Research On TZ Cultural Financing Strategy

In the 13 th five-year plan,the strategic goal of "cultural industry becoming the pillar industry of national economy" is clearly defined in 2020,which indicates that cultural industry has become an important part of China's national development strategy,and also marks that China's cultural industry has entered a new historical opportunity period.However,opportunities are always accompanied by challenges.The positive industrial prospect intensifies market competition.Coupled with the impact of industrial policies and the Internet in recent years,the performance of traditional cultural media enterprises continues to decline and they are forced to carry out transformation.In June 2017,Hunan province began to implement a special rectification of the disorganized teaching materials,and the supervision of traditional cultural industries has been strengthened.The published books teaching as the main business of TZ culture development caused serious blow,under this background,the culture of TZ to emerging industries such as mobile phone games,cultural diffusion transformation,but subject to financing problems,TZ culture in the development of the transition is relatively difficult,in view of this,this paper takes TZ culture as the research object,through analyzing its current problems and the cause of the financing strategy,proposes the solution measures,in order to culture media enterprises explore financing strategy in accordance with its own characteristics.The research of this paper has important theoretical and practical significance for promoting traditional cultural media enterprises to break through the development bottleneck.In recent years,TZ culture has mainly carried out industrial transformation through large-scale mergers and acquisitions.The current industrial layout involves three sectors:labor-intensive book printing and teaching auxiliary industry,human capital-intensive mobile game development industry and cultural communication industry,with relatively good industrial layout.However,affected by mobile game industry policies and the declining growth of cultural industry environment,TZ culture set up a goodwill impairment allowance of 1.286 billion yuan in 2018,which had a significant impact on the company's performance in the reporting period of the year and triggered a sharp decline in stock price,which is very unfavorable to the TZ culture that relies on equity financing for a long time.Through the analysis of the financing behavior,financing structure and financing demand of TZ culture,this paper finds that enterprises currently have the problems of insufficient endogenous financing,excessive reliance on equity financing for exogenous financing,unreasonable debt structure and excessive ratio of liquidity debt.The main reasons for these problems include:insufficient human capital reserve,low level of investment and financing management;Too much trust in the securities market,insufficient diversification of enterprise risk;In the transition period,the financing risk concept is weak;The research and development fund demand is big,lacks the loan pledge;The drawbacks of large-scale mergers and acquisitions are exposed.This paper further puts forward the "one principle,three steps" financing strategy for TZ culture through establishing the optimal financing structure model and SWOT analysis.The three steps are as follows: first,according to the characteristics of traditional book publishing and printing business,make use of account receivable factoring and endogenous financing to make it bigger and stronger,and play the role of "base camp" of traditional business;The second step is to control large-scale mergers and acquisitions,and to use enterprise venture capital(CVC)to lay out new industries and minimize transformation risks.The third step is to reduce the dependence on equity financing,start from its own advantages,diversify financing channels,and actively use the intellectual property pledge,crowdfunding,cultural industry fund and other financing methods to complete the transformation.Finally,in order to ensure the smooth implementation of the financing strategy during the TZ cultural transformation,this paper puts forward three safeguard measures: the establishment of investment and financing management department,the establishment of a scientific financing decision-making process;Strengthening the construction of human resources,expanding the channels of talent introduction and recruitment;Pay attention to intellectual property protection,improve the level of intellectual property management.