Comparative Studies On Legal Issues Of Promoting Cultural Industry Financing

Cultural industry has been a new growth engine for world economy, China has taken a series of measures to promote the cultural industry. But cultural industry is different from traditional industry, for small and medium-sized enterprises play a main role in cultural industry. There is little fixed assets but more intangible assets in cultural enterprises, so financing has become more and more difficult with the development of cultural industry. The dissertation showed that the government capital occupies a large proportion in the financing cultural industry, and imperfect law and system blocked the development of market mechanism in financing cultural industry.By analyzing the characters of cultural industry and the difficulties of financing cultural industry, the dissertation raised suggestion of legislation to promote relevant law. Intangible assets is the main property of cultural enterprises, so it is the key point for financing cultural industry to improve the law on evaluation of intangible assets. Copyright is the main subject of pledge for cultural enterprises, so it is necessary to improve the law related with pledge of copyright. Small and medium-sized enterprises consist main proportion in cultural industry, and the credit system has not been set up in Cultural industry which enlarged the risk and cost of financial institution for financing cultural industry, and it is important to improve the law related with credit checking. Crowdfunding has become a financing way for cultural industry as the development of Internet finance, for crowdfunding is a convenient and quick pattern for financing and it can help to promote and popularize the product for cultural industry. But it is urgent to improve the law related with crowdfunding for there is large risk, it is hard to protect the rights and interests of investors, and copyright is easy to be infringed.The dissertation is specifically divided into following five parts:Chapter I defines the legal issues of promoting cultural industry financing.starts from comparative studies on financing pattern of cultural industry, to show it is necessary to depend on market mechanism for financing cultural industry in China. Explores basic problem which block financing cultural industry by analyzing the characters of cultural industry and the difficulties of financing cultural industry, then further analyses the importance of promoting law related with evaluation of intangible assets, pledge of copyright, credit checking and crowd funding, so that paves the way for commencement of the full text.Chapter II focus on improving law related with evaluation of intangible assets. It analyses the importance of intangible assets for financing cultural industry, and the problems in evaluation on intangible assets in China, concluding the characters and content of evaluation on intangible assets. By comparative studies on supervision of appraiser, the specific rules of evaluation and the requirement on items and use of appraisal report,it raises some suggestion to perfect the law related with evaluation on intangible assets in China. It is necessary to strengthen management system, so as to supervise the qualification and appraisal policy of appraiser. It is necessary to enhance the internal control of assessment Institutions, perfect the assessment criteria, as well as supervise the procedures of evaluation.Chapter III discusses the perfecting law related with Copyright pledge. Copyright pledge is an effective way for financing cultural enterprises. The unreasonable clauses in China real right law, guaranty law and copyright law lead to dilemma of copyright pledge, moral right may restrict economic right so there is conflict of right in the copyright pledge, and there is conflict of rules in registration, the order of right protection is in disorder.By comparative studies on the relationship between moral right and economic right, the rule on registration of copyright pledge, the dissertation raises suggestion to improve the law related with copyright pledge. Moral rights should be restricted. The registration is only to oppose a third party not the condition for pledge right taking effect. It is necessary to regulate protection order of all rights related with the copyright pledge. The registration authority should take formal review, and there should be objection procedure during the registration. It is reasonable to admit neighboring right and expectant right of future works as subject of pledge, and copyright can be repeated pledged.Chapter IV focus on improving law related with credit checking. Small and medium-sized enterprises consist main proportion in cultural industry, so credit system has not been set up in China cultural industry which make financial institution not interested in financing cultural industry. At present the resources of credit information is fragmenting, the management system has not been set up, the legislation still lag behind, can not meet the need of financing cultural industry. By comparative studies on pattern of credit checking, rules on protecting right of credit investigatees and law on credit rating, it raises suggestion to improve the law related with credit checking. There should be a comprehensive supervising institution in central government to set up a management system which depends on self-discipline as well as government control. In order to protect individual privacy and commercial secrets it is necessary to promote the rule on investigating and managing of credit information. Considering the characters of cultural industry, it is important to set up data pool of credit information for cultural industry and undertake legislation on credit rating.Chapter V discusses improving law related with crowdfunding in financing cultural industry. Crowdfunding is a convenient and quick pattern for financing and it can help to promote and popularize the product for cultural industry, so crowd funding becomes more and more popular in cultural industry. Demarcation line between crowdfunding and Illegal financing is indistinct, it is hard to protect the rights and interests of investors, and copyright is easy to be infringed. By comparative studies on supervising crowdfunding platform, rules of protecting right of investors, restriction on project originator in EU, Italy and U.S.A it raises suggestion on improving law related with crowdfunding in China. It is necessary to redefine Illegal financing, establish the legal status for crowdfunding, set up system of qualified investors, funds trusteeship by third-party should be used in crowdfunding to make crowdfunding platform just as a intermediary organ.