文化創意產業創業投資評估策略之研究-以中國大陸數位內容新創公司為例

Abstract

近年來，文化創意產業隨著政府的支持和自身的巨大潛力逐漸被推上投資界的風口浪尖，但由於中國大陸的文創產業發展不過20餘年，又存在資產少規模小的行業特質，“融資難、融資貴、融資慢”的問題慢慢突出，文創產業融資困境始終存在。然而，在眾人對文創產業的猶疑不定中，數位內容的文創產業已經率先殺出一條血路。政府對數字文化產業的重點扶持、疫情之後互聯網更深的和人民生活融合、個人可支配所得提升之後的巨大文化消費缺口、中國大陸5G商業化及信息科技技術的大爆發，皆是數位內容文創產業在當下投資圈成為炙手可熱的新星的原因。本文通過分析三個創投投資數位內容文創企業的實際案例，尋找文創產業評估的策略，總結出了“投創10條”和一些估值策略。“投創10條”主要分為內部優越性和外部成長性，包含毛利率要求、市場規模要求等；估值策略則分為投資時估值策略和退出時估值策略。

In recent years, with the support of the government and its great potential, cultural and creative industries have been gradually pushed to the forefront of the investment industry. However, due to the fact that the development of cultural and creative industries in mainland China is less than 20 years, and the low proportion of assets in this industry ,"difficult, expensive and slow financing", the financing dilemma of cultural and creative industries has always existed.

However, amid people's hesitation about the cultural and creative industry, the cultural and creative industry of digital content is the first to rise sharply. Government’s support to the digital cultural industry, deeper integration of the internet and people's lives after the epidemic, the huge cultural consumption gap after the improvement of personal disposable income, 5gcommercialization and the explosion of information technology in mainland China , all these have become the reason why the digital content cultural and creative industry has become hotcakes in the current investment circle. This paper analyzes three actual cases of venture capital investment in cultural and creative enterprises of digital content to find some strategies for cultural and creative industry evaluation and due diligence. The strategies of due diligence is mainly divided into internal advantages and external growth, including requirements such as gross profit margin and market size. Valuation strategies is divided into investment valuation strategy and exit valuation strategy.