Two new trends in the reorganization of cultural industry barriers to capital

In the background of the international financial crisis, the Chinese cultural industry in the process of integration into the capital market, showing a dramatic "in the past two years, under the impetus of capital strength, the domestic cultural industry integration activity, especially the domestic listed cultural enterprises have been disclosed 20 mergers and acquisitions reorganization events."　　"Lambe, project manager at the investment banking Department of CITIC Bank's headquarters, told Lookout News Weekly.　　Since the reform of the cultural system, almost all the important documents of the cultural reform have mentioned the promotion of cultural enterprises across the region, Cross-media, cross ownership mergers and acquisitions, which achieved substantial advance after 2008. Since 2008, including the People's Daily, Shanghai Xinhua Distribution Group and other central and local media units have been involved in the implementation of the capital integration action. "The market is responding well. "Lambe said," These actions not only have the media to each other cross shareholding, but also introduced advertising, insurance and other industry capital, played a good market effect.　　"In the context of the international financial crisis, China's cultural industry in the process of integration into the capital market, showing great potential, showing the trend of the rise, industry integration, mergers and acquisitions of the upsurge." "Capital market plays an important role in improving the efficiency of cultural resources allocation, optimizing cultural industrial structure, enhancing competitiveness of cultural industry and promoting the leaping development of cultural industry," one industry commentator commented, "The multiple" institutional barriers that have plagued the development of the cultural industry have gradually melted the ice under the impetus of capital forces. "The new trend of capital and the transformation and upgrade" Lambe research found that the current cultural industry capital reorganization appeared two new trends: first, cultural enterprises began to actively enter the financial industry. Liaoning Publishing Media after the listing, the overall acquisition of its controlling shareholder Liaoning Publishing Group held by Liaoning Children's publishing house, the spring Literature publishing house and Liaoning Audio and video publishing house 100% stake, and expand to the non-cultural field, funded nearly 200 million yuan to subscribe to the new registered capital of Zhongtian securities, equity participation in the establishment of　　Jiangsu Phoenix Publishing Media Group shares the Nanjing Securities and Jiangsu Bank respectively, becoming the second largest shareholder of two financial institutions. Second, international capital through mergers and acquisitions, into the relatively lax supervision of the domestic emerging cultural industries. SK Telecom, the South Korean mobile communications company, announced in 2008 that it acquired a 42.2% per cent stake in Beijing, China's local record company, for the first time international capital entered the Chinese entertainment industry. In the same year, Thomson Reuters acquired a 40% stake in Dispatch, becoming the second largest shareholder in dispatch, and Australia Telecom has acquired Hao Chen Media, bubble and so on. Under the background of international financial crisis, many domestic cultural enterprises still insist on the transformation and upgrade through listing. According to the China Securities Regulatory Commission statistics, there are 10 cultural enterprises through the initial public offering of shares in the domestic a-share market listing, a total of 16 billion yuan to raise funds, 6 companies to buy shells in the domestic listing.　　Lambe found that the domestic listing of cultural enterprises in the 2008-year trend has been particularly obvious. In the two years of 2008-2009, a total of 4 cultural enterprises in the domestic a-share market to complete the initial public offering of new shares, the listing location are Shenzhen certificateCoupon Exchange. Anhui, Shenzhen, Jiangxi, Jiangsu and other land have different forms of cultural enterprises in the active promotion of IPO listing.　　In addition, following the spread of Bo Rui, Sadie Media, Xinhua Media, China to hear the media, since 2008, there are two cultural enterprises in the A-share market successfully borrowed shell listing. It is a major feature of domestic cultural enterprises ' financing in the past two years to boldly go to the overseas listing. Although the financial crisis has led to a slump in the international IPO market, there are still A8 Music Holdings Limited, China-vision Golden Bridge International Media Holdings Limited, the United States Advertising Co., Ltd., Tour Limited,　　Shanda Games Co., Ltd. and China Real Estate Information Group, 6 Chinese cultural enterprises have landed in the international capital market, a total of 540 million Hong Kong dollar and 1.429 billion U.S. dollars, a 2009-year U.S. IPO market, the annual high, but also the largest Chinese online games companies listed. "The purpose of listing is not only financing, but its deep value is to promote the enterprise to optimize the governance structure, standardize the operation and management, and realize the upgrade and transformation of enterprises."　　