本文選題：信托融資 + 企業(yè)投融資�。� 參考：《山東大學(xué)》2017年碩士論文

【摘要】：文化產(chǎn)業(yè)作為國(guó)家未來(lái)支柱產(chǎn)業(yè)之一,在現(xiàn)在和未來(lái)都有著相當(dāng)巨大的發(fā)展?jié)摿εc盈利空間。文化企業(yè)作為推動(dòng)文化產(chǎn)業(yè)發(fā)展繁榮的核心,其良性發(fā)展需要金融資本的助力支持。囿于傳統(tǒng)抵質(zhì)押資產(chǎn)不足、價(jià)值估值體系尚不完備、產(chǎn)品現(xiàn)金流入的波動(dòng)性與不確定性、金融行業(yè)法規(guī)對(duì)于金融資本流向的若干限制等因素,文化企業(yè)長(zhǎng)期以來(lái)都不是金融機(jī)構(gòu)投融資的優(yōu)選對(duì)象。而信托公司作為唯一可以直接在貨幣市場(chǎng)、資本市場(chǎng)和實(shí)體領(lǐng)域進(jìn)行債權(quán)性投資的金融機(jī)構(gòu),在業(yè)務(wù)上具有高度的靈活性與自由度,具備其他同業(yè)金融機(jī)構(gòu)無(wú)法比擬的特征優(yōu)勢(shì),是引導(dǎo)資本進(jìn)入文化產(chǎn)業(yè)的重要支撐。文章以我國(guó)文化企業(yè)信托融資為主線,首先從文化企業(yè)融資特點(diǎn)入手,從財(cái)務(wù)報(bào)告質(zhì)量、風(fēng)險(xiǎn)抵御能力、融資渠道依賴度等角度分析非上市文化企業(yè)的融資困境。同時(shí)基于上市公司公開(kāi)財(cái)務(wù)信息,橫縱比較性研究上市文化公司的融資特征;其次,文章精要性梳理與總結(jié)了我國(guó)信托業(yè)的發(fā)展歷程,從公司分布、注冊(cè)資本、信托資產(chǎn)、收入構(gòu)成、盈利規(guī)模、風(fēng)險(xiǎn)管理等六個(gè)角度對(duì)我國(guó)信托公司的發(fā)展現(xiàn)狀進(jìn)行具體分析,并結(jié)合文化企業(yè)資產(chǎn)特點(diǎn)與規(guī)模資質(zhì)特征,比較性研究信托融資特點(diǎn)、文化企業(yè)與信托融資的聯(lián)動(dòng)程度;進(jìn)而,文章基于信托業(yè)務(wù)現(xiàn)有的成熟模式與文化企業(yè)信托融資的特征研究,結(jié)合實(shí)操案例,從主動(dòng)管理與事務(wù)管理角度,為文化企業(yè)信托業(yè)務(wù)歸納并構(gòu)建出了相適應(yīng)的融資模式與交易結(jié)構(gòu);第四,針對(duì)文化企業(yè)估值過(guò)程中出現(xiàn)的模型構(gòu)建與方法應(yīng)用問(wèn)題,文章以實(shí)務(wù)中最為常用的估值方法作為突破口,在對(duì)有關(guān)模型與估值方法進(jìn)行比較分析的同時(shí),亦通過(guò)估值報(bào)告的形式,以新三板某家文化科技類公司為估值標(biāo)的,進(jìn)行相關(guān)方法的應(yīng)用與具體的估值測(cè)算;最后,文章以理論和實(shí)務(wù)相結(jié)合的方式,從信托公司、文化企業(yè)、政府立法等角度,探討對(duì)我國(guó)文化企業(yè)信托融資的對(duì)策或建議。
[Abstract]:As one of the pillar industries in the future, cultural industry has great development potential and profit space in the present and the future. As the core of promoting the development and prosperity of cultural industry, cultural enterprises need the support of financial capital. Due to the shortage of traditional hypothecated assets, the incomplete valuation system, the volatility and uncertainty of cash inflow of products, and some restrictions on the financial capital flow in the financial industry regulations, and so on, For a long time, cultural enterprises have not been the best choice for financial institutions. As the only financial institution that can directly invest in the money market, capital market and entity field, the trust company has a high degree of flexibility and freedom in its business. It is an important support to guide capital into cultural industry with the characteristic advantage that other financial institutions in the same profession can't compare. This paper takes trust financing of cultural enterprises in our country as the main line, starts with the characteristics of financing of cultural enterprises, analyzes the financing predicament of unlisted cultural enterprises from the aspects of financial reporting quality, risk resistance ability and dependence of financing channels. At the same time, based on the public financial information of listed companies, the financing characteristics of listed cultural companies are studied horizontally and vertically. Secondly, the paper summarizes the development process of trust industry in China, from the distribution of companies, registered capital, trust assets. From the six angles of income composition, profit scale, risk management and so on, this paper makes a concrete analysis of the present situation of trust companies in our country, and compares the characteristics of trust financing with the characteristics of assets and scale qualification of cultural enterprises. Then, based on the existing mature mode of trust business and the characteristics of trust financing of cultural enterprises, combining with practical cases, this paper analyzes the relationship between trust financing and active management. The paper summarizes and constructs appropriate financing model and transaction structure for the trust business of cultural enterprise. Fourthly, it aims at the problems of model construction and method application in the process of valuation of cultural enterprise. In this paper, the most commonly used valuation method in practice is used as the breakthrough point. While comparing and analyzing the relevant models and valuation methods, the paper also takes a culture and technology company on the new third board as the target of valuation through the form of valuation report. Finally, the paper discusses the countermeasures and suggestions on trust financing of Chinese cultural enterprises from the perspective of trust companies, cultural enterprises, government legislation and so on.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G124;F275;F832.49

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