Research On Investment And Financing Of China's Early Film Industry (1905-1937

As an important part of cultural industries,Films combine artistic and industrial chatacteristics.As an emerging industries,it is worth studying the access to capital.Due to the unique characteristics of the film industry,the funds is needed to support the development.The purpose of capital investment is realized by putting production factors such as technology,human resources and capital into the film production process.However,existing researches focus on the motion picture arts,while the research on the commercial and capital aspects is relatively lacking.Therefore,through teasing out the investment and financing of film industry in its early stage,not only can the academic research of film history and economic history be enriched,but also the circulation of the capital in systematic research,the analyze the background,the influencing factors and efficiency of capital can be evaluated objectively.Furthermore,some enlightment can be obtained.This article takes capital as the core,investment and financing as clues.Through the study of the film industry during 1905-1937,it analyzes the structure of early Chinese film capital and explores the relationship between enterprises,funds,and investors,thereby revealing the impact and normal rules of investment and financing on the film industry.In the early stage of the socio-economic background,China’s economy was invaded by foreign capital,and diversified capital sources laid a foundation for the development of films industry.This article summarizes the capital mechanism,capital property and investment characteristics.The investor structure is influenced by the geographically relations,consanguineous relations and industry margin relationship.The diversified,integrated,internationalized and extraeconomic investment concepts display based on the economic environment at the time and its own value orientation,and then derives a separation of powers model.The development of film industry was limited by the lack of capital,which is the core competitiveness of enterprises.Although it’s financing difficulty and high cost of capital,but the financing pattern are much wider diverse and more advanced.There had been multiple models such as copyright pledge,equity financing,corporate banking,syndicated investment,and overseas presale.The development of the credit industry has provided credit support for the corporate finance.The article studies the investment and financing returns and risk management of the film industry,restores the cost structure and profit distribution with specific data.It is found that the investment and financing risks are high and there is no effective management mechanism has been formed.Insufficient investor confidence has left the film industry in a state of scarcity for a long time,which has seriously affected the sustainable development of the company,is the main reason causes the industry to fluctuate greatly.In addition,the article studies the impact of investment and financing on film art at a macro level.Objectively,capital support can help the film industry speed up industrialization process,based on its technical innovation.However,based on the economic rationalism of investors,capital was eager to turn to cash,which combines the typification elements in commercial films.Principal-agent moral hazard problems spring from asymmetry information,the ever-changing population fusion has made the relationship between capital and art more complicated.