"Lambe also pointed out that the cultural enterprises listed still unbalanced state: the ideological weak industry active in the ideological attributes of strong industry, emerging cultural industries active in the traditional culture industry, private culture enterprises active in state-owned cultural enterprises, listed abroad active in the domestic listing. Up to now, the domestic listed cultural enterprises accounted for about 10 of the total number of listed companies, accounting for about 6 of the market value of listed companies, which is considered by the industry and cultural industry development status does not match.　　[Page] "Three barriers" gradually broken ice industry reflects that for a long time, the cultural field has regional barriers, industry barriers, ownership barriers. The intervention of capital force has made the cultural industry expect the "internal opening" for many years to make substantial progress. The Chinese Culture Industry Investment Report was completed in March this year, based in Shenzhen, the CIC consultancy Culture Industry Research Center.　　The author of the report, researcher Zailing of the company's cultural industry Research Center, said that in the past two years, the free flow of capital across regions, Cross-industry and across ownership is becoming the main trend of cultural industry development. "Capital enters the cultural industry after the trans state flow phenomenon is obvious."　　"Zailing analysis said that this kind of flow is" big move ", such as Shanda Network's wholly-owned subsidiary last year to more than 40 million U.S. dollars to purchase the 51% of the outstanding shares of China friendship century, Friends of China century and video website 酷6网 Equity merger, video, music, wireless value-added business system coexist. The capital also promoted the cultural industry to achieve the trans-regional integration. 2008, the Jiangxi Publishing Group and a central Publishing unit jointly restructured China Peace Publishing Limited Liability company officially listed, Jiangxi Publishing Group Holding 80%. "This is the first time that the central and local publishing units have broken the administrative genus and realized the strategic reorganization with capital as the link," said Wan Renrong, director of the reform office of Jiangxi Province. "Capital operation has also promoted the integration of cultural industries across ownership." Jiangsu Phoenix Publishing Media Group, composed of a number of state-owned publishing enterprises, expanded shares and shares by increasing capital in 2009Right to purchase and other forms, the integration of private Seihan company, high-quality Private printing enterprises, color Printing company, formed a complete printing plate industry chain.　　2009, the group invested in Cross-regional, cross ownership, Cross-media development project funds of 676 million yuan. "In the past, due to the lack of financial strength, policy uncertainties, the concept of not open, and other factors, state-owned and private enterprises are difficult to come together, the integration between the state-owned more rely on the administrative force to promote." Now, the state also lowered the threshold of entry, encourage the formation of a variety of ownership and development of the cultural industry pattern, as an advanced form of industrial development-capital operation can play an important role in cross ownership mergers and acquisitions. "The history of the publishing industry in Europe and America tells us that the sword of capital is cutting assets and markets," said Tam, chairman of Phoenix Publishing Media Group. My experience of striving for a new advantage in capital operation is on the one hand, the private enterprise is not let you integrate, on the other hand, if not market-oriented, with the capital as a link to do the real sense of mergers and acquisitions, relying on the administrative force to integrate a unit gives me no meaning, will not produce "chemical reaction." My investment is to consider what to buy, the first to buy a mechanism; the second bought a group of leading figures; the third bought a core team and bought a business plan for their future. "[Page] to crack the" financing difficult "reporters learned that in the past, cultural enterprises have limited fixed assets, financial institutions to the creative and intellectual property and other intangible assets difficult to assess the impact of the financial support of cultural industry has been relatively limited.　　In recent years, the emergence of a variety of cultural industry financing new models, is gradually changing this situation. First, credit financing has become the main financing way for cultural enterprises. Since 2008, from the central to the local, the promotion of bank credit to the cultural industry in the field of policy support system preliminary construction. In particular, since March 2009, 23 credit projects submitted by the Ministry of Culture to the cultural department have received more than 6 billion yuan bank loans.　　