新創風險事業創業財務策略之研究—以獨立製片人電影專案籌資為例

The Study of Entrepreneurial Financial Strategy in New Venture Initiating: A Case of Independent Producer in Film Project Fundraising

董澤平(Tse-Ping Dong)

指導教授 ： 江炯聰

國立臺灣大學/管理學院/商學研究所/博士(2006年)

https://doi.org/10.6342/NTU.2006.10077

摘要

本研究透過電影財務與創業財務相關理論和實證研究探討中，歸納出一獨立製片人在有關創業財務策略決策制定之整體性分析架構，並藉此觀念架構進行實證性探討，實際分析電影創業家在創業籌資過程中之風險評估控管與制定相關決策之過程，做為獨立製片人創業財務策略制定之參考。
本研究之重要發現如下：
1.電影產業特特性，引發許多資本市場的金融創新，包括售後租回模式(sale and leaseback model)、專案融資(project finance)、開發公司(development company)與專案公司(project company)價值鍊專業分工，以及階段融資、實質選擇權與分帳制度等金融創新模式。
2.電影專案融資已經成功整合智慧財產權抵押融資之關鍵機制，如著作權鑑價、完工履約保險與權利質權設定等，並能有效控制完工風險、績效風險與財務風險，使電影著作權得以設定權利質權之方式做為向資金供給者融資之擔保。
3.電影產業是世界各國高度保護與重點發展產業，在先進國家或開發中國家皆將電影產業為列為重要文化資產與重點發展產業，並制定相當優惠之獎勵政策如高比例租稅減免、高額度融資補助與大型電影基金等。
4.由於各國政府與金融市場的積極爭取和開發下，電影創製價值鍊中如創意來源、電影產業人力聘僱、資金調度以及電影專案公司登記屬地與電影著作權之歸屬國籍和後製、發行、映演等產業分工活動，均出現國境疆界模糊(international boundary of ambiguity)與跨越國境之現象。
5.獨立製片人的信譽、劇本創意與卡司陣容是電影創作能否於早期開發階段即能取得外部融資的關鍵因素，而影片的行銷策略則影響資金來源的多樣性與融資金額的大小。
6.電影專案的投資決策與融資決策具有不可分離性；投資決策不僅影響獨立製片人融資決策之制定更是對外融資成功的關鍵，而外部融資人對於電影專案製作具有積極參與投資決策與監督管理專案進行之特性。

關鍵字

電影專案 ； 創業財務 ； 財務策略 ； 獨立製片人

並列摘要

This thesis aims at combining theory and research on film finance and entrepreneurial finance to generalize an integrated analytical framework for independent producer’s entrepreneurial financial strategy in film project financing, by which to proceed an empirical research to investigate the process and impact of entrepreneur’s decision making and risk control in film project’s fund raising, in order to offer a paradigm for independent producer’s entrepreneurial financial decision making.

The main findings of this study are summarized as follows:
1.The characteristics of film industry result in many financial innovations, including “sale and leaseback”, “project financing”, “division of labor by development Company and project company”, “staging financing”, “real options” , “profit sharing”, et cetera.
2. Project financing has successfully integrated the key mechanism of financing by mortgaging on intellectual property, such as valuation of the copy rights, completion bond, intellectual property and mortgage banker, and et cetera.
3. Many courtiers have highly protected and developed film industry for its unique and replaceable role in culture, related policy including investment tax credit, subvention, mega film fund, and cetera.
4. Film vale chain have become international labor of division mainly by co- production and co- funding.
5. The key successful factor of fund raising in early stage for film project making are producer’s credit, script, cast, and budget.
6. Film project’s investment decisions and financing decisions are inseparable: investment package is essential to success of financing, and eternal financiers always actively participate in development, decision making and monitoring the film project.
Finally, the study presents some suggestions to our government, as well as to film industry, financial market and future research.

並列關鍵字

film project ； entrepreneurial finance ； financial strategy ； independent producer

參考文獻

1.Barry R. Litman,The Motion Picture Mega-Industry, Pearson Education, 1998

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5.Edward Fee, “The costs of outside equity control :Evidence from motion picture financing decision”,The Journal of Business, 2002

7.C. Foy, Motion Picture industry Overview: Including the History of Independent Film Finance, 2004

8.Chua, J.H. and Wooward, R.S., “The pecking order hypothesis and capital structures of private companies”,Financial Management, 22(1), 1993,18.