A Study On Asset Securitization Financing Model Of Cultural Creativity Industry

This paper fouses the financing model of asset securitization in the cultural and creative industries. Based on the characters of intellectual property assets, the films’ revenues are regarded as the special asset and the future cash flows which are backed securitization. And the laws of films’s revenue are stduyed systemicly. Then, the problem of the assets pool construction is studied, the Portfolio of film’revenue assessment model is build based on the Markowitz portfolio theory. At last, the problem of credit rating on the securitizations of the cultural and creative industry is studied. In summary, a research freamwork of the securitizations of the cultural and creative industry is build according to the structure of "Feasibility analysis-Future cash flow forcasting-Asset pool building-Credit rating".The financing of cultural and creative industry are compared and analyzed. First of all, starting from the concept of cultural and creative industry, the development course of cultural and creative industry and the direct financing and indirect financing channels of cultural and creative industry are reviewed systematically.The common difference and contact of several kinds of asset securitization are compared, then, deal structure, major participants, financing program and superiority of the intellectual property securitization which is considered to be a typical structured finance technology are analyzed emphatically. Based on the intellectual property securitization theory, the feasibility of the cultural creative industry box-office income assets securitization is studied from the actual case, risk factors, deal structure and benefit distribution mechanism.Rule of box-office revenue and prediction of cultural and creative industry are studied, and a box-office earnings forecast method based on Bass random diffusion model is proposed. By dividing the behavior of the people to watch the film and television into decided to watch the film and action two actions, the volatility characteristics of the film diffusion is imitated by the Gamma process. The results show that the Gamma process is more suitable for cultural creative assets diffusion process. Through the case study proved that established the model improves the prediction precision compared with the traditional box office earnings forecast.Concerning this issue that how portfolio of the cultural and creative industry in order to achieve the purpose of asset pool design, and generate stable cash flow, the proportion of various assets in asset pool is calculated through the Markowitz mean-variance model, and the asset pool expected return and risk was evaluated based on the theory of portfolio. This provides a relatively simple quantitative decision method for the construction of cultural and creative industry asset pool.In view of the cultural creative industry asset securitization reimbursement priority/secondary structure, Asset securitization of credit evaluation model of the cultural and creative industry is established based on the method of survival analysis and multivariate copulas connect function, taking an example of CDO. And then, numerical example simulation is carried out for the model, and the feasibility and effectiveness of the model method is verified.