Research On The Investment Efficiency Evaluation Of Film Project

As the backbone for the development of culture industry, film industry has brought enormous economic benefits and social benefits. However, currently the evaluation on the benefits of film investment attaches too much emphasis on economic benefit evaluation, but ignores social benefit evaluation, this may easily lead to the situation where film industry seeks quick profits of investment, emphasizes the entertainment effect of film products, ignores the impact of traditional culture and core values, this is not conducive to the long-term development of film industry, and this is not conducive to optimizing the investment efficiency of film industry.In recent years, various government-backed cultural investment funds have been established in China. Cultural investment fund refers to the industrial investment fund that involves the director indirect participation of government and can support culture industry or relevant fields. The purpose is to determine the leadership of government, adopt market-oriented operations, guide social capital to invest in culture-related fields, attach equal importance to economic benefits and the impacts of cultural products on people’s values, morality, psychological quality, and scientific and cultural quality, and establish correct value orientation. How to design the investment operating mechanism of cultural investment fund to give full play to its role in leading and optimizing film investment efficiency? Undoubtedly, it is very urgent and necessary to establish the investment evaluation system that attaches equal emphasis to economic benefits and social benefits, and evaluate the investment efficiency of existing film projects. This is the objective of this research.Firstly, the paper analyzes the characteristics of film products, and determines the economic benefit indicators and social benefit indicators for output efficiency evaluation. Economic indicators include:box office, box office’s rate of return, input-output ratio and annual input-output ratio; secondly, it adopts Delphi method, AHP, fuzzy evaluation method and other benefit evaluation methods, interviews experts, scholars and moviegoers in culture industry, carries out questionnaire survey and collects information. According to the principles and steps of Delphi method, the paper identifies the factors affecting the social benefits of film investment, and establishes a social benefit evaluation system. Social benefit evaluation includes five primary indicators, which are being consistent with the core values, inheriting and leading traditional Chinese culture, artistic function, the potential impact on related industries, the potential impact on employment. These five primary indicators can be further subdivided into 16 secondary indicators. Finally, the paper takes film production costs as input factor, take economic indicators and social benefit evaluation score as output factors, establishes a film comprehensive investment efficiency evaluation system, and uses DEA (Data Envelopment Analysis) to calculate and evaluate film comprehensive investment efficiency.Based on the established film investment efficiency evaluation system, the paper selects 17 films as samples, and carries out empirical analysis on film project investment efficiency. Firstly, it evaluates the investment efficiency of economic resources, combines social benefit evaluation, and carries out comprehensive investment efficiency evaluation. The analysis results indicate that social benefit evaluation results will exert an impact on the comprehensive efficiency of investment, people should pay attention to the projects with high comprehensive investment efficiency when investing in cultural investment fund. Finally, the paper points out the necessity of optimizing film investment, proposes some investment suggestions, the comprehensive investment efficiency of cultural investment funds should be evaluated from an appropriate perspective according to culture industrial guidance and needs, in order to make decision and guide investment.In this paper, the proposed ideas and methods for carrying out comprehensive investment efficiency evaluation of film industry investment projects are also applicable to other similar projects in culture industry, and can be promoted to carry out comprehensive investment efficiency evaluation of other similar culture industrial projects. The results of comprehensive investment efficiency evaluation can be used to provide reference for the decision-making of cultural investment fund, and guarantee the function of cultural investment fund in achieving market-oriented operations and guiding industrial development.