Cultural industry credit financing bottleneck to be cracked
“pain and happiness” – this is the current status of credit financing in the cultural industry.
Why is it “happy”? After years of exploration and development, banking financial institutions have carried out a lot of innovations in credit products and service models, and have served a number of quality projects such as the movie “War Wolf 2”.
According to the "Banking Support Cultural Industry Development Report (2018)" released by the China Banking Association on August 16, the balance of cultural loans of 21 major banks reached 726.012 billion yuan as of the end of 2017. Among them, innovative models such as Wenchuang Loan, Cultural Loan, Intellectual property Licensing Loan, Trademark Licensing Loan, Art Quality Loan, Copyright pledge, and Industrial Investment Fund are quite eye-catching.
Why is it "painful"? The bottleneck of credit financing in cultural industry still needs to be solved. The outstanding problem is that the core assets of cultural enterprises are still not perfect enough. The standardized interface between enterprise demand and bank credit products still needs to be opened.
Many industry insiders said that the most important means to solve the above bottlenecks is to promote the standardization of the assessment, transaction, management and disposal of intangible assets of cultural enterprises. At the same time, it is necessary to continue to improve the policy support system of finance, supervision and industry.
Where is the intangible asset pledge?
When cultural enterprises submit their core assets—text, music, pictures, videos, images, ideas, etc.—to the bank credit approval department as pledges, two key questions arise: How do banks assess the value of these intangible assets? Is the path of realization smooth?
At present, solving the above problems still faces many challenges, and there are three obstacles: the assessment of intangible assets is difficult, the disposal of pledges is difficult, and the formalities of handling procedures are relatively complicated.
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“In the process of asset evaluation, intangible assets assessment has always been difficult.” The relevant person in charge of the banking association said that intangible assets are difficult to use compared to fixed assets that are tangible in real estate, plant, equipment, etc. The method is accurately estimated.
First, the ownership relationship of Wenchuang Assets is more complicated. The rights of copyright and distribution rights often do not belong to the same subject, and there are cases where the ownership is crossed. Second, the current trading market of intangible assets is not active and difficult to find. Appropriate to the standard; Third, even if there is a benchmark, due to human subjective factors, it will make the accuracy of the assessment results more difficult to guarantee, and it is difficult for the intangible assets of cultural enterprises to obtain fair value.
In addition to the assessment, pledge disposal and liquidation are more difficult. “If the company handles the loan by way of pledge, when it is unable to repay the loan, the bank needs to dispose of the collateral, thereby reducing credit losses.” The relevant person in charge of a state-owned Beijing branch said that in the current market environment, individual banks Only intangible asset pledges can be disposed of limitedly through their own resources and channels, and the cycle is extremely long and the uncertainty is very large.
"For some banks, the intangible asset pledge business is actually a quasi-credit business, which greatly reduces the enthusiasm of banks to use this type of guarantee," said the person in charge.
It is worth noting that the procedures for the pledge of intangible assets are relatively complicated, and it takes between two months and three months for an experienced loan officer to complete a business.
In summary, the crux of the intangible asset pledge is that its impact on credit risk is very limited.
Building a cultural financial support platform
How to enhance the impact of intangible asset pledge on bank credit risk? Industry insiders call for the construction of a cultural financial support platform to promote the standardization of the assessment, transaction, management and disposal of cultural enterprises' intangible assets.
"To build this platform, it is more difficult to rely solely on the banking industry. It is necessary to strengthen the coordination among different cultural market management institutions, build a complete platform and channel around intangible assets, and provide fair, standard and efficient banking and financial services. Support, and ultimately form a complete cultural market intangible assets ecological environment." The relevant person in charge of the banking association said.
Specifically, we can explore from several aspects. For the “intangible assets assessment and transaction”, an intangible asset assessment agency with government support and market operation can be constructed to explore the government's partial bottoming model for the assessment agency and improve the market recognition of the assessment agency.
Software Defined WAN (SD-WAN) is a transformational approach to simplify branch office networking and assure optimal application performance.
It is important to form a unified intangible asset trading market around the evaluation organization, so that the price assessment and transaction pricing can be seamlessly connected, and the quality of the evaluation effect and the ability of the intangible assets to be liquidated after the assessment can be improved.
For the “intangible asset registration management”, the intangible assets review, registration and management institutions can be optimized to integrate and form an integrated, standardized and online platform.
In response to the “disposal of intangible assets”, it is recommended that the government take the lead, the cultural industry and banks to participate, and establish Wenchuang Asset Management Company to specialize in the disposal of non-performing assets of bank Wenchuang.
For “intangible assets guarantee and insurance”, it is recommended to set up financial institutions specializing in intangible assets guarantee and insurance, or require traditional guarantees and insurance companies to set up cultural and financial professional service departments, construct risk mitigation mechanisms for intangible assets, and supplement risk dispersion and sharing systems. Missing link in the middle.
In addition, the “Chongchuang Asset Securitization” exploration can be carried out. Under the background of the gradual strengthening and regulation of intellectual property protection, the operability and coverage of Wenchuang Asset Securitization will be improved, for example, to explore cash based on future box office or ticket revenue. Streaming asset securitization products.
Improve the "Trinity" policy support
Many industry insiders said that under the existing conditions, relying solely on market forces to allow banks to continue to increase investment in cultural finance under the existing conditions, it is still difficult to recommend effective measures. The policy guidance measures will continue to improve the policy support system of finance, supervision and industry.
From the perspective of fiscal policy, in the development process of the pledge business of intangible assets, it is recommended to increase the enthusiasm of cultural enterprises to use intangible assets to obtain loans through discounted interest, such as the appropriate evaluation of the expenses incurred by enterprises when financing intangible assets.
At the same time, the bank's intellectual property pledge credit products are given risk compensation, financial subsidies, incentives and other preferential inclinations to mobilize the enthusiasm of financial institutions; tax incentives for small interest-based credit business credit income issued by banks to improve the development of cultural and financial services Endogenous power.
From the perspective of banking supervision, it is recommended that regulators deepen cultural and financial incentive support policies and propose different requirements for different types of banks. For example, for the active areas of cultural industries such as Beijing, Zhejiang, and Jiangsu, pilot operations can be explored to provide banks with innovative spaces.
At the same time, in the supervision and management process of the accounts receivable registration management platform, it is recommended to formulate supporting standard requirements for the characteristics of the enterprise, optimize the operation process and simplify the operation procedures.
From the perspective of cultural industry policy, it is recommended that the cultural sector management departments, industry associations and other institutions jointly launch quality evaluation projects and quality enterprise rating evaluation methods, unify value standards, standardize market orientation, and help banks identify policy regulatory factors in projects earlier. Reduce the difficulty of early involvement of credit funds. At the same time, the relevant departments should also make corresponding punishments for the irregular behavior of cultural enterprises to promote and ensure the healthy development of the cultural industry.
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The article was transferred from: http://www.xinhuanet.com/money/2018-08/17/c_129934611.htm
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