中国电影实际投资与预期收益的匹配性研究

The Matching Study of Chinese Film Industry Between Actual Investment and Expected Return

本文研究了中国电影产业在非系统性风险影响下的实际投资与其预期投资收益的匹配关系。根据Thomas(2014)的建模思想,构建简化的匹配模型,找到电影产业非系统性风险对其预期收益的同向影响关系。实证证明,电影产业投资所面临的非系统性风险无法通过现有金融手段完全分散,高非系统性风险要求高预期投资收益。因此,影片的非系统性风险往往是影响投资者决策的重要因素。非系统性风险在影片的生产定价中应当被重视。

This paper studies the Chinese film industry in the actual investment and expected return on investment of matching relations under the influence of idiosyncratic risks. According to Thomas （2014） modeling idea, builds a simplified matching model, finds the relations of film industry idiosyncratic risks to its expected return. The empirical results show that, film industry actual investment faces a idiosyncratic risks which can＇t be completely dispersed through the existing financial means, higher idiosyncratic risks require expected investment returns. As a resuh, the idiosyncratic risks of film are often the important factors that affect investors decision-making. The idiosyncratic risks should be pay attention to in the film production pricing.