不確定性下創(chuàng)意企業(yè)投融資互動(dòng)關(guān)系研究
發(fā)布時(shí)間：2018-07-13 16:53
【摘要】：創(chuàng)意產(chǎn)業(yè)發(fā)展的十余年間,對(duì)經(jīng)濟(jì)發(fā)展起到較大的推動(dòng)作用,各國(guó)政府也紛紛在政策和發(fā)展戰(zhàn)略上對(duì)創(chuàng)意產(chǎn)業(yè)進(jìn)行傾斜。在創(chuàng)意產(chǎn)業(yè)取得令人欣喜的發(fā)展成果的同時(shí),創(chuàng)意產(chǎn)業(yè)管理和經(jīng)營(yíng)等相關(guān)問題也隨之暴露,其中創(chuàng)意產(chǎn)業(yè)內(nèi)的企業(yè)投融資問題成為當(dāng)下研究熱點(diǎn)。創(chuàng)意產(chǎn)業(yè)的高不確定性和管理機(jī)制的不健全,增加企業(yè)價(jià)值評(píng)估和融資的難度,如何對(duì)創(chuàng)意企業(yè)投資項(xiàng)目?jī)r(jià)值進(jìn)行評(píng)估?創(chuàng)意企業(yè)的不確定性來源是什么?創(chuàng)意企業(yè)融資約束對(duì)投資決策有何種影響?基于對(duì)這些問題的思考,運(yùn)用文獻(xiàn)分析法、案例分析法、模型分析法、問卷訪談法和實(shí)證檢驗(yàn)法對(duì)不確定性創(chuàng)意企業(yè)投融資互動(dòng)關(guān)系展開一系列研究。 論文依托于國(guó)家自然科學(xué)基金“創(chuàng)意產(chǎn)業(yè)園區(qū)組織生態(tài)系統(tǒng)演進(jìn)及競(jìng)爭(zhēng)力評(píng)價(jià)模型研究(項(xiàng)目編號(hào)：70873018)和英國(guó)倫敦國(guó)王學(xué)院CCI(文化創(chuàng)意產(chǎn)業(yè)中心)項(xiàng)目"Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities"(中國(guó)與英國(guó)創(chuàng)意產(chǎn)業(yè)運(yùn)營(yíng)模式比較)展開對(duì)中國(guó)上海紡控集團(tuán)和倫敦巧克力工廠下屬的創(chuàng)意企業(yè)的實(shí)證對(duì)比研究。通過對(duì)相關(guān)文獻(xiàn)的梳理,對(duì)創(chuàng)意產(chǎn)業(yè)的概念、特征和分類進(jìn)行界定,指出創(chuàng)意產(chǎn)業(yè)概念是一個(gè)動(dòng)態(tài)集合體概念。運(yùn)用產(chǎn)業(yè)組織理論分析創(chuàng)意產(chǎn)業(yè)不確定性的來源與表現(xiàn)形式,按照創(chuàng)意產(chǎn)品的產(chǎn)業(yè)化過程將不確定性因素分為三類,從連續(xù)時(shí)間和離散時(shí)間兩個(gè)角度出發(fā),研究創(chuàng)意企業(yè)價(jià)值評(píng)估實(shí)物期權(quán)模型,在Schwartz-Moon修正模型中引進(jìn)不確定性成本、產(chǎn)權(quán)收入和公司產(chǎn)品價(jià)值損失三個(gè)變量,并在考慮稅率的情況下構(gòu)建企業(yè)稅后凈收入模型；基于創(chuàng)意企業(yè)價(jià)值評(píng)估的期權(quán)模型,進(jìn)一步構(gòu)建創(chuàng)意企業(yè)投資決策時(shí)間線,并對(duì)投資時(shí)機(jī)進(jìn)行研究。 從融資成本、融資能力和融資環(huán)境角度對(duì)創(chuàng)意企業(yè)的融資制約因素進(jìn)行分析,通過本文已構(gòu)建的創(chuàng)意企業(yè)供給需求的理論框架,對(duì)創(chuàng)意企業(yè)融資約束與投資決策之間的關(guān)系進(jìn)行闡述。在資本供給和需求函數(shù)中引入創(chuàng)新能力、知識(shí)產(chǎn)權(quán)保護(hù)力度和宏觀金融環(huán)境三個(gè)變量,用以分析異質(zhì)性和同質(zhì)性創(chuàng)意企業(yè)在這三個(gè)變量的作用下融資過程和企業(yè)的投資決策之間的關(guān)聯(lián)性。進(jìn)而,構(gòu)建創(chuàng)意企業(yè)一階期權(quán)博弈模型和二階期權(quán)博弈模型,進(jìn)一步從理論上證明創(chuàng)意企業(yè)投融資之間存在互動(dòng)關(guān)系。采用封閉式問卷和開放式問卷相結(jié)合的方式,對(duì)倫敦巧克力工廠和上海紡控集團(tuán)下屬的創(chuàng)意企業(yè)進(jìn)行問卷調(diào)研和訪談,并對(duì)兩地的創(chuàng)意企業(yè)進(jìn)行描述性統(tǒng)計(jì)分析和實(shí)證檢驗(yàn),從而驗(yàn)證模型的有效性。 通過分析得出,創(chuàng)意企業(yè)預(yù)期現(xiàn)金流與企業(yè)的不確定性成本數(shù)量成反比,與企業(yè)收入增長(zhǎng)率的波動(dòng)率成正比。創(chuàng)意企業(yè)的財(cái)富積累與產(chǎn)權(quán)收入和產(chǎn)品的價(jià)值損失之間存在線性關(guān)系。離散時(shí)間下變量的收斂速度取決于企業(yè)的不確定性大��；當(dāng)創(chuàng)意企業(yè)資本投入不確定性固定的情況下,企業(yè)的投資價(jià)值會(huì)隨著現(xiàn)金流比率(收益不確定性)的增加而增加,現(xiàn)金流比率對(duì)企業(yè)期權(quán)價(jià)值的影響存在折點(diǎn),通過折點(diǎn)位置的不同,得出融資約束程度大的創(chuàng)意企業(yè),受不同現(xiàn)金流比率的影響程度更大,等待投資的時(shí)間更久。因此,不確定性下企業(yè)的融資約束與投資決策之間存在互動(dòng)關(guān)系。
[Abstract]:In the more than ten years of the development of creative industries, the economic development has played a great role in promoting the development of the economy. The governments of all countries have also leaned on the creative industry in the policy and development strategies. While the creative industry has made the exciting development results, the management and management of creative industries are also exposed, including the enterprises in the creative industry. The problem of investment and financing has become the hot spot of research. The high uncertainty