How to connect culture and finance? Culture Bank is feasible?

Attendees who recently walked into the cinema must have noticed that special gratuities from "Beijing meets Seattle" to "Anti-drug", from "Very Lucky" to "Overheard 3 " China Minsheng Bank figure.

The reason is simple, Minsheng Bank has a culture of financial institutions first domestic franchise was established in the head office level - cultural industries Finance Division. Although only two years after its founding, the division took the lead in focusing on the marketing strategy of the film and television industry chain. It utilized its franchise advantages to provide professional integrated financial services to its clients. Their innovative and efficient service style won the market word of mouth, no wonder customers express their praise by way of acknowledgment. In fact, Minsheng Bank is planning to open up a vast blue ocean of cultural industries.

Data show that as of the end of 2013 , Minsheng Bank has provided 15 billion yuan of credit support for cultural enterprises and more than 400 clients serving cultural enterprises , including Huayi Brothers, Pentium Pentium, Bona Pictures, Shanghai Media, Huanrui Century, music as the film industry, theaters cinemas, marvel wonderful, up to a number of leading enterprises and other era. In 2013 alone, Minsheng Bank provided financing support for more than 40 films and television programs such as "Return," "Escape from Birth," and "Taiping" .

Docking cultural industry needs

" The growth of the cultural industry is very good and there are many investment opportunities. " Miao Xiaofang, Vice President, Culture Industry Finance Department, Minsheng Banking Corp., said in an interview that in 2012 , the total investment in the cultural industry reached 500 billion yuan, Planning, cultural industries will become the pillar industries in China by 2016 , by which time the investment and financing of cultural industries will exceed 1.2 trillion yuan.

"The traditional commercial banks re-mortgage financial products, heavy real-estate assets and business-focused assets and pay attention to reflect the profits and other access requirements, there is a mismatch with the characteristics of cultural industries. " Wan Xiaofang said that cultural enterprises with light assets, high-risk , Short operating history, fluctuating performance, inadequate financial system, inadequate management and maturity of business model. If commercial banks do not innovate business models, the bottleneck of financing for cultural industries will be hard to break.

Dong Wenbiao, chairman of Minsheng Bank, also said that the original links of the front of the cultural industry are mostly decentralized SMEs and personal studios. The production and dissemination of the back-end of the industrial chain is dominated by the large-scale state-owned media organizations, the enthusiasm of market development and Initiative is not strong. In the segmented industrial structure, the industrialization of cultural and creative industries can not be implemented. The high-yield profit model of " one development and multiple utilization " of cultural industries can not be realized. It is difficult for financial institutions to intervene in the realization of commercial sustainability. This is also a constraint on cultural industries And financial integration of a big bottleneck.

In that case, how financial and cultural docking problem?

Dong Wenbiao had suggested that commercial banks should be encouraged to explore commercial models of " cultural banks " , innovate their business approval mechanisms, improve the internal rating system, implement differentiated regulation of financial institutions and financial regulators of cultural enterprises, Asset verification and other differentiated regulation, improve risk tolerance, thereby reducing the cost of business development of financial institutions.

In order to seize the opportunity of " Prosperity and Great Development " of cultural industry , Minsheng Bank set up the Cultural Industry Financial Division in 2011. The scope of its business mainly covers film and television, art, cultural tourism, publishing and publishing, Performing arts, traditional culture (intangible cultural heritage, old China, etc.) and cultural and creative (animation, games, advertising, exhibition) and other seven subdivision industries.

Over the past two years, the division gradually explored a new path of financial services that adapted to the development characteristics of cultural industries and achieved " breakthroughs " in several aspects . Firstly, it fully recognized the management team of cultural enterprises, brand influence, creative work, resources Integration ability and other intangible assets, break through the traditional concept of judging the strength of assets of cultural enterprises mainly based on physical assets; second, pay attention to the control ability, performance ability and historical performance of cultural enterprises on the operation of the project, breaking through the standard financial statements evaluation , Screening the concept of enterprises; third is to match the characteristics of cultural enterprises, the development of customized financial products, breaking the traditional commercial banks simple and standardized credit products limitations; Fourth, the appropriate timing of pre-financing to accurately control the project risks and benefits, With the " investment + financing " approach, with the risk-sharing enterprises, sharing revenue, breaking the limitations of the traditional commercial bank debt financing products; five is to focus on the industrial chain of financial integration and development, and promote the industry to achieve overall development, breakthrough In the past to single, single business support for cultural enterprises in the form.

