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標題: | 中國大陸電影產業融資模式及其法律風險 ——以智慧財產權證券化為主要研究方向 Financing Models and Legal Risks of the Film Industry in the Mainland of China——Taking Intellectual Property Securitization as the Main Research Direction |
作者: | Xin Wei 魏鑫 |
指導教授: | 王文宇(Wen-Yeu Wang) |
關鍵字: | 完工擔保,保底發行,電影審查制,智慧財產權證券化,破產隔離,真實出售,未來權, Completion Guarantee,Distribution Guarantee,Film Censorship,Intellectual Property Securitization,Bankruptcy,True Sale,Future Rights, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 電影自誕生之日起就需要在其藝術屬性與商業屬性之間尋求平衡。本文以電影的商業屬性為切入點,運用文獻探討法、比較研究法、案例分析法,探討電影產業的融資模式及其法律風險。
電影產業的主要融資模式包括:政府資金、銀行貸款、私募股權投資基金、上市融資和並購融資、廣告投入、眾籌及智慧財產權證券化等。本文主要研究的是目前比較新興的智慧財產權證券化。 一部電影作品出現在觀眾面前,需要經歷製作、發行與放映三個環節,這三個環節出現的法律風險是需要所有融資模式共同面對的。在製作環節中,最為明顯的是不能完工的風險,好萊塢針對無法完工的情況提出了完片擔保保險。在發行環節中,發行方需要與院線公司進行對接,並負責通過電影內容與使用者之間的精准關係進行推送,以及恰接媒體宣傳。發行公司發行影片的成本亦很高,因此會對影片有所挑選。中國大陸針對于影片發行,形成了獨有的保底發行制度。在放映環節,因為中國大陸電影實行審查制,很多影片會因為種種原因無法取得放映許可證,此時對於投資方來說損失是巨大的。本文以美國從電影審查制轉變為電影分級制的過程為借鑒,對中國大陸電影審查制進行評價與反思。 本文主體所欲討論的是智慧財產權證券化。首先介紹了資產證券化的相關結構、流程以及意義,並對中國大陸目前形成的四種資產證券化模式予以分析,得出電影目前得以適用企業資產證券化以及資產支持票據這兩種模式。其次介紹了智慧財產權證券化的分類,即分為智慧財產權資產證券化、智慧財產權債權證券化、智慧財產權擔保融資證券化三種。又因本文分析製片公司的融資模式,故僅以前兩種模式為研究內容。再次,引入了美國DreamWorks及Paramount案,并藉由中國大陸星美國際影院信託受益權資產支持專項計劃案來分析,電影作品的著作財產權及票房收益權作為資產證券化的基礎資產存在的獨有法律風險,並以此為啟發,作為後文對智慧財產權證券化法律風險研究中的重點。 對於電影產業智慧財產權證券化整體存在的法律風險,主要包括無法破產隔離以及未來權兩個方面。達成破產隔離的兩個重要步驟,其一是真實出售;其二是特殊目的機構組織形式的選擇。中國大陸電影產業進行資產證券化得選擇的特殊目的機構組織形式包括特殊目的公司、特殊目的信託以及專項資產管理計劃,但這三種組織形式在中國大陸現有的法律框架下均會存在不同的法律問題,因此實務中衍生出「信託計劃+資產支持專項計劃」的雙層結構,本文亦進行了深入分析。同時闡述了中國大陸剛剛出臺資管新規,對該雙層結構中的信託計劃產生的影響。對於未來權,會涉及到移轉和質押兩個方面。本文以既存債權、既存著作權的移轉與質押方式入手,進而嘗試解決將來債權、將來著作權是否得以轉讓與質押,轉讓與質押的生效時點、以及未來權二重讓與的問題。最後得出結論,即未來權得以轉讓、亦得以質押,對於轉讓與質押的生效時點,本文傾向於采美國目前的處理模式,即未來權約定移轉、質押之時,同時引入登記制度作為公示手段,以解決未來權的二重讓與問題。 電影產業因自身特點需要大量的資本湧入,故應嘗試各種新興的融資管道。法律現存的障礙應得以完善,但不能成為阻礙製片方選擇智慧財產權證券化進行融資的理由。有充足的資金作為保證,才能製作出負有思想的電影作品。 Since the birth of the film, it needs to keep a balance between artistic attributes and commercial attributes. My study takes commercial attributes as the main direction, and uses the literature research method, comparative research method and case analysis method to explore the financing models and legal risks of the film industry. The main financing models include: government funds, bank loans, private equity funds, listing financing and merger financing, advertising investment, crowdfunding and intellectual property securitization. My study focuses on the intellectual property securitization. A film will appear in front of the audience after production, distribution and screening. The legal risks arising from these three processes are common to all financing models. In the production process, the most obvious risk is the uncomplement of the film. Completion guarantee is the Hollywood’s solution. In the distribution process, the distributor needs to interface with the cinema company as well as media company, and is responsible for accurate marketing between contents and consumers. The cost is also high, so the film will be selected. There is a unique system in the mainland of China which is called distribution guarantee. In the screening process, because of the censorship system, many films will not be able to obtain screening permits for various reasons. At this time, the loss for the investors is huge. The study assesses and reflects on the film censorship system in the mainland of China by comparing with the United States. The main direction of my study is the securitization of intellectual property . Firstly, it introduces the relevant structure, process and significance of asset securitization, and analyzes the four asset securitization models in the mainland of China. Only corporate asset-backed securitization and asset-backed medium-term notes can be used in the film industry. Secondly, it introduces the current classification of intellectual property securitization, which is divided into three types: intellectual property asset securitization, intellectual property claim securitization, and intellectual property secured financing securitization. My study only analyzes the financing models of the production company, so it focuses on the previous two models. Thirdly, it introduces the DreamWorks and Paramount cases in the United States, and analyzes the Stellar international cinema beneficial rights of trust asset-backed securities. It can be seen that the copyright property right of the film and the box office income are unique as the basic assets of asset securitization. The unique part is considered as the key point in the after-discussion. The legal risks of the securitization of intellectual property rights in the film industry mainly include the inability to go bankrupt and the future rights. Two important steps to achieve bankruptcy, one is the true sale; the other one is the choice of the organization of special purpose vehicle. The special purpose vehicles of the Chinese film industry include special purpose companies, special purpose trusts and special asset-backed plan, but these three forms may have different legal issues under the existing legal framework in the mainland of China. Therefore, the two-tier structure of 'beneficial rights of trust + special asset-backed plan ' is derived from the practice, and my study also conducts an in-depth analysis. At the same time, it expounds the impact of the new regulation on the beneficial rights of trust in the two-tier structure. For future rights, it involves both assignment and pledge. My study starts with the assignment and pledge of existing claims and copyrights, and then tries to solve the problems whether the future claims and future copyrights can be assigned and pledged, the effective time of assignment and pledge, and the double let of future rights. Finally, it is concluded that the future rights can be assigned and pledged. The time when the assignment and pledge take effect, my study tends to adopt the current US treatment mode. The future rights take effect when the parties agree to assign and pledge the future rights. Meanwhile,the registration system can be introduced as the means of publicity. The film industry requires a huge amount of capital due to its own characteristics, so it needs various financing models. The existing obstacles of laws should be improved, but they cannot be the reasons that hinder the producers from choosing the securitization of intellectual property for financing. The sufficient funds are guarantees for high quality films. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/69158 |
DOI: | 10.6342/NTU201801716 |
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顯示於系所單位: | 法律學系 |
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