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 Chinas cultural enterprises at different stages of their life cycle is analyzed, there have been general multilevel 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 refinancings 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 debttoequity 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 earningsgrowth 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.
刘友芝. 我国文化企业的多层次直接融资模式探析[J]. 浙江大学学报(人文社会科学版), 2013, 43(3): 125-133.
Liu Youzhi. A Study on the Multilevel Direct Financing Modes of Chinese Cultural Enterprise. , 2013, 43(3): 125-133.