According to the Shanghai Cultural Department, the Shanghai Municipal Government and the National Development Bank signed a memorandum of cooperation, the State Development Bank in the next 5 years to the Shanghai Cultural Industry Support financing scale of up to 30 billion yuan. Second, equity investment into the cultural industry. According to Lambe, two years, this area is the most noteworthy is a group of cultural industries as the theme of the preparation and establishment of equity investment funds, such as the Treasury Injection guide, the scale of tens of billions of Chinese cultural industry Investment Fund.　　Equity investment not only pays attention to the traditional culture industry, but also favors the new cultural industry. Third, bond financing in the cultural industry increase in volume. Lambe said that the form of bond financing includes medium-term bills, short-term financing coupons and so on. So far, in addition to corporate debt, the domestic bond market, all kinds of corporate debt financing tools are cultural enterprises to try.　　Since 2008, two cultural enterprises in the domestic bond market issued 5 bonds, the amount of financing 5 billion yuan. Four, the cultural industry Trust was further promoted in 2009. Hangzhou Municipal Development and Reform Commission, Director of financial and financial services Wang Jianxia said, early last year, the cultural creation of HangzhouItalian industry small Enterprises set creditor funds "Gem stream Chardonnay" As a structured trust financing products officially issued. The Trust loan amount is 60 million yuan, the period is 1 years, the interest rate is 8.39%.　　Zailing said, compared with the earlier attempts, the current cultural industry trust products operating experience, market influence has been greatly improved, to crack the financing difficulties of the new support points. Financial innovation, which involves the cultural industry, is constantly appearing, which provides a rich practice model for cultural financing. In 2008, the Bank of Beijing, by way of copyright pledge, provided Huayi brothers with billions of projects to package loans and became the "first single" loan of "copyright pledge" without the guarantee of professional guarantee company in cultural industry. [Page] The most shortage of funds for small and medium enterprises interviewed experts that in recent years, although the enthusiasm of financial institutions to intervene in the cultural industry has improved greatly, the financing support object is still limited to the point, mainly focused on large enterprises, a few cultural enterprises with strong brand superiority and market competitiveness, and some cultural projects which can bring about extensive social influence.　　Not yet promoted and noodles. Lambe said that the current lack of funds is precisely a large number of small and medium-sized cultural enterprises, to solve these "production" and "capital" of the docking problem, is still in the next period of time to promote the development of cultural industry a complex and arduous task. "Taking bond financing as an example, due to the limitations of enterprise qualification and market influence, the cultural enterprises involved in bond financing are still stuck in large enterprises, especially listed companies." "China's recent guidance on financial support for the revitalization and development of the cultural industry is widely regarded as the" timely rain "of the cultural industry.　　However, the industry still said that the current to the document from the policy level to the practical level, in particular, to allow more small and medium-sized cultural enterprises and financial institutions docking, the fund troubled "thirst." Lambe that, on the one hand, cultural enterprises must be based on their own construction, hard skills, real transformation and upgrading, especially the establishment of scientific corporate governance structure, the establishment of standardized management system, especially financial management system, to form a clear business model and unique core competitiveness, to win the favor of capital markets;　　The State should actively support the financial innovation research supporting the cultural industry, and rely on financial institutions with relevant service experience to form a number of financial innovation platforms for cultural industries, to carry out integrated innovation on the cultural industry financial products, and to set up the Financial Innovation Prize of the cultural industry. He Weiping, deputy director of Cultural Industry Department of Zhejiang Cultural department, believes that in addition to seeking the support of financial institutions for small and medium-sized enterprises, we should also pay attention to guiding social capital into cultural industry. Zhejiang Culture Department for the exploration of private capital and small and medium-sized cultural enterprises "holding hands", the establishment of Zhejiang Merchants Culture promotion, a primary integration of departmental resources, the integration of private funds in Zhejiang province. Since the establishment of this institution for 10 months, it has led Zhejiang merchants to invest tens of billions of dollars in cultural industry. The Hangzhou municipal government has set up the governmental venture capital investment Guidance Fund by the financial money, guides the social capitals to set up the venture capital enterprise, through the finance "Four two dials the heavy", invests the enterprise which is in the seed period, the investment object includes the cultural creativity industry.