The establishment of cultural industry investment funds in Guangdong may have more money than special funds (VC300)

News on March 30th. Recently, the establishment of the Guangdong Cultural Industry Investment Fund was officially launched. It is understood that its total fund size is 5 billion yuan, and the first phase is 1 billion to 1.3 billion yuan. Media Group, Southern Radio, Film and Television Media Group and ICBC International Investment Management Co., Ltd., etc., were initially established at the end of June 2011.

This is not an individual phenomenon. It is understood that investment funds have become one of the important financing channels for the domestic cultural industry. As the Zhejiang Oriental Star Cultural Fund, Shanghai Chinese Cultural Industry Investment Fund and other cultural industry investment funds have frequently launched in the market in the past two years, domestic cultural industry funds have attracted more and more attention.

The 11th Cultural Industry Investment Fund

This Guangdong Cultural Industry Investment Fund under construction will become the 11th cultural industry investment fund in China. According to statistics, between 2009 and 2010, a total of 10 industrial cultural investment funds were established in China. According to incomplete statistics of the Ministry of Culture, the cultural industry investment fund that has been raised and established has exceeded 30 billion yuan, and a cultural industry financial service system covering the whole country is gradually being established.

Information shows that most of these 10 funds are set up by local governments, and their investment scope is cultural enterprises in the areas where the funds are located. The remaining few are “prefix” funds. For example, China Yandi Development Fund is an investment fund established in Hong Kong and invested in Hunan and the nation ’s cultural industries; Support cultural industry incubation fund. In addition, it is understood that Beijing, Shandong and other places are also preparing for the establishment of a cultural industry fund led by the government. The size of a single fund will be between 1 billion and 3 billion yuan.

As of the end of 2010, half of the 10 cultural industry investment funds that were established were still in the process of fundraising. According to the survey, there are currently only 5 Oriental Star Culture Fund, Chinese Cultural Industry Investment Fund, Jiangsu Zijin Cultural Industry Development Fund, China Film and Television Publishing Industry Investment Fund, and Zhongke · Anguang Equity Investment Fund, which have disclosed their investment cases to the outside world. .

"In recent years, China's institutional investor scale and market maturity have greatly developed. Insurance companies, policy banks, commercial banks, securities companies and other financial institutions all hope to intervene in industrial investment funds. Although cultural industry investment is highly risky But overall, it is also one of the most potential investment targets. "Said Fang Weibiao, trust manager of the trust business department of Zhongrong International Trust Co., Ltd.

At the same time, it was found that investment funds, like other forms of financial support, prefer cultural enterprises that are "not bad." It is understood that the first batch of intentional investment targets after the formation of Zhejiang Oriental Starry Sky Cultural Fund are Zhejiang Hengdian Film and Television Production Co., Ltd., Hangzhou Songcheng Tourism Development Co., Ltd. and other cultural enterprises. In fact, Hengdian and Songcheng are both powerful and "not bad money" cultural enterprises. Why doesn't Oriental Star choose many small and medium-sized enterprises that are "awaiting feeding", but choose the "big name" of "not bad money"? Industry insiders said that it is not the investment fund that "thinks of poverty and loves the rich", only invests in "big names", but because the cultural industry has a longer growth cycle and lagging earnings compared with the general industry. As the first cultural and creative fund in Zhejiang Province, Oriental Starry Sky must first consider the robustness and maturity of the project when selecting the first batch of investment targets.

Make up for the lack of special funds

In recent years, many provinces and municipalities have set up special funds for the development of cultural industries in accordance with the national fiscal and taxation policies supporting the development of cultural industries. For example, Guangdong Province has set up a special fund for the development of Guangdong's cultural industry with a total amount of 200 million yuan, which plays an important role in promoting the development of Guangdong's cultural industry. However, the special funds have limitations in terms of nature and amount of funds. For example, the special funds for cultural industries established in most provinces and cities have a maximum total amount of less than 100 million yuan, and investment funds are often more than 1 billion yuan. Therefore, it is difficult to rely solely on the scope and method of application of the special funds for the cultural industry to exert a comprehensive catalytic effect on the development of the entire cultural industry. And various cultural industry investment funds just make up for this vacancy.

According to Fang Weibiao, the positioning of industrial investment funds and venture capital funds in a general sense is different. In the capital market, as an important financing tool, the fund is a relatively long capital chain. Unlike venture capital, industrial investment funds focus more on "industry" rather than "entrepreneurship", have a clear industrial orientation, and invest more in already industrialized 2. Large-scale enterprises, especially those in the middle to late stages of development to a relatively mature stage, or industrial infrastructure with low risks and stable returns. "This can also explain the reason why the currently established cultural industry investment fund 'ignores' small and medium-sized cultural enterprises."

At the same time, the investment of industrial investment funds is compatible with the growth and expansion of the industry, which is more in line with the characteristics of the stage of the domestic cultural industry. Xiang Xiaomei, a researcher at the Institute of Industrial Economics of the Guangdong Academy of Social Sciences, said: "Because China's cultural industry can face globalized international competition, it is necessary to promote the rapid growth of the cultural industry from the growth stage to the expansion period. The investment characteristic of the cultural industry is the investment cycle The investment required for long-term investment is relatively large and scattered, requiring long-term and stable financial support. And the dominant position in China ’s cultural industry is state-owned enterprises, and the government orientation of industrial investment is strong. Therefore, cultural industry investment funds must be The combination of these characteristics of the industry selects an organization form that is convenient to manage and has a strong stability. Therefore, industrial funds are more in line with the needs of the development of China's cultural industry than risk funds. "

The role of government is crucial

According to the current fundraising and investment situation of cultural industry investment funds, the main areas of investment of most cultural industry investment funds are not yet clear. "On the one hand, it is because most of the fundraising is not in place, on the other hand, it is also because the cultural industry fund is established for a short time, has little operating experience, and is the first attempt in the country. There is no precedent to follow." Fang Weibiao said.

In addition, how to supervise the investment funds of state-owned cultural industries will also have a greater impact on non-state fund investors. People in the industry are also concerned that if the state-owned asset supervision model is strictly applied at both the fund and fund investment levels, it may limit the flexibility of fund investment decisions and the liquidity of related assets.

Although there are currently 10 cultural industry investment funds, they are still in their infancy in China, especially since most funds are government-led, so no matter from what angle, the role of the government is very important. "The government should be a capital supplier, a policy supporter and a supervisor. On the one hand, the government should support the development of cultural funds through capital injection and policy support, and establish a coordinated, unified and efficient approval and operation supervision system In order to ensure the rights and interests of fund investors. On the other hand, as a commercial investment and financing body that operates according to market principles, the cultural industry investment fund should not intervene in its specific operations, but can only provide necessary support to it through corresponding fiscal and financial policies. . "Xiang Xiaomei said.

Some industry insiders also pointed out that for the cultural industry investment funds that are not yet mature, we should formulate policies such as tax incentives, exemptions and financial discounts to guide the fund ’s investment and support the development of the fund, and formulate cultural industry investment fund supervision and management measures and fund investment performance. Evaluation system; formulate supporting policies and measures such as encouraging investment in cultural industry catalogs and financing application standards.

"At the same time, we should vigorously cultivate the composite professionals of the cultural industry investment fund. Highlight the characteristics of the industry fund's" expert investment, expert financial management ", and vigorously cultivate a group of composite talents who are familiar with the development laws of the cultural industry and have expertise in fund investment and management "Xiang Xiangmei said.

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