基于产业链的动漫企业集合债研究

Research on Anime Enterprise Collective Bond Based on the Industrial Chain

近年来,在国家多项政策的大力扶持下,我国动漫产业发展迅速,但缺乏有形资产抵押物、难以获得贷款融资等问题制约着动漫产业的发展。本文概述了我国动漫产业发展的现状,分析了动漫产业链上、中、下游各阶段的风险与收益特征,将处于产业链上游高风险、高收益的动漫制作企业和低风险、低收益的中游发行企业及下游衍生品开发与销售企业联结起来,创造性地构建了横向组合、纵向组合两种企业集合债融资模式,并分析了该融资模式的优势,为加强动漫企业投融资的风险控制、解决动漫企业融资难的问题提出了新的途径。

In recent years,China has enacted many policies which support the rapid development of animation industry.However,the lack of tangible asset collateral and the difficulty of obtaining loans still restrict the development of animation industry.According to the profit and risk feature of each phase of the animation industry chain,two new financing models of enterprise collective bond including transverse combination and vertical combination are created.These models bind the enterprise of higher risk and higher profit in the upstream,the animation manufacture enterprise in the midstream and derivatives designers and sale enterprise in the downstream with lower risk and lower profit together.These new financing models could strengthen the risk control and solve the financing difficulty of animation enterprise.