In addition, referring to Minsheng Bank's mature business unit system, CIFA has designed a credit rating model that better matches the characteristics of CICs, giving full play to the advantage of front-end and back-office integrated management systems and the business's final approval advantage, and achieving an efficient Business approval. At the same time, the division closely follows the customer's development strategy and economic activities, makes comprehensive use of a variety of financial instruments such as trusts, wealth management, funds and special asset management plans to transform one type of financial services into a package financial solution and becomes a project as a customer , For the cultural enterprises to provide a professional financial butler service.

For example, in the production of film and television drama, the Bank launched such business models as film investment funds, drama order financing and factoring of accounts receivables. It also tried for the first time in the banking industry to introduce a " crowdfunding " business model. In the advertising industry, In the cultural tourism industry, a cultural tourism fund was set up in cooperation with local governments to support regional tourism development and industrial upgrading. In the art industry, Zisha Industry Fund, Jade Industry Fund, Red Sandalwood Trust Management, Art repo secured business model, and achieved good market response.

Take the road to professional investment bank

" Our experience is to rely on expertise and innovation to effectively build cultural and financial services. " Wan Xiaofang said that the establishment of a professional business unit for the cultural industry aims at enhancing the service efficiency and innovation capability of cultural and financial services through specialized operations. In the specific business model, the cultural industry finance department mainly carries out the special management with the quasi-investment banking service model of " indirect financing + direct financing " and " financing + financial intelligence " , which is benefited from the continuous deepening of the business unit of Minsheng Bank reform.

Compared with the deposit-loan interest-rate business model of traditional commercial banks in the 1.0 era, the reform of Business Unit 2.0 of Minsheng Bank is based on the principle of " quasi-legal persons, specialization, integration of financial resources and a team of financial stewards " , and more emphasis on resource integration And differentiated operations, while the transition to a professional investment bank is an inherent requirement of the reform. As a newly established new business unit, the Cultural Industry Finance Department is equivalent to the direct access to the fast lane of the 2.0 version of the reform, implementation of the reform of the business unit is also more resolute and thorough deployment, so as to smoothly promote business focus to professional The transformation of investment banking.

For the moment, the effectiveness of the transformation has been highlighted: the Cultural Industry Division quickly established a diverse team of professionals covering commercial banks, investment banks, film and television art and other fields. At present, the Culture Department has a professional team of nearly 100 people. It has set up more than 10 business offices in cities such as Beijing, Shanghai and Guangzhou where the cultural industry has prospered. At the same time, it has taken the joint actions of the headquarters and other branches in accordance with the cultural attributes of different cities and has gradually taken shape Regional management characteristics.

Inside the division, specialized centers such as film and television media centers, traditional culture and art centers have been set up, greatly improving the service dialogue with clients. At the same time, try to cultural tourism center as a pilot, investment banking business as the center, and gradually break the departmental boundaries of the existing branch, accelerate the transition to a professional investment bank. In accordance with the principle of two-way selection of " project manager and head of industry center " , the Company integrates various resources in product design, risk management and industry research, drafts professionals from headquarters and sets up a cross-departmental team led by the project manager to provide enterprises with professional and efficient Financial Services.

In addition, the division also focused on major investment bank projects, set up a customer-focused, with " market capacity + technical ability " of the financial housekeeper team, in-depth management with a steward depth of professional ability of the compound talent team, led the cause Ministry of the effective promotion of core competitiveness.

A Cinema Construction Co., Ltd. is a well-known chain of theater construction and management agencies in China in 2012 , the company's box office accounted for 6.87% of the total size of the country , in a period of rapid expansion. In order to accelerate its business operations nationwide, the theater plans to open 120 new cinemas in 2013 and apply for financing support from Minsheng Bank.

In accordance with the traditional credit risk control concept, the company is difficult to obtain large credit support. Through in-depth industry research, Minsheng Bank found out the financing model of enterprises and the key nodes of the operation of funds in the enterprise. Through the centralized collection of box office stocks, the lock-up of enterprise stock cinemas and the newly established theater box office receipts by Minsheng Bank To meet the large-scale financing needs of enterprises, but also effectively prevent the financing risk.

With Minsheng Bank's financing support, the company's cinema construction entered the fast lane. As of August 2013, its Direct cinema has reached 182, the number of theaters for three consecutive years to maintain growth, the full range of the total box office accounted for about 7% of the total box office, among the national cinema fifth. Minsheng Bank, a large credit support to help the company achieve its development goals, become the domestic theater cinema, the forefront of the screen cinema line " vanguard . "

"We should take the financial concept of specialized investment banks and share some of the risks with the enterprises and share some excess returns. " Wan Xiaofang said banks should take the risks of enterprises and share the risks Funds, trusts and other investment banks to carry out some innovative ways of doing business, to support the relevant cultural enterprises bigger and stronger.