Abstract

Asset securitization，as a new kind of innovative structured financing tool，emerged from the United States of America in the 1970s.It has acquired worldwide reputation owing to its superiority and many other countries around the world start to introduce this innovation into their domestic financial market.Asset securitization range also has expanded from the initial bank credit to the financial institutions outside of other departments，is applied by the securitization underlying assets from the early mortgage debt to the value of any reasonably capable of producing reasonable predictable future cash flow of the assets，such as World Cup broadcast rights，film distribution revenue，record distribution of income and other cultural assets.The world's first example of cultural asset securitization financing was born in 1997 in the United States，“Bowie Bonds” music copyright asset securitization.

Looked from the practice of foreign countries，the rapid development of the developed countries such as USA cultural asset securitization financing step，the type of underlying assets of cultural asset securitization financing has been very widely，from music copyright，movie copyright to medicine patent again to soccer television broadcasting right，even oil and gas exploration information，etc.，are included in the scope of cultural asset securitization financing； thus，although the cultural assets as “unconventional assets”，has a traditional securitized assets on different characteristics，resulting in its securitization financing complexity and increase the difficulty，because both possess essentially the most basic elements of asset securitization-can be expected future cash flows，and therefore，under the innovative financial engineering institutional arrangements，cultural asset securitization financing has its rationality and objective foundation.In the intellectual property assets of the importance and influence of the growing socio-economic，financial engineering and technical background of the growing cultural asset securitization financing prospects，significant.Although judging from the current situation，China's cultural asset securitization financing in the total assets securitization market share is still very small，but it has shown great potential of development and trend.In order to promote the cultural industry and cultural undertaking of our country healthy and rapid development，should actively explore，bold experiments and learn from overseas experience，to find an effective cultural creative industry financing way.

This paper studied the cultural asset securitization financing from the originator's perspective，the whole dissertation can be divided into eight fronts，the primary contents are as follows：

Chapter one is the introduction，first elaborated the paper selected topic significance，the research methods，the basic framework，research ideas and innovation and deficiency.In view of cultural assets often cause ambiguity in use，the author makes a detailed review on the domestic and foreign research in literature，overseas cultural asset securitization was carefully analyzed，the foreign asset securitization research field has already gradually developed other domains from the financial institutions，the research field of vision also gradually develops the intangible asset from the credit assets，including intellectual property rights，record revenue，large-scale sports event ticket income and so on.At present，each field of foreign cultural asset securitization has been widely used in the industry of electronic games，music，movies，leisure entertainment，performance，theme park culture.The domestic research of cultural asset securitization financing is mainly in the research of intellectual property securitization，the existing research has to some extent reached a consensus，but there are still some problems，such as the majority of scholars are discussed in a securitization of intellectual property financing，such as financing transactions flow or financing risk analysis and control，but few scholars research of whole and system； to study the specific operation mode of intellectual property securitization financing problems，most scholars simply introduces the financing process of a certain aspect etc..

The author discusses the basic principles of the cultural asset securitization financing problems.The basic concepts of cultural asset securitization financing is defined and interpretation，discusses the theoretical basis of cultural assets of securities financing； asset securitization originally derived from the American，background is America government in response to the then “savings and loan” crisis.The crisis urgently need a financial tool to resolve，and asset securitization emerge as the times require.To avoid financing theory and risk theory is the cornerstone of the theory of asset securitization generated.For any means of financing the interpretation must consider a famous Theory：M-M theory，the importance of the theory is that by Franco Modigliani and Merton H.Miller's hypothesis for the financing theory of the development of the later laid the foundation.To provide a strong theoretical support other trade-off theory，new capital structure theory，enterprise growth cycle theory for asset securitization financing theory.On this basis，research on the operation mechanism，cultural asset securitization financing transaction structure，operation process and its feasibility analysis，that a reasonable about cultural asset securitization structure diagrams can be the difference between asset securitization financing has on the features of traditional debt financing or equity financing of the overall reflected，outlines the general procedure of cultural asset securitization financing，SPV，true sale，risk isolation，credit enhancement and pay arrangements of the five is the key cultural asset securitization financing is different from the traditional financing way lies.In addition，also on the cultural asset securitization financing makes economics analysis，from the perspective of cultural sponsors，pointing out that the cultural asset securitization financing strategic significance for our country's cultural development.