of the creative industry and the unsound management mechanism, the difficulty of increasing the value evaluation and financing of the enterprise, how to evaluate the value of the investment project of the creative enterprise? What are the sources of the uncertainty of the creative enterprise? What is the influence of the financing constraints on the creative enterprises on the investment decision? To think about these problems, we use literature analysis, case analysis, model analysis, questionnaire interview and empirical test to carry out a series of research on the interactive relationship between investment and financing of uncertain creative enterprises.
The paper is based on the National Natural Science Foundation of the National Natural Science Foundation, "the evolution and competitiveness evaluation model of the organizational ecosystem of creative industrial parks" (project number: 70873018) and the project "Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities" in King's College in London (Chinese and British creativity). Comparing the industrial operation mode) the empirical comparison of the creative enterprises under the Shanghai textile and control group and the chocolate factory in London. By combing the related literature, the concept, characteristics and classification of the creative industry are defined, and the concept of creative industry is a dynamic aggregation concept. The sources and forms of the uncertainty of the Italian industry are divided into three categories according to the industrialization process of creative products. From two angles of continuous time and discrete time, the real option model of creative enterprise value evaluation is studied. The uncertainty cost, property right income and company product are introduced in the Schwartz-Moon correction model. The value loss is three variables, and the net income model after tax is built in the case of tax rate. Based on the option model of the creative enterprise value evaluation, the time line of investment decision for creative enterprises is further constructed and the investment opportunity is studied.
From the perspective of financing cost, financing capacity and financing environment, this paper analyzes the financing constraints of creative enterprises. Through the theoretical framework of the supply demand of creative enterprises, the relationship between financing constraints and investment decisions of creative enterprises is expounded. The innovation ability is introduced in the capital supply and demand function, and intellectual property protection is guaranteed. The three variables of protection and macro financial environment are used to analyze the relationship between the financing process and the investment decision of the enterprise under the effect of the three variables. Then, the first order option game model and the two order option game model are constructed to further prove the investment and financing of creative enterprises. A closed questionnaire and an open questionnaire are used to investigate and interview the creative enterprises of the chocolate factory in London and the Shanghai textile control group. The descriptive statistics and empirical tests are carried out to the creative enterprises in both places to verify the validity of the model.
