文化產權交易市場的金融創(chuàng)新和市場機遇

1、 文化產權交易市場的金融創(chuàng)新和市場機遇 文化產權交易市場的金融創(chuàng)新和市場機遇 THE STUDY OF CULTURE ASSETS AND EQUITY EXCHANGE IN CHINA 學 校： 上海交通大學 學 院： 上海高級金融學院 專 業(yè)： 高級工商管理（EMBA） 作 者： 方玲瑯 導 師： 李峰教授、呂逸君教授 學 號： 1143802013 班 級： Z1438021 答辯日期

2、： 2016 年 5 月 5 日 THE STUDY OF CULTURE ASSETS AND EQUITY EXCHANGE IN CHINA ABSTRACT The Chinese culture industry is going through a rapid growth in recent years. While other traditional industries are experiencing hard ti

3、me, the culture industry appears to be the breakthrough in the current economy situation, leading and pushing other industries to reform and restructuring. A significant feature of the culture industry in recent years

4、 is the interaction with capitals ， which comes from the need of development of both culture industry and the capital market. Stimulated by the Internet finance, the financial exchange markets generate various forms

5、 of products, such as credit loans, trust funds, insurances, bonds, bills, funds, stocks, P2P, beneficial interests and so on. Certainly these financial exchange markets will require regulations and supervisions. Chine

6、se culture assets and equity exchange markets first appeared in 2009, and have gone through three periods later, which are start-up, development and rectification. Supported by the government, there were over 30 cultur

7、e assets and equity exchange institutions over the China from 2010 to 2011. However, due to lack of regulation, the artwork share trading transactions exposed serious problems, which were shut down by the government.

8、This study will look at the cases of Tianjin and Shenzhen culture assets and equity exchange as failed examples to analyze the problems. Meanwhile this paper studies the cases of Shanghai and Nanjing as practicable mo

9、dels for further development. Last but not least, the development of culture assets and equity exchange calls for an urgent need to revise the Securities Law of China, which is falling behind the culture industry and

10、cannot meet the demand of the market. Also, art market needs to establish a sophisticated system that facilitates the growth of the industry. In this case, this paper use Hangzhou as an example as it is well known for

11、 its developed cultural and creative industry among Chinese cities. Hangzhou Culture and Creative Industry Office works together with Xilingyinshe Art & Culture Co. and other art institutions to facilitate the art

12、 industry by building up the culture assets and equity exchange platform, which can be seen a promising future. KEY WORDS: Culture Assets and Equity Exchange, Share Trading Patterns, Financialization of Artworks, Platf