我国文化企业的多层次直接融资模式探析

近年来，我国各生命周期阶段文化企业的直接融资模式总体上呈现出以少数几种内源直接融资为基础、各类外源直接融资为主的多层次趋势。其中，外源直接融资在初创期和成长早期以非正式资本市场各种私募股权融资为主、债权融资为次；成长后期和成熟期则以正式资本市场丰富的公募股权及债权融资为主，以特殊的私募股权及债权融资为次。然而，目前绝大多数早期未上市文化企业通过非正式资本市场吸纳私募法人股权资本和创业投资、私募股权投资基金、文化产业投资基金等私募机构股权基金的直接融资通道不畅。基于文化产业关联的文化企业可持续发展战略、更完善的资本退出渠道以及文化产业投资基金回归股权投资的本位功能有益于解决这一难题。

A Study on the Multilevel Direct Financing Modes of Chinese Cultural Enterprises

Since the end of 1990s, Chinese cultural enterprises have generally preferred the direct financing modes of the initial public offering (IPO). However, this single and narrow mode cannot satisfy the middle and long term financing needs of Chinese cultural enterprises brought about by their sustainable development strategies based on the interrelationship among cultural enterprises. In order to promote the sustainable development of Chinese cultural enterprises, it is urgent to make a comprehensive analysis on the multilevel direct financing modes of cultural enterprises at different stages of their life cycle. Integrating the multilevel direct financing needs of Chinese cultural enterprises at different life cycle stages with the investment models of different types of investors on multilevel capital markets entering the culture enterprises is a new strategic approach for Chinese cultural enterprises to develop multilevel direct financing modes.  In recent years, when the direct financing mode of Chinas cultural enterprises at different stages of their life cycle is analyzed, there have been general multi level trends with a few endogenous direct financings actting as the foundation and all kinds of exogenous direct financings as the main. The exogenous direct financing models have shown a trend of gradual abutment with the varieties of investment patterns by different investors on multilevel capital markets. As for the cultural enterprises of the initial and early growth stages, they mainly make full use of all kinds of the private equity capital of the informal capital markets, such as private corporate equity capital, venture capital (VC), private equity funds (PE) and cultural industry investment funds, etc. and secondarily rely on the debt capital (e.g. the SME private debt) of the informal capital markets. As for the cultural enterprises of their growth late and mature stages, they mainly adopt the rich public offering equities such as the IPO or the different re financings and the various types of debt financings by the listed culture companies publicly issued in the formal capital market. Meanwhile, they also adopt the means of special private equity financing (e.g. PIPE) and debt financing (the securitized cultural assets with a stable revenue) as a supplementary means. As for declining cultural enterprises, they mainly focus on debt to equity swap and private mergers and acquisitions funds.  However, it is difficult for most Chinese unlisted cultural enterprises to absorb private corporate equity capital and private institutional equity funds such as VC, PE, as well as culture industry funds, etc. In order to solve this problem, on the one hand, we need to make great efforts to enhance the actual capital absorption capacity of cultural enterprises at early growth stages to attract private capital investors on informal capital market. First, we need to promote the earnings growth capability and the ability to resist risks of cultural enterprises. Second, we need to enforce the flexibility of various private capitals on informal capital markets where culture enterprises exist. On the other hand, we need to improve the market operation ability and efficiency of culture industry funds to fulfill their function of equities investment regression. Only in this way, the direct financing need of our Chinese cultural enterprises, especially that of the early and unlisted ones, could be fulfilled.