Through the analysis, it is concluded that the expected cash flow of creative enterprises is inversely proportional to the uncertain cost of the enterprise, and is proportional to the volatility of the growth rate of the enterprise income. There is a linear relationship between the wealth accumulation of the creative enterprise and the loss of the value of the property rights and the value of the product. The convergence rate of the variable in the discrete time depends on the uncertainty of the enterprise. When the uncertainty of capital investment in creative enterprises is fixed, the investment value of the enterprise will increase with the increase of cash flow ratio (income uncertainty). The effect of cash flow ratio on the value of the enterprise option has a broken point. Through the different position of the discount point, the creative enterprises with large financial constraints are obtained by different cash flow ratio. The rate of impact is greater and the waiting time for investment is longer. Therefore, there is an interactive relationship between financing constraints and investment decisions under uncertainty.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F719
本文編號(hào)：2120095
[Abstract]:In the more than ten years of the development of creative industries, the economic development has played a great role in promoting the development of the economy. The governments of all countries have also leaned on the creative industry in the policy and development strategies. While the creative industry has made the exciting development results, the management and management of creative industries are also exposed, including the enterprises in the creative industry. The problem of investment and financing has become the hot spot of research. The high uncertainty of the creative industry and the unsound management mechanism, the difficulty of increasing the value evaluation and financing of the enterprise, how to evaluate the value of the investment project of the creative enterprise? What are the sources of the uncertainty of the creative enterprise? What is the influence of the financing constraints on the creative enterprises on the investment decision? To think about these problems, we use literature analysis, case analysis, model analysis, questionnaire interview and empirical test to carry out a series of research on the interactive relationship between investment and financing of uncertain creative enterprises.
The paper is based on the National Natural Science Foundation of the National Natural Science Foundation, "the evolution and competitiveness evaluation model of the organizational ecosystem of creative industrial parks" (project number: 70873018) and the project "Creative Clusters Operating Mechanisms:Case Studies of Two Creative Cities" in King's College in London (Chinese and British creativity). Comparing the industrial operation mode) the empirical comparison of the creative enterprises under the Shanghai textile and control group and the chocolate factory in London. By combing the related literature, the concept, characteristics and classification of the creative industry are defined, and the concept of creative industry is a dynamic aggregation concept. The sources and forms of the uncertainty of the Italian industry are divided into three categories according to the industrialization process of creative products. From two angles of continuous time and discrete time, the real option model of creative enterprise value evaluation is studied. The uncertainty cost, property right income and company product are introduced in the Schwartz-Moon correction model. The value loss is three variables, and the net income model after tax is built in the case of tax rate. Based on the option model of the creative enterprise value evaluation, the time line of investment decision for creative enterprises is further constructed and the investment opportunity is studied.
From the perspective of financing cost, financing capacity and financing environment, this paper analyzes the financing constraints of creative enterprises. Through the theoretical framework of the supply demand of creative enterprises, the relationship between financing constraints and investment decisions of creative enterprises is expounded. The innovation ability is introduced in the capital supply and demand function, and intellectual property protection is guaranteed. The three variables of protection and macro financial environment are used to analyze the relationship between the financing process and the investment decision of the enterprise under the effect of the three variables. Then, the first order option game model and the two order option game model are constructed to further prove the investment and financing of creative enterprises. A closed questionnaire and an open questionnaire are used to investigate and interview the creative enterprises of the chocolate factory in London and the Shanghai textile control group. The descriptive statistics and empirical tests are carried out to the creative enterprises in both places to verify the validity of the model.
Through the analysis, it is concluded that the expected cash flow of creative enterprises is inversely proportional to the uncertain cost of the enterprise, and is proportional to the volatility of the growth rate of the enterprise income. There is a linear relationship between the wealth accumulation of the creative enterprise and the loss of the value of the property rights and the value of the product. The convergence rate of the variable in the discrete time depends on the uncertainty of the enterprise. When the uncertainty of capital investment in creative enterprises is fixed, the investment value of the enterprise will increase with the increase of cash flow ratio (income uncertainty). The effect of cash flow ratio on the value of the enterprise option has a broken point. Through the different position of the discount point, the creative enterprises with large financial constraints are obtained by different cash flow ratio. The rate of impact is greater and the waiting time for investment is longer. Therefore, there is an interactive relationship between financing constraints and investment decisions under uncertainty.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F719
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