Cultural investment There is no love without reason

This newspaper correspondent Wang Yueping to investors, the choice of the target transfer to the cultural industry, is clearly "no reason for love." From the foreign industry situation, first, foreign cultural industry is an important part of the capital market. In the United States, a film is financed from the capital market, the United States has CBS, Time Warner, Murdoch press and other transnational groups, these cultural groups are also from the capital market financing for development; second, the United States, Europe as a reference, China's cultural industry will also be developed to a certain degree, From the perspective of investors, this industry will be people to meet the needs of the very important after the basic necessities. With this demand, the cultural industry can generate profits, but also can produce a certain degree of attraction; third, China's cultural industry does not want to contact the capital market, including investors are also in contact with publishers, newspapers. After the introduction of the cultural industry Revitalization plan, encourage the social investment, then must give the exit channel, therefore is the opportunity for the investment.　　"Has invested in Jiang Tong anime Beijing Day map Xingye Venture Capital Co., Ltd. General manager Yang Huiseng through his personal investment experience, interpretation of its cultural industry bullish reasons. In fact, the cultural industry itself can not only become a new consumer power, but also to promote its local economic development, which is the original intention of the provinces and cities to set up cultural industry funds. In Jiangsu Province, for example, 2008, Jiangsu annual per capita GDP of more than 5700 U.S. dollars, the cultural field of consumption is its largest contributor, 2008, the province's residents of education and entertainment services accounted for the proportion of household consumption expenditure of 14.3%.　　And if through the establishment of cultural industry fund to promote, it is clear that this proportion will continue to improve, directly promote the economic development of Jiangsu Province. But can the government's will be accepted by the market?　　Under the impetus of the government, how far can these cultural industry funds go?　　It looks beautiful. There are indications that the cultural industry at this stage is still "looking beautiful"-although many funds have been (or are) set up, but far from specific operations. "With the Zhejiang Cultural Industry fund as an example, from May to now has been the past six months, but at present, the fund is still not raised to its initial set of the first size of 250 million yuan." First of all, under the background of the financial crisis, raising funds has become an insurmountable obstacle to many cultural industry funds, not to mention the problems encountered in the specific operation.　　A insider told reporters. "Investment in the cultural industry, both in the past and now, is one of the reasons why many people stay on the sidelines." For example, a radio station is unable to advertise, the investment of a foreign capital basically fails to end. The regulated industry should say that it is not suitable for capital market investment, because from the investment point of view, the first is to return to investors, and in the investment, exit problems, can not give investors return. Yang Huiseng told reporters that he was very concerned about the progress of the cultural industry fund, after all, as a capital, cultural industryThe Fund also needs to pursue its profits, but how will the government guide these cultural funds to operate in a market-based fashion?　　And how will these industrial funds control the scale of investment and avoid overheating and even bubbles? In the cultural industry funds set up by the provinces and cities, we can find that the basic model is: the Government's main contribution + private funds follow-up + mixed-type economy of the fund management companies. From the establishment of Xi ' an cultural industry fund, we can contact at close range.　　This June, the registered capital of 2.2 billion yuan Shaanxi cultural industry Investment Holding Co., Ltd. was established by Xi ' an vice Mayor Cestian concurrently chairman of the Shaanxi cultural industry development to build a platform for investment and financing, while the government set up a platform to finance, fully mobilize private capital. Such practices are a cause for concern.　　Generally speaking, the standardized market-oriented fund operation mode for LP and GP strictly separate, if the government leadership at the same time as investors and managers, the Fund will be accountable to whom? "If the provincial cultural industry funds form a special fund management company, the Bohai Industrial Fund for reference, then it will face how to recruit qualified fund managers." At present in China, professional cultural industry fund talent is not much, and Bohai Industrial fund management company president Ou's departure also let many fund managers to the Industrial fund.　　One insider told reporters.　　Compared with the Bohai Fund, Shaanxi Cultural Industry Investment Holding Co., Ltd. Although the Government is determined to achieve "market-oriented operation", but from the current situation, it is still very far from the market operation.　　The lack of a government-backed cultural industry fund for these "industry giants" competition, for other investors seems to be a "good", however, in fact, in contrast, because there is no relevant laws and regulations, the whole environment is not mature, at present, the cultural industry investment is still "desolate." Although the Government encourages investors to enter the cultural and creative industries under the circumstances, many capital companies have taken a evasive attitude towards the cultural industry after weighing the risks because they have no experience in the past.　　Professor Fai Guangzheng, director of the Department of Game Design, the University of Communication, said. A lot of people say pleasant goat ash taro make a lot of money. But I heard that this film investment is very large, after many years of investment, just rely on the last piece to balance the box office, the surface looks like money, but the investment of the calendar year, it is said to compensate a lot of money.　　Ding, vice president of China Audio and video publishing, said to reporters. Risk and opportunity coexist "cultural industry revitalization planning will encourage content production, creative industries, games, animation industry to put a very prominent position." There are huge opportunities for development. Second, the policy signals suggest encouraging cross-regional and cross-industry mergers and acquisitions, with emphasis on new channel lines and new avenues to break the old system, which is clearly a once-in-a-lifetime opportunity for existing capital to enter the cultural arena.　　"Ding said. However, "risk and opportunity" coexist, although the cultural industry has sent investors a signal of investment, but from the investment angledegree, as a new industry, investment culture still needs to face great risks and challenges. "In any case, from a professional investor's point of view, the Chinese media industry is a highly risky and challenging market." Because in the media industry, in terms of its industrial characteristics, not the pursuit of high risk and high return of venture capital, but have experience and resources and patience of strategic investment. Because for a good media, the most valuable resource is not money but talent. Frankly speaking, this is the biggest puzzle and challenge that IDG has encountered in the Chinese media industry for more than more than 20 years.　　Shong, another important figure who created McGovern's "media empire", bare the secret to cultural investment. For many foreign investors and investors who have invested in the media industry, it is clear that they do not really understand the media industry in China. Taking "readers" as an example, we can see the difference between Chinese and foreign.　　In the United States, we are familiar with the "Reader's Digest" in the beginning of this year to apply for bankruptcy protection, and in China, "reader" unexpectedly selected 60 brands, as one of the best profit in the domestic magazine, the key to success is to transform the profit from reliance on advertising to rely on distribution. "We'll look at some new media companies, but does not invest, because overall, compared with traditional media, the new media market is still relatively small, corporate advertising investment is very limited, basically belong to the information distribution channels, and not the formal media, such as bus online and the media, although also known as the media, But its essence is only a resource monopoly. And for mobile news, or internet media, such as video sites, because it does not have some monopoly technology, only need some plug-ins can be achieved, therefore, we still choose to treat these areas of investment carefully. Zhou, chief representative of Yangzi Capital China, seems to prefer formal forms of traditional media, while investing in new media appears more cautious.