Why should the cultural industry be developed into a pillar industry? What preparations will you make if you plan to join the cultural industry in the future?

The warming of cultural and artistic products also incited the flow of capital and attracted the attention of many investors. Cultural property rights exchanges have sprung up all over the country, and the brand-new art trading model of "power sharing" has activated the cultural art market to some extent. However, due to the immature mechanism, the lack of relevant laws and regulations, and the unclear subject of supervision, the prospect of cultural property exchange is not so clear.

The Sixth Plenary Session of the Seventeenth Central Committee held a few days ago adopted a decision to deepen the reform of the cultural system and promote the great development and prosperity of socialist culture. With the help of policies, China's cultural and art market has ushered in a good opportunity for standardized development.

Stock exchanges blossom everywhere, and the art market breeds bubbles.

Experts said that to achieve market regulation, it is necessary to improve the legal system, strengthen supervision and establish an exit mechanism.

In recent years, with the deepening of the reform of the cultural system, with the strong support of a series of national policies, the cultural industry has become a strategic pillar industry, attracting many funds to pursue and speculate, and the wave of art investment is coming in an unprecedented situation. However, from blooming everywhere to crazy speculation, the chaotic development of stock exchanges in reality is worrying.

The insiders believe that the fundamental reason for the disorder of the art market in China lies in the lag of legal system construction and the absence of policy management. Only by perfecting the legal system, strengthening supervision, creating an environment and establishing an exit mechanism can China have a growing art market.

Stock exchanges "blossom everywhere"

China's cultural industry and art investment market have broad prospects. In 2008, the total market of China art auction was less than 20 billion yuan, but by 20 10, the total turnover of China art auction had exceeded 50 billion yuan, accounting for 33% of the global art auction. Some experts predict that the art market in China will continue to improve this year. The total size of the art market in China will reach 360 billion yuan, and the annual turnover of the art auction market will exceed 654.38 billion yuan. China has become an important part of the global art market.

With the rapid growth of art market transactions, cultural property rights exchanges have sprung up all over the country, eager to share a piece of this market.

The rapid expansion of the Exchange benefited from the Guiding Opinions on Financial Support for the Revitalization, Development and Prosperity of the Cultural Industry jointly issued by the Ministry of Culture and other nine departments in March 20 10. The document clearly points out that domestic cultural enterprises are encouraged to actively use the capital market platform, broaden the financing channels of enterprises, try cultural property rights transactions, and promote the cultural industry to become bigger and stronger. After the publication of the Guiding Opinions, due to the influx of capital into the cultural industry for investment, cultural and art trading platforms came into being everywhere.

In June 2009, the Shanghai Municipal Government approved the establishment of the Shanghai Cultural Property Exchange.

In September 2009, Tianjin Financial Office approved the establishment of Tianjin Culture and Art Exchange.

5438+065438+In June 2009, the Shenzhen Municipal Government approved the establishment of Shenzhen Cultural Property Exchange jointly sponsored by Shenzhen Radio and Television Group, Shenzhen United Property Rights Exchange, Shenzhen Newspaper Group and ICIF Company. The business model of Shenzhen Stock Exchange is divided into overall equity trading platform and share equity trading platform.

20 10 in may, Chengdu municipal government approved the establishment of Chengdu cultural property exchange jointly sponsored by Chengdu borui investment holding group co., ltd and southwest United property rights exchange.

20 1 1 year, the stock exchange ushered in a wave of blowout development. 20 1 1 In April, Henan Provincial Finance Office approved the establishment of Zhengzhou Culture and Art Exchange with 50 million yuan contributed by two natural persons. The design of trading rules is basically the same as that of Tianjin Stock Exchange, but the difference is that the market maker system is introduced, investors make an appointment to register and entrust banks to sell. In June, Hunan Provincial Department of Culture approved Hunan Culture and Art Foundation and Hunan Gao Dun Art Industry Investment Co., Ltd. to jointly invest 50 million yuan to establish Hunan Culture and Art Property Exchange. In July, Guangdong Southern Cultural Property Exchange was established. Jiangsu, Shaanxi, Dalian, Xiamen and other places are also preparing to set up cultural exchange institutions.

Statistics show that as of July 3 1 day, the total number of stock exchanges that have been opened and are in preparation has reached 36, of which 2 1 have been listed for opening. In August, hantang artworks exchange, Fujian Strait Culture and Art Exchange and Jiangxi Culture and Art Exchange were opened or established one after another. At present, there are still many cultural exchanges in China.

According to incomplete statistics, banks have provided loans to Shenzhen Stock Exchange totaling 50 billion yuan. Guangdong South Exchange also received a bank credit of * * * 63 billion yuan; The credit lines granted to Shandong Stock Exchange by the four major banks of industry and commerce, agriculture, CITIC and China Merchants totaled 654.38+08 billion yuan and so on.

Speculation breeds bubbles in the art market

While the art market is booming, the market investment is overheated, especially the hot and crazy speculation of art share trading is worrying.

10 6 10, the first artwork share "Chunhua Qiushi" in Hong Kong International Art Exchange Center went on the market ("Chunhua Qiushi" lacquerware handicraft combination is one of the classic works of contemporary Shanghai painter Bi, * * * including five three-dimensional lacquerware), which closed at the daily limit for five consecutive trading days. 10 10/2 1 day, the second batch of products of Zhengzhou Stock Exchange, Blue Sky Clay Sculpture and China Celebrities, were in opening limit.

Tianjin Stock Exchange is particularly concerned.

In order to control the skyrocketing price, Tianjin Stock Exchange has revised its rules several times. 20 1 1 The threshold for opening an account at the beginning of the year was 50,000 yuan, which was directly raised to 500,000 yuan in March. On July 1 day, Tianjin Stock Exchange "opened its market for the second time", but it made new regulations in terms of entry threshold, subscription policy, adjusting price increase and adding special treatment system. The investment threshold has been raised to 6,543,800 yuan; In the way of subscription, from the past pricing subscription to bidding and quota subscription. In addition, the daily price limit has also been greatly revised. The previous daily increase and decrease of 15% was greatly adjusted to 5%, and a special treatment system was added-the cumulative 6 daily limit or down limit of art share in 20 trading days will be specially treated. After special treatment, the increasing decrease is further reduced from 5% to1%; The transaction mode has also changed from "T+0" to "T+ 1". The "fickleness" of Tianjin Stock Exchange led to the ups and downs of trading varieties between the ups and downs and the silence of trading, which was questioned by public opinion.

On the eve of 1 October1,the first stock product, "Huang Yongyu 0 1", was ushered in on Taishan Culture and Art Exchange, which was operated by