Research On Innovative Financing Methods Of China’s Cultural Industry

To strengthen its cultural soft power and promote the vigorous development and prosperity of its socialist culture, China has implemented comprehensively the strategy of reinvigorating China through advancing the cultural sector in recent years, boosting the rapid development of China’s cultural industry. However, the difficulty of financing has always been a key problem restraining the development of the cultural industry. China lacked systematic research on the innovations of the financing method of the cultural industry. A financing method that can meet the needs of cultural enterprises on different scales and of different types is yet to be found. Therefore, how to innovate the financing method of the cultural industry and strengthen the multi-capital support mode has become a hotspot for both academic studies and practical operations.This thesis, by drawing on advanced experiences from abroad and applying theories and principles on cultural industry, industrial development, financial innovation and decision-making optimization, attempts to break institutional barriers, structural barriers and conditioned bottleneck and tries to design, on an experimental basis, a macro financing method for China’s cultural industry featuring "government guidance coupled with market allocation, multi-tiers with diversified channels, priority to efficiency with due consideration to security, promoting work in all areas by drawing on the experience gained on key areas".First, the thesis gives a brief introduction to the theories of industrial development such as industry life circle, industrial structure optimization and upgrading, as well as the financial innovation theories, which serve as a theoretical foundation for the research in the latter part of the thesis. The thesis also provides an analysis of the needs of China’s cultural industry financing and has a comparative study of such needs and the current methods that China has for its financing supplies. Through such study, the thesis concludes that China needs to increase its support and push forward structural reform to address the insufficiency in the volume of its cultural industry financing and structural deficiency.Second, the thesis discusses how to develop and improve four typical micro financing methods from three perspectives, namely, privatization and going public, equity investment and bank loan. The four methods are public financing, cultural industry investment fund, policy-supported bank loans, and loan from commercial banks.Last, the thesis tries to evaluate the efficiency and security of the innovation of China’s cultural industry financing, and offers the principle of as "priority to efficiency with due consideration to security" as an important standard in innovating and selecting financing methods. It constructs a selection model for cultural industry financing method based on TC-OWA operator, taking into consideration that the financing efficiency evaluation index weight and expert weight being both triangular fuzzy number, and its evaluation value being linguistic value. It also constructs an index system of security evaluation for cultural industry from the perspective of the industry development environment, industry control, the strength of industry core value, the international competitiveness of the industry, the level of industrial innovation and technical capacity etc., and conducts a security evaluation of the financing method of the cultural industry in Hunan through the analytic hierarchy method and fuzzy comprehensive evaluation method. In the end, it summarizes the practice of financing method innovation of the cultural industry in Hunan province through concrete examples.