| The advancement of Internet technology and the increase of network penetration have promoted the new development of "Internet Plus" related industries in China.Among them,"Internet + Cultural Industry" has become a hot spot of economic growth.The trend is helped by China’s high Internet penetration rate and the world’s largest consumer group using mobile terminals.The popularization of the Internet has improved China’s industrial structure.It has transferred the traditional offline consumption mode to online consumption,which not only improves the convenience of consumption,but also increases the opportunities for producers to provide products or services.In 2020,COVID-19 severely affected global economic development and hit economic production,exchange and consumption.But the rise of the online entertainment industry during the epidemic partly mitigated the downward trend.Online consumption model can not only promote the development of the emerging cultural industry,but also increase the opportunities for the development of the game industry.As the main body of technological innovation and the underlying foundation of the development of the game industry,small and medium-sized Internet game enterprises will become an important promoting force for the development of digital entertainment.Although China’s Internet small and medium-sized game enterprises have made great progress under the support of industrial policies,the imbalance of the game industry market structure and the partial failure of government policies are still the main factors that restrict the survival quality of Internet small and medium-sized game enterprises.It is reflected in the following aspects: First,the dividend of mobile Internet is gradually disappearing.Online consumption has shifted from traffic competition to stock competition,while online games mainly compete with online education and online medical treatment in stock competition.As people attach more importance to education and medical treatment,online games do not have obvious advantages in stock competition.In particular,with the advent of China’s aging population,the new consumption force decreases,the flow and stock of online games can be imported into the relative decrease.The second is the imbalance of the development of China’s game industry.For example,regional development is not balanced.China’s Internet game industry is mainly concentrated in the southeast coastal cities such as Beijing,Shanghai,Guangzhou,Shenzhen and Fuzhou,and there are obvious differences in the game industry of different cities.With the rise of the consciousness of fine cultural consumption,the country’s tightening policies on game boards have also intensified the unbalanced development among game enterprises.The third is the Internet small and medium-sized game enterprise financing restrictions.This financing restriction is not only related to the external environment of the disappearance of mobile Internet dividend and unbalanced development of the game industry,but also related to the identification of credit ability of small and medium-sized Internet game enterprises.Due to the technical and economic characteristics of knowledge-intensive and capital-intensive,Internet small and medium-sized game enterprises are correspondingly short of real collateral assets.As a result,outside investors are usually wary of such companies.In short,from the macro environment to the micro subject,the survival of small and medium-sized Internet game enterprises is highly related to financing constraints and credit evaluation.Aiming at the credit realization path of China’s Internet small and medium-sized game enterprises,this paper carries out theoretical analysis and empirical research from the following parts:The first part builds the theoretical framework of credit analysis of small and medium-sized Internet game enterprises on the basis of relevant theories and literature research.The theoretical framework includes the definition and interpretation of credit information,credit screening,credit realization and credit sharing.The credit screening mechanism is the core content of this framework.The credit screening mechanism includes two aspects: on the one hand,the signal transmission mechanism of financing demand side;on the other hand,the information screening mechanism of credit supplier side.The financing demander with information advantage cannot actively transmit unobservant information to the loan supplier with information disadvantage,so the loan supplier should take the initiative to establish a credit screening mechanism.In credit suppliers credit screening mechanism,this article assumes that the enterprise of collateral to,including copyright,trademark,and customer traffic,intangible assets as the main form,at the same time,assuming that credit information,or information value is monotone increasing function of information,and using the method such as game tree,the expected utility function is the demand of financing and credit suppliers in the supply of credit risk neutral,credit interest rate marketization and government regulation sexual interest rates and credit suppliers under the credit risk aversion of confusion equilibrium and separating equilibrium state.The second part introduces the current situation of credit realization of small and medium-sized Internet game enterprises in China.As an important part of the cultural industry,the credit realization path of small and medium-sized Internet game enterprises includes government capital guiding demonstration industry fund financing,lack of internal and external credit promoting Internet financing,insurance and guarantee to resolve the risk of cultural and creative financing.Combined with the emergency credit allocation,this paper analyzes the lack of government credit in China.Then,taking Lian Zhong online game company as a typical case,this paper explores the credit realization mode of its growth from small-scale enterprise to large-scale enterprise.Finally,it summarizes the credit system environment and changes of credit system of small and medium-sized