The Research On Interaction Between Finance And Investment Of Creative Enterprise Under Uncertainty

With the ten years of the development of creative industiries, has palying a critical role in promoting economic development, and national governments are pay more attention on creative industries from policy and financial.With the development of creative industries, the industrial management and business problem of creative industries has been eposed. And the finance and investment of crative enterprise are becoming the hot reaserch topic.High uncertainty and unperfect management mechanism of creative industries, exacerbating the difficulty of valuation and access to external funding.Based on the issue, this paper earring on a series study on interaction between finance and investment of creative enterprise under uncertainty.This paper derived in "Evolution on Ecological System of Creative Industry Clusters and Competitiveness appraisal model"(National Science Foundation of China, G70873018), and " Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities"(King's College London, Creative Cultural Industries). Defining the concept, characteristics and classifications of creative industries, and pointed out that the concept of creative industries is a dynamic collection of concepts. Based on the theory of industrial organization to analyze the sources and manifestations of the creative industries uncertainty, and explicit the uncertainty of the potential impact on corporate investment decisions according to the classification of uncertainty factor. From the angle of continuous time and discrete time, construct model of creative enterprises expected income valuation and cash flow assessment. The cost of uncertainty, property income and loss of company's products value are added in Schwartz-Moon correction model, and build modle of net income after tax when considering tax. Based on enterprise value assessment through option model to determine investment decision-making timeline of creative enterprises.To determine finance constraints of creative enterprise and make supply and demand theoretical framework of the creative enterprises. Innovation ability, external macro-financial environment and the degree of IPR protection three indicators were added in supply function, analysis of the relationship between three factors with creative financing constrains from the perspective of reginal heterrogeneity. Construct the model of one-stage option game and two-stage option game, and taking further analysis of the interaction between the creative corporate investment and financing. Conducts investigate Shanghai Textile Control Group and London Chocolate Factory through enclosed questionnaire and open-ended questionnaire. Descriptive statistical analysis of the creative enterprises in two places, take an empirical test to verify the validity of the formal model.It reaches the conclusion that creative enterprises expected cash flow is inversely proportional to the number of the uncertainty of the cost, directly proportional to the volatility of the growth rate of corporate income. There is a linear relationship between the creative enterprises wealth accumulation and property income as well as loss of value. The convergence speed of the variable depends on the uncertainty size of enterprises under discrete time. The investment value will be increased with the increasing of cash flow ratio (Inome uncertainty) when input capital uncertainty fixed.There is a inflection point between cash flow rate and option value, according to the position of the reflection point it may safely draw a conclusion that, the larger financial constrains of creative enterprise, the biger influence degree by different cash flow rate and longer waiting time to invest. Thus, there is an interactive relationship between financing constraints and investment decisions under uncertainty.