中山管理評論

  期刊全文閱覽

中山管理評論  2017/3

第25卷第1期  p.101-134

DOI:10.6160/2017.03.03


題目
電影資本市場失靈與匡正機制之探討
Study on Film Capital Market Failure and Corrective Mechanism
(131_M5a1e66c242905_Full.pdf 1,203KB)

作者
董澤平、廖志峰/國立台灣師範大學全球經營與策略研究所、實踐大學財務金融學系
Tse-Ping Dong, Chih-Feng Liao/

Graduate Institute of Global Business and Strategy, National Taiwan Normal University、Department of Finance and Banking, Shih Chien University


摘要(中文)

新經濟浪潮下,電影產業成為世界各國重點發展產業之一,然而因電影投資與製作過程處處充滿各式風險、不對稱資訊與代理成本等問題,故除好萊塢電影產業外,各國電影資本市場多處於市場失靈狀態。本研究針對電影資本市場失靈主要因素進行深入探討,以瞭解資本市場與製片人如何克服電影融資之資訊問題與代理問題,使市場機制正常運作,完成資金募集。此外,透過相關理論和文獻,以及我國自國際資本市場成功募得資金之代表個案作深入探討與分析,期能瞭解電影資本市場建立之關鍵因素與相關機制為何,以提供我國電影產業與資本市場未來發展之參考。

(131_M5a1e66c242905_Abs.pdf(檔案不存在))

關鍵字(中文)

電影資本市場、市場失靈、匡正機制、資訊問題、代理問題


摘要(英文)

In the era of new economics, motion picture industry has been the key industry for development worldwide. It is so risky in film investment and produce process that most film capital markets confronts market failure problems. In view of that fund raising is the most important and difficult point in motion picture industry development process, this study investigated main causes of film capital market failure. This is useful for understanding how film capital market and independent producer overcome information and agent problems in film financing, make market mechanism work, and collect funds. This study specifically investigated representative Taiwan cases raising funds from international capital market successfully. The results are useful in understanding key factors and operation mechanisms in film capital market building, and as reference resources in government and financial industry policy and motion picture industry development.

(131_M5a1e66c242905_Abs.pdf(檔案不存在))

關鍵字(英文)

Film Capital Market, Market Failure, Corrective Mechanism, Information Problem, Agency Problem


領域
Financial Accounting

政策與管理意涵

文化創意產業是近期全球各國高度重視的產業,而電影產業的發展更是文化創意產業的重心,但電影產業的重視創意、高成本與獲利不確定等特性,導致電影投資與製作存在資訊不對稱與代理成本等問題。因此本文針對電影資本市場失靈之因素進行研究,探討獨立製片人如何克服融資障礙,並降低電影融資風險之機制。 透過文獻回顧、深度訪談與個案研究分析,本文發現電影資本市場得以克服市場失靈,使市場機能得以建立發揮的關鍵因素有風險分割、契約設計、評價機制、公正第三方制度、保險機制、發訊機制、審核機制、監督機制與資訊透明化等九項。此外,好萊塢電影專責分工明確,也提高電影融資成功之機會。 本文研究結果具有下列二項實務意涵。首先,我國電影拍攝資金來源不再僅依賴政府補助或輔導金,自有資金、個人與企業投資比率逐漸升高,政府輔導金比率則逐漸下降,加上國內民間文創基金的投資熱潮,預期未來我國電影製作資金來源越趨市場化。本文研究的電影資本市場匡正機制將有效降低電影資金投資者與電影拍攝團隊的資訊不對稱,提高彼此的互信基礎以達成互惠互利的目標。 其次,我國政府正積極推動國內電影產業發展,希望厚植我國電影人才及產業基礎,並協助業者在華語電影市場發展與行銷,而本文認為市場機能得以成功運作的九項因素,將有助於相關單位落實電影產業發展政策參考,特別是公正第三方的建立。因我國相較於他國,缺乏具有規模經濟或有能力進行電影組合規劃的片商,因此再引進其他業外資金或金融資本要進入電影產業時,更容易發生資訊不對稱與代理問題,這是目前我國非電影產業的民間資金無法積極參與投資國片拍攝的原因,也是我國電影資本市場發展遲緩的主因。因此,公正第三方的建立有其必要性,且此公正機構將有助於落實發訊、審核與監督等機制,並提供專業的電影與財務人才就業機會,以進行電影企畫書與拍攝進度的審核與確認,更能促進我國電影資本市場的流動性與開放性。


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