Internet game enterprises in China.The third part deepens the research of credit realization path of small and mediumsized Internet game enterprises through dynamic game theory.In order to realize the balance of credit demand and supply and the maximization of income,a credit sharing model based on the information of intangible assets of small and medium-sized game enterprises on the Internet is proposed.This model not only shares the credit,but also shares the profit premium after the credit sharing.Through the scenario simulation of the game between the financing demander and the credit supplier,this paper puts forward the necessity of constructing the credit sharing between the Internet small and medium-sized game enterprises and the credit supplier and the necessity of improving the government regulation.The fourth part uses the method of statistical analysis and empirical research to compare the financial indicators and intangible assets and other non-financial indicators of Chinese Internet game enterprises in different capital market sectors at home and abroad.Focus on the new third board and the main board of Internet game enterprises,the new third board is dominated by small and medium-sized game enterprises,and the main board is dominated by large-scale Internet game enterprises.This paper selects the sample data of 140 small and medium-sized Internet game enterprises from 2013 to2019,and divides them into credit risk enterprises and non-credit risk enterprises according to in market,delisting,ST and non-ST.it constructs a scale of 6first-class financial indicators and 29 second-class financial indicators,and focuses on the indicators of intangible assets and corporate governance information reflecting the internal value information of enterprises.In order to get the credit risk probability of the new third board delisting and ST,the key explanatory variables are selected by ttest of the initial variables and lasso logistic credit risk evaluation model,and calculated by the credit risk probability calculation formula.At the same time,it also studies the relationship between typical intangible assets such as trademark,copyright,software copyright,qualification and patent and business risk,and compares the differences of intangible assets indicators between the main board large-scale Internet game enterprises and the new three board small and medium-sized game enterprises.In view of the high correlation between the financing activities of small and medium-sized Internet game enterprises and government behavior,this paper compares the impact of government regulation on R&D investment of different risk types of enterprises by connecting the direct government subsidies and indirect local government financial science and technology expenditure in government regulation measures.The fourth part is the exploration of credit realization path related to the financing of small and medium-sized Internet game enterprises and the comparative analysis of credit system environment at home and abroad.According to the financing practice of small and medium-sized Internet game enterprises,the paper sorts out the credit realization path and explores the feasibility of the path with credit sharing as the core.The path of credit realization depends on the environment of credit system,which involves government credit,market credit and tax policy.For example,the distribution system of prepaid royalties in the United States,the selection mechanism of the fittest in the Japanese talent market,the government industrial support policy in South Korea and the game industry policy in France.Then,it compares and analyzes the credit system environment of small and medium-sized Internet game enterprises in China.After choosing the credit path of Internet SMEs in India and Germany as a typical case study,the paper puts forward the construction of credit system to improve the credit path of Internet SMEs in China.The fifth part is the analysis and Enlightenment of foreign credit system environment.The path of credit realization depends on the credit system environment,which involves government credit,market credit and tax policy.For example,the distribution system of prepaying part of the royalties in the United States,the screening mechanism of survival of the fittest in Japan’s talent market,and the game industry policy in France.Then,it compares and analyzes the credit system environment of small and medium-sized Internet game enterprises in India and South Korea.After selecting India and South Korea’s small and medium-sized Internet game enterprise credit realization as a typical case study,this paper puts forward the path to improve China’s existing small and medium-sized Internet game enterprise credit realization and credit system construction.The research conclusions of the article can be summarized as follows:Firstly,credit sharing has been practiced in the game industry.For example,small and medium-sized Internet game enterprises obtain credit support in the industry with the intangible assets of the team,and generate the mode of joint investment and shared income.However,the current government regulation measures are mainly government subsidies,and practice shows that such subsidies are more "icing on the cake" rather than "timely help" for small and medium-sized Internet game enterprises.At the same time,the government’s punitive regulation policies for small and medium-sized Internet game enterprises also restrain the innovation power of such enterprises to a certain extent.In addition,credit sharing also has the analysis and judgment of the financing demand side signal transmission,the credit supplier active discrimination and the credit sharing game evolution.The evolution of the game between credit screening and credit sharing will also change the way of information signal transmission,such as changing the dependence on the signal transmission of the traditional financial indicators of enterprises,and innovatively using the important intangible assets indicators of small and medium-sized Internet game enterprises as the basic information