The third front asset pricing on cultural asset securitization financing is studied.Feasibility of cultural asset securitization exist need to resolve obstacles，mainly the problem of value evaluation in the process of securitization.Risk culture assets supporting the main risk faced by securities and not the underlying asset pool is the advance payment，but the actual face cultural assets business risk and market risk.And prevent and resolve this risk depends largely on cultural and creative assets pricing method.Cultural assets due to their characteristics lead to the value of the assets with high risk and uncertainty，leading to the difficulty in cultural asset securitization pricing.On the cultural asset securitization pricing theory foundation and influence of cultural asset securitization pricing factors are analyzed，put forward the pricing method of cultural asset securitization alternative.

The author makes a comparative analysis research of the development experience of overseas cultural asset securitization financing in the case of the United States.American securitization experience is that the government leadership is the important way which the asset securitization produces and develops；the market demand is the asset securitization development power；the consummation law，accountant，the tax revenue system cleaned the barrier for the property securitization development and so on.Through the analysis of the U.S.copyright industry asset securitization financing the development history and characteristics，there are three points of experience：the social and economic environment is the primary cause of external shocks； construct the perfect system of laws and regulations is the rapid development of security； types of cultural assets is complete，the participation of international investment bank.

Chapter five explores the product design of China's cultural asset securitization financing model.Through the research at home and abroad have been successful cultural asset securitization financing case，designs the main cultural asset securitization financing model products； mainly for effective research on non-profit cultural undertakings of our units and the managerial cultural enterprise's cultural asset securitization financing model，put forward the diversified cultural asset securitization financing pattern，such as securitization financing，cultural service infrastructure securitization financing，public welfare culture project asset securitization financing，large-scale cultural enterprises accounts receivable securitization financing，cultural copyright asset securitization financing，small and medium-sized enterprise culture asset securitization financing，the entertainment industry equipment leasing securitization financing，the performance industry equipment rents rental securitization financing，performance profession real estate securitization financing，performance product asset securitization project financing，the art of asset securitization financing，intellectual property securitization financing，state-owned cultural asset securitization financing and so on.

Chapter six makes an analysis of the risk faced by China's cultural asset securitization financing，and tries to put forward the prevention measures.The main risk facing cultural asset securitization financing includes three parts：the securitization asset pool risk； securitization transaction structure risk； risk of asset securitization products.Risk for securitization asset pool consists of principal and interest on time to recover the risk and prepayment risk.Securitization transaction structure risk includes the basic asset “true sale” risk，asset securitization participation in the main risk，pricing risk，asset risk，the legal risk of the issuance of securities to support.The asset securitization product's risk including interest rate risk，exchange rate risk，inflation risk，level of decline in risk，redemption risk，policy risk.Aiming at the difficult problems of our country at present pilot asset securitization financing，propose constructive solutions； and try to explore a way with Chinese characteristic cultural asset securitization financing risk supervision system.

Chapter seven studied the cultural asset securitization financing case.According to the income of cultural assets，financial assets，knowledge assets，the author has selected the typical and successful case in domestic and foreign.“David Bowie” music copyright securitization is the world's first cultural asset securitization case，its significance or influence is far-reaching，it expands people's asset securitization view with the field； and “DreamWorks” film copyright securitization case，has been for domestic and foreign film and television production mechanism by reference.China explored in future earnings as the underlying assets，take the special property management plan as the SPV Huaqiaocheng happy valley theme park enrollment in preschool certificate assets securitization，has opened up a new path for the state-owned cultural enterprise asset securitization financing； Ali small loan securitization is approved，provides a new train of thought for China's small and medium-sized cultural enterprises to solve the problem of financing，this front introduces the financing operation process and structure of the transaction process.From which we can generalize：cultural asset securitization financing by the general cultural assets of the original rights of all people （with music and film rights，box office and related ticket income as expected future earnings），SPV （special asset management plan） and investors three main composition.At present，our country's cultural asset securitization financing，has been explored in asset securitization，the assets of the enterprise future earnings to credit asset securitization based credit asset securitization financing type，there is reason to believe that the cultural types of asset backed securitization in the future will be more and more rich.

0The main conclusions and future prospect of front eighth.Summary and sort out the main conclusions or opinions，at the same time，puts forward the future problems to be further studied.The prospects for the cultural asset securitization financing，the development of China's expectation，and pointed out that the great demand of cultural asset securitization financing development in China； the vast market of cultural asset securitization financing products； to create a new situation of cultural assets securitization financing in china.

Keywords：Cultural Asset Securitization； Financial Class Culture Assets； Physical Class Culture Assets； Transaction Structure