in the present and the future. As the core of promoting the development and prosperity of cultural industry, cultural enterprises need the support of financial capital. Due to the shortage of traditional hypothecated assets, the incomplete valuation system, the volatility and uncertainty of cash inflow of products, and some restrictions on the financial capital flow in the financial industry regulations, and so on, For a long time, cultural enterprises have not been the best choice for financial institutions. As the only financial institution that can directly invest in the money market, capital market and entity field, the trust company has a high degree of flexibility and freedom in its business. It is an important support to guide capital into cultural industry with the characteristic advantage that other financial institutions in the same profession can't compare. This paper takes trust financing of cultural enterprises in our country as the main line, starts with the characteristics of financing of cultural enterprises, analyzes the financing predicament of unlisted cultural enterprises from the aspects of financial reporting quality, risk resistance ability and dependence of financing channels. At the same time, based on the public financial information of listed companies, the financing characteristics of listed cultural companies are studied horizontally and vertically. Secondly, the paper summarizes the development process of trust industry in China, from the distribution of companies, registered capital, trust assets. From the six angles of income composition, profit scale, risk management and so on, this paper makes a concrete analysis of the present situation of trust companies in our country, and compares the characteristics of trust financing with the characteristics of assets and scale qualification of cultural enterprises. Then, based on the existing mature mode of trust business and the characteristics of trust financing of cultural enterprises, combining with practical cases, this paper analyzes the relationship between trust financing and active management. The paper summarizes and constructs appropriate financing model and transaction structure for the trust business of cultural enterprise. Fourthly, it aims at the problems of model construction and method application in the process of valuation of cultural enterprise. In this paper, the most commonly used valuation method in practice is used as the breakthrough point. While comparing and analyzing the relevant models and valuation methods, the paper also takes a culture and technology company on the new third board as the target of valuation through the form of valuation report. Finally, the paper discusses the countermeasures and suggestions on trust financing of Chinese cultural enterprises from the perspective of trust companies, cultural enterprises, government legislation and so on.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G124;F275;F832.49

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