of credit screening and credit sharing.Secondly,the credit realization path for the development of China’s Internet small and medium-sized game enterprises mainly includes the model industry fund financing mode guided by government capital,the Internet financing mode promoted by the lack of internal and external credit,and the insurance and guarantee financing mode to defuse the risks of cultural and creative financing.According to these financing mode still exists defects,is proposed based on credit to share various financing modes: the agreement to ensure revenue sharing content flow resource pattern,product differentiation positioning great-leap-forward development model,"large R&D + small and medium-sized game enterprises" resource sharing mode,"large enterprises + small and medium-sized game enterprises" credit sharing mode,government credit support and financing innovation of enterprise management mode and corporate national small and medium enterprise development fund.Thirdly,the credit realization problem of Internet small and medium-sized game enterprises is not only a credit risk problem determined by its technical and economic characteristics,but also a credit system environment problem.Among them,the important factor that affects the credit system environment is the government behavior.Government behavior includes both constraints on enterprises,such as restrictions on game boards,and support for enterprises,such as government subsidies and tax incentives.However,at present these two kinds of policies do not match the expectations of small and medium-sized game enterprises on the Internet.It is necessary to re-understand the impact of government regulation on the sustainable management of small and medium-sized Internet game enterprises.Fourthly,the new credit environment needs new credit solutions.The unique emerging industry environment of Internet small and medium-sized game enterprises makes these enterprises have the conditions to build a big data credit sharing platform,such as big data technology and Internet technology,which promotes the information transparency of Internet small and medium-sized game enterprises and provides effective screening information for external investors.Therefore,the big data credit sharing platform will improve the path of credit realization for small and medium-sized Internet game enterprises.Fifthly,the empirical research results show that:(ⅰ)through the construction of the intangible assets evaluation index,the information difference of intangible assets of small and medium-sized game enterprises in the market,delisting and ST Internet is small,which indicates that the delisting of the new third board and ST Internet small and medium-sized game enterprises still have credit ability,and some of them actively delisted because of looking for better financing channels can partly explain this finding.Using intangible assets indicators and financial indicators as the effective credit information to screen the credit ability of small and medium-sized Internet game enterprises,the credit risk formula measurement shows that the credit risk of new third board is generally higher,and the credit ability of small and medium-sized Internet game enterprises in the market is higher than that of ST and delisted Internet game enterprises,which is similar to the actual credit ability of new third board in the market,ST and delisted Internet game enterprises status is consistent.Therefore,the index of intangible assets should be regarded as the main content of credit information screening.(ⅱ)Intangible assets such as trademark,copyright,software copyright,qualification and patent significantly affect the main financial indicators such as current liabilities,operating cash inflow and operating income of small and medium-sized Internet game enterprises.Therefore,the credit supplier should take the intangible assets as the valuable credit information to identify the financing demander.(ⅲ)By comparing the credit risk of domestic and foreign listed game companies,it is found that the credit risk of American stock market is greater than that of new third board,and the credit risk of new third board is greater than that of domestic main board.The comparative analysis of the intangible asset’s indicators and the main financial indicators of Internet game enterprises shows that the intangible assets indicators are not significant for the main financial indicators of large Internet game enterprises.(ⅳ)Government subsidies and local financial expenditure on science and technology are not effective for small and medium-sized Internet game enterprises in the market,but relatively effective for ST and delisted small and medium-sized Internet game enterprises,reflecting the shortterm speculation of small and medium-sized Internet game enterprises.At the same time,it is found that the human capital of small and medium-sized Internet game enterprises significantly increases their credit ability.Therefore,small and mediumsized Internet game enterprises should strengthen their team building and brand building.In view of the above main findings and research conclusions,this paper proposes the following suggestions to solve the Internet small and medium-sized game enterprises: First,to strengthen the precision of government support policies.We will formulate policies to promote the development of "Internet +" emerging cultural industries in light of local conditions.And strengthen the game market credit system supporting facilities construction.Second,we will improve the decision-making process and implementation of market-leading policies.Emphasize the process of investment decision-making combined with the implementation of the company,and the implementation of equity allocation in the structure of investment.Third,we will improve the credit system in the capital market.Establish a sound capital market listing and delisting system and information disclosure mechanism.Fourth,build a big data credit sharing platform to improve the credit realization path. |
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