| Since the 1990s,cultural industries have attracted the world's attention with their unique charm and amazing growth,and more and more countries have begun to regard cultural industries as a strategic industry to plan and promote.In order to realize the vigorous development of Chinese cultural industries,the reform of cultural systems is required to continuously deepen.Especially to speed up the reform of the investment and financing systems of cultural industries,it becomes a breakthrough to promote the reform of cultural systems and the rapid development of cultural industries.And the formation and development of cultural property rights trading markets provides important support for the reform of the investment and financing systems of cultural industries.With the policy orientation to develop cultural industries,and to meet the need of the specialized development of cultural property rights transactions,cultural property rights exchanges which have been a new market trading platform have emerged in China.The first cultural property rights exchange in China—Shanghai Culture Assets and Equity Exchange was officially inaugurated on June 15,2009.The establishment of Shanghai Culture Assets and Equity Exchange has marked that cultural property rights trading markets in China have entered a new development period.Especially with the announcement of Guiding Opinions on the Financial Support for the Revitalization and Prosperity of cultural industries,cultural property rights trading markets have been regarded as an important breakthrough to link Chinese cultural industries with capital markets and begun to rapidly develop.However,at the same time of the number explosion of cultural property rights exchanges and the incessant expansion of market enthusiasm,cultural property rights trading markets have encountered great resistance in the development process because the relevant institutions are not perfect or even missing.Along with the announcement of Decision of the State Council on Rectifying Various Types of Trading Venues and Guarding against Financial Risks and Suggestions for Implementing the Decision of the State Council and Strengthening the Management of cultural property rights transactions and Artwork Trade and other documents,Chinese cultural property rights exchanges in full swing are in a dilemma,and thus the development of cultural property rights trading markets needs to carry out new practical exploration and theoretical guidance.Cultural property rights trading markets are a new thing in Chinese property markets,and are an item of institutional innovation under the background of China's continuously deepening the reform of cultural systems.Because the research on cultural property rights trading markets is in the initial stage at present,people are still relatively vague to their understanding and development directions,there are a lot of different opinions,and the breadth and depth of the research on cultural property rights trading markets needs to be strengthened.Therefore,it is necessary to make a systematic summary and theoretical sublimation for the operation and practice of cultural property rights trading markets,so as to explore the development law of cultural property rights trading markets,which can be used to guide the practice.This can not only promote the theory of property rights trading markets in the field of cultural industries to further improve,but also provide a strong objective basis for the healthy,stable and sustainable development of cultural property rights trading markets in China.Based on this,this dissertation uses the research methods of combining qualitative analysis with quantitative analysis and combining normative analysis with empirical analysis,takes institutional innovation as the main line,and carries out a study in accordance with the following logical thinking.What institutional innovation are cultural property rights trading markets?Why can the institutional innovation appear?Why and how to promote the institutional innovation?The study aims to reveal how cultural property rights trading markets can realize the development from junior to senior and from immature to mature.Around the theme of the development of cultural property rights trading markets,this dissertation mainly studies the following five aspects:(1)Connotation and features of cultural property rights trading marketsCultural property rights trading markets are the place where cultural property rights transactions are conducted.Not only it can create the necessary preconditions for the smooth circulation of cultural property rights and the institutional innovation and development of cultural property rights trading markets to accurately define the concept of cultural property rights,but also it is the starting point for further study.Based on this,the concept of cultural property rights is needed to be first analyzed.The key to clarify the concept of cultural property rights is to clarify the concept of property rights.And it is necessary to understand what culture is.On the basis of the analysis above,this dissertation defines the connotations of cultural property rights trading markets from the narrow and broad perspectives respectively.In addition,it also analyzes the elements and features of cultural property rights trading markets.The features that cultural property rights trading markets are different from securities markets also reflect the necessity and significance of the development of cultural property rights trading markets in the development of the multi-level capital market.(2)Formation motivations of cultural property rights trading markets For the formation motivations of cultural property rights trading markets,the relevant inspiration can be drawn from the various economic theories of Marx and the western scholars.More importantly,it is necessary to summarize and expound the motivations from the operation and practice of cultural property rights trading markets.From the perspective of history,the development of cultural property rights trading markets in China has roughly experienced four different stages:rise,rapid expansion,rectification and new exploration.Therefore,after elaborating several representative economic theories,and according to the operation and practice of cultural property rights trading markets,this dissertation emphatically explores the formation motivations of cultural property rights trading markets from two perspectives of the internal and external motivations of institutional innovation,and then analyzes the influencing factors of the formation.(3)Action mechanism of cultural property rights trading markets Cultural property rights trading markets can realize the connection between cultural industries and capital markets better,and improve the functions of capital markets promoting cultural industries.Assuming that the service or functions provided by institutions are given,the low-cost institutions are more effective.Therefore,before the efficiency analysis of cultural property rights trading markets,we first need to understand their roles or functions logically.Based on the analysis of the influencing factors of the development of cultural industries,we can find out whether cultural property rights trading markets can affect the development of cultural industries and then promote the economic development through the influencing factors.The action mechanism of cultural property rights trading markets mainly includes two parts:one is the mechanism of cultural property rights trading markets affecting the development of cultural industries,and the other is the mechanism of cultural industries affecting economic development.(4)The efficiency of cultural property rights trading markets Cultural property rights trading markets are a trading platform to link cultural industries with capital markets,but the effect and degree of the link remains to be tested and judged.It is necessary to consider the specific condition and action effect of cultural property rights trading markets promoting the development of cultural industries from· the perspective of the efficiency,and the efficiency of cultural property rights trading markets decides their own functions.The evaluation and measurement for the efficiency of cultural property rights trading markets is the objective basis to promote the institutional innovation of cultural property rights trading markets.Therefore,this dissertation theoretically analyzes how to measure the efficiency of cultural property rights trading markets from the perspective of the internal and external efficiency respectively,further builds the evaluation indexes system to affect and reflect the efficiency of cultural property rights trading markets,and then carries on the empirical test,from which the relevant inspiration to promote the institutional innovation of cultural property rights trading markets is drawn.(5)The institutional innovation in the development of cultural property rights trading marketsInstitutional innovation is the premise of the emergence and existence of cultural property rights trading markets,and is also the guarantee and inevitable trend of the sustainable development of cultural property rights trading markets.Through the theoretical analysis and empirical test on cultural property rights trading markets,we can find out the actual efficiency of cultural property rights trading markets and its influencing factors,and from which aspects to improve and perfect it,so as to provide the basis and ideas for the institutional innovation of cultural property rights trading markets.According to the empirical conclusions,and in order to improve the efficiency of cultural property rights trading markets,it is necessary to promote the institutional innovation of cultural property rights trading markets from the aspects of transaction institutions,supervision institutions,organization institutions,information disclosure institutions,etc.And in practice,how to promote each aspect of the institutional innovation?In this connection,this dissertation integrates theory with practice to analyze and discuss it,and puts forward the relevant countermeasures and suggestion.In short,this dissertation takes cultural property rights as the starting point of the research,explores and studies the general rule of the development of cultural property rights trading markets from the aspects of formation motivations,action mechanism,efficiency and institutional innovation,and integrates theory with practice to put forward the relevant countermeasures and suggestion on promoting the institutional innovation of cultural property rights trading markets to realize their development.The main conclusions of this dissertation are as follows:(1)Based on the analysis of the inherent relation between the formation motivations,action mechanism,efficiency and institutional innovation of cultural property rights trading markets,it is thus clear that the general rule of the development of cultural property rights trading markets is to actively and effectively promote institutional innovation.The inherent logic is:the emergence of cultural property rights trading markets is a result of institutional innovation,and they play an important role in promoting the development of cultural industries and economy;However,it depends on the efficiency of culture property rights trading markets whether cultural property rights trading markets can give full play to their functions or not,that is to say,the higher the efficiency is,the more fully the role will be played;In order to improve the efficiency of cultural property rights trading markets,which is the objective basis to promote the institutional innovation of cultural property rights trading markets,it is necessary to promote the institutional innovation through taking effective measures,so that cultural property rights trading markets can realize the development from junior to senior and from immature to mature.(2)On the basis of the hackled definitions of property rights and culture,and the analysis of the evolution path from culture to cultural property rights,this dissertation proposes a new definition of cultural property rights,namely that cultural property rights refer to the corresponding rights with cultural property formed from cultural products,which were created by means of cultural production factors such as cultural resources and of which the property ownership was determined.And cultural property rights are a bundle of rights based on specific,tangible or intangible cultural property as the carrier,including ownership,possession,eminent domain and usufruct,etc.(3)The formation motivations of cultural property rights trading markets can be analyzed from two perspectives of the internal and external motivations of institutional innovation.The internal motivation of the formation of cultural property rights trading markets is that financial system is difficult to meet the need of the development of cultural productive forces and cultural industries,and the external motivations include the need for investors to participate in cultural industries investment and share cultural achievements,the need for fund raisers to solve the financing problem of cultural enterprises and transform cultural achievements,and the need for governments to strengthen financial support for the development of cultural industries.The major influencing factors that affect the formation of cultural property rights trading markets include cultural resources,development level and scale of cultural industries,scientific and technological factors,and government policies.(4)The empirical results show that production factors are the most important factors affecting the development of cultural industries.Cultural property rights trading markets create the condition and mechanism for the formation of cultural resources and capital resources,they play an role in the development of cultural industries mainly through cultural resources and capital resources,and cultural resources and capital resources have an effect on the development of cultural industries through acting on the main links of the value chain of cultural industries.(5)The efficiency of cultural property rights trading markets can be measured with the method of IE efficiency analysis,namely from the perspective of the internal and external efficiency respectively.The empirical results show that market supply capacities and market transaction costs are the most important factors affecting the efficiency of cultural property rights trading markets.In order to improve the efficiency of cultural property rights trading markets,it is necessary to promote the institutional innovation of cultural property rights trading markets from the aspects of transaction institutions,supervision institutions,organization institutions,and information disclosure institutions,etc.(6)Excessive regulation will weaken the efficiency of cultural property rights trading markets.Therefore,for the path to promote the institutional innovation of cultural property rights trading markets,we should change over from government-dominated mandatory institutional innovation to market-dominated induced institutional innovation,and really make the market playing a decisive role in the allocation of resources.In the process of the marketization in China,this choice is crucial for successfully promoting the institutional innovation of cultural property rights trading markets.But at the same time,the government should play the role of guidance,supervision and guarantee.Finally,this dissertation emphasizes that the rule of law is needed to play a better role in the development and perfection of Chinese cultural property rights trading markets under the new situation that the rule by law is being comprehensively promoted.Only by actively and effectively promoting the institutional innovation in the framework of the rule of law may the dream of the sustainable development of cultural property rights trading markets be realized. |
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