中国文化产业投资方向呈多样化

随着文化产业基金投资方向不断多样化,中国国内产业基金数量不断增加,激烈的市场竞争将推动产业基金进行更多投资与退出方式的探索, 基金自身的投资运作也将趋向专业化,更加注重产业链资源整合等综合因素,长期来看,产业基金与主流VC/PE基金之间的差异将逐渐缩小2006年国家首次明确提出产业基金概念     

投资风标

华人文化产6月22日，华人文化产业投资基金（ChinaMediaCapital，下称“CMC”），宣布已完成首期20亿元资金募集，正式投入运营。CMC在2009年4月获准筹备，是中国国内第一个在国家发改委获得备案通过的文化产业基金，基金规模为50亿元。该基金主要发起人及投资人包括SMG旗下的上海东方惠金文化产业投资有限公司以及国开行的全资子公司国开金融有限责任公司，还包括了上海大众集团资本股权投资有限公司、深圳天正投资有限公司、文汇新民联合报业集团和宽带产业基金等机构。     

文化产业发展的格局与重点

从2011年开始,中国文化产业进入快速发展的新时期。以数字文化产业、文化科技融合和文化金融服务为主的新业态,正在逐渐成为我国文化产业发展的主流形态。在官产学各界共同推动文化产业发展的过程中,需要关注并解决提升内容产业、完善发展模式和文化产业跨界发展等重点课题。     

金融支持湖南文化产业发展调查与思考

文化产业具有低碳经济、高附加值、逆经济周期和全产业链特性,是当前防止经济下滑的重要增长点。党的十八大报告中提出:文化产业要成为国民经济支柱性产业;要加大财政、税收、金融、用地等方面对文化产业的政策扶持力度。在政策"春风"吹向文化产业之后,一方面各路资本均在蠢蠢欲动,另一方面,文化产业融资也在遭遇"天花板"。要实现金融和文化产业的"无缝对接",迫切需要文     

观察与展望：值得关注的新产业（续十七）

——“十二五”期间,中国污水处理行业的发展主题将由快速建厂逐渐转变为升级改造、深度运营,并带来相应领域的投资机会： ——从文化产业基金设立情况来看,电影作为相对成熟的中国文化创意产业构成的重要一环,已经成为资本关注的热点领域之一。但是,目前来看,这仅仅是“美丽”构想     

县域文化产业大发展需要县域金融的支持

<正>党的十七届六中全会通过了《中共中央关于深化文化体制改革推动社会主义文化大发展大繁荣若干重大问题的决定》(以下简称《决定》)。《决定》提出,要从构建现代文化产业体系、形成文化产业格局、推进文化科技创新、扩大文化消费等四个方面加快发展文化产业,推动文化产业成为国民经济的支柱性产业。随着《决定》的通过,我国的文化产业将迎来大发展大繁荣的时     

县域文化产业大发展需要县域金融的支持

<正>党的十七届六中全会通过了《中共中央关于深化文化体制改革推动社会主义文化大发展大繁荣若干重大问题的决定》(以下简称《决定》)。《决定》提出,要从构建现代文化产业体系、形成文化产业格局、推进文化科技创新、扩大文化消费等四个方面加快发展文化产业,推动文化产业成为国民经济的支柱性产业。随着《决定》的通过,我国的文化产业将迎来大发展大繁荣的时     

支持客家史化产业发展的财政金融对策探讨——以宁化县为例

中共十七届六中全会首次明确提出“加快发展文化产业,推动文化产业成为国民经济支柱性产业”。“十二五”规划对金融支持文化产业振兴和发展繁荣提出了指导意见,为文化产业注入了生机。本文以客家文化产业发展现状为切入点,分析财政金融支持客家文化产业的成效与制约因素,从财政、金融等方面提出金融支持客家文化产业发展的对策建议。     

我国文化产业的融资约束及解决对策

新世纪以来,我国文化产业发展迅猛。但我国文化产业在产业构成中还属于新兴产业,资本的投入力度和合理开发利用的程度还不足,相对于我国传统实体经济,我国文化产业的发展一直以来都存在一个很严重的“瓶颈”,就是融资难的问题。怎样解决这一问题,是我国文化产业发展面临的挑战。因此,通过分析我国文化产业现有的融资模式及有效性,进而探讨现有文化产业的融资约束问题,最后为解决这些融资约束提供建议。     

汇力星影 决胜影视产业

随着产业基金的设立风起云涌，国内目前已经募集与拟设立的文化产业基金数额超过300亿元。而在众多的文化创意产业基金中，有一支基金特立独行，仅仅专注在中国影视制作及其关联领域的投资管理，这就是汇力投资基金管理公司旗下的汇力星影中国影视基金（以下简称为汇力星影）。     

全球行业基金发展状况报告

近年来，国内基金已基本形成了类似国外较齐全的基金产品线。在现有法律框架下，国内基金可以创新的方向将进一步从原来的概念准绳，大统化向品种细分化、市场细分化的方向发展。行业基金在国外已经比较成熟，并且得到比较大的认同度，无疑是我国基金品种研发和发展的重要方向之一，本文基于全球视野，对行业基金的发展历史、特征、分布、策略等领域进行调查研究，以期对国内行业基金的发展提供比较有价值的参考。     

隐性杠杆约束、流动性风险和投资者情绪

本文以2003—2019年间开放式主动管理型的股票型和偏股型基金为样本,以持仓占比为权重估算基金投组中A股的总市场风险暴露,检验结果表明,该序列上升反映了基金面临的隐性杠杆约束收紧,刻画了市场的弱流动性。内在逻辑在于,流动性收紧时,投资者难以通过融资直接增加杠杆,更倾向于重仓持有高市场风险头寸的股票而间接实现杠杆。本文发现隐性杠杆约束所刻画的风险在股票或基金收益截面上的无条件定价基本失效,而条件定价则依赖于低市场情绪与弱流动性。分解基金持股的敞口,进一步发现,因中小盘基金在流动性收紧时具有更强的流动性偏好,其持股的市场风险头寸能够更敏锐地捕捉到弱流动性风险。     

金融支持文化产业发展的政策措施研究——以金华为例

本文结合金华情况,对文化产业的发展及其金融支持情况与面临的制约因素进行了剖析。针对文化产业的三大特征,将探索的侧重点放在了对资产"虚拟性"与具有公益性的文化产品项目的金融支持上。提出要进一步提升对发展文化产业重要性的认识与加强金融支持文化产业的政策引导,树立以促进文化事业健康繁荣之念积极支持文化产业快速发展的文化金融理念,加快个性化的金融创新等建议措施。     

证券投资基金规模适度性研究——基于中国市场的证据

随着社保、养老金等中长期资金的大规模入市,中国公募基金规模面临更快扩张,那么基金规模究竟是可以无限扩张还是存在制约？本文研究发现,基金规模扩张会受到基金经理与投资者之间的委托代理冲突、边际规模报酬递减、投资者大规模赎回的制约。基于此,本文提出了基金管理规模适度区间的概念及其相应计量模型,并借此对2011—2019年间中国公募基金市场规模的适度性进行实证判断和检验,结果显示:(1)中国公募基金的平均管理规模在2015年之前过大,2016年之后趋向适度,而在2019年出现偏小现象。(2)中国基金市场规模适度区间的上、下限呈现逐年减小趋势,但二者的差值,即适度性区间的宽度却逐年增加。(3)规模适度基金的业绩表现远好于规模不足和规模过大两类基金,但市场上的规模适度基金占比则小于另外两类基金。最后,本文就如何提升公募基金,尤其是对安全性和盈利性要求更高的养老保险基金的规模适度性提出了相应对策建议。     

The alpha and omega of fund of hedge fund added value

In spite of a somewhat disappointing performance throughout the crisis, investors are showing interest in hedge funds. Still, funds of hedge funds keep on experiencing outflows. Can this phenomenon be explained by the failure of fund of hedge fund managers to deliver on their promise to add value through active management, or is it symptomatic of a move toward greater disintermediation in the hedge fund industry? We introduce a return-based attribution model allowing for a full decomposition of fund of hedge fund performance. The results of our empirical study suggest that funds of hedge funds are funds of funds like others. Strategic allocation turns out to be a crucial step in the investment process, in that it not only adds value over the long-term, but most importantly, it brings resilience precisely when investors need it the most. Fund picking, on the other hand, turns out to be a double-edged sword.     

On the short-term persistence of mutual fund performance in Europe

In this article, we examine the short-term persistence in mutual fund performance in the main European markets between January 1990 and December 2022. The mutual fund industry in Europe has experienced significant growth in recent years as a consequence of the integration of its markets. However, the European mutual fund industry is still an unexplored area of research with only a small number of significant studies compared to the US industry. Using a sample of daily survivorship bias-free data on the five most important European mutual fund countries, which includes 2734 mutual funds across all countries, we find statistically significant persistence in the post-ranking quarter across different performance models for all countries. This evidence is present across all deciles including the top-decile and bottom-decile mutual funds. Further, we also extend our analysis to high inflation periods.     

Do Focused Funds Offer Superior Performance in an Emerging Market? Evidence from Taiwan's Stock Market

We examine the effects of the number of stock holdings and industry concentration on Taiwan's equity fund performance. The quadratic regression model is applied to explore the optimal number of stock holdings for mutual funds. The empirical results suggest that funds with a smaller number of stock holdings and with a higher level of industry concentration achieve better performance. We also find that mutual fund performance and the number of stock holdings have an inverted U-shaped relationship, and funds that hold twenty-four to twenty-eight stocks can generate superior performance.     

Uncertainty avoidance and mutual funds

We study how culture influences mutual funds around the world. Uncertainty Avoidance (UA), which is related to ambiguity aversion, is negatively associated with flow-performance sensitivity, deviation from the fund benchmark, fund alpha, and the fraction of active management across the 25 countries in our sample. This is true even when controlling for an exhaustive set of fund- and country-level characteristics. We also find that a fund's deviation from its benchmark is not only affected by the UA of its domicile country but also by the UA of its fund family's country of origin. Our results highlight the importance of considering cultural characteristics, and UA in particular, when studying mutual funds across countries.     

The Asset Management Industry in Asia: Dynamics of Growth,Structure, and Performance

We examine the industrial organization and institutional development of the asset management industry in Asian developing economies—specifically in China, Indonesia, Korea, Malaysia, Singapore, Philippines, and Thailand. We focus on the size and growth of the buy‐side of the respective financial markets, asset allocation, the regulatory environment, and the state of internationalization of the fund management industry in its key components—mutual funds, pension funds, and asset management for high net worth individuals. We link the evolution of professional asset management in these environments to the development of the respective capital markets and to the evolution of corporate governance. We find that the fund management industry occupies a very small niche in domestic financial systems that are dominated by banks. At the same time, we find that its growth has been very rapid in the early 2000s and we suggest that this is likely to persist as the demand for professional management of financial wealth in the region develops and as the pension fund sectors of the respective economies are liberalized to allow larger portions of assets to be invested in collective investment schemes.     

Capacity constraints,investor information,and hedge fund returns

To identify capacity constraints in hedge funds and simultaneously gauge how well-informed hedge fund investors are, we need measures of investor demand that do not affect deployed hedge fund assets. Using new data on investor interest from a secondary market for hedge funds, this paper verifies the existence of capacity constraints in hedge funds. There is more mixed evidence on the information available to hedge fund investors. Buy and sell indications arrive following fund outperformance. While buy indications have little incremental power to predict hedge fund performance over and above well-known forecasting variables, sell indications do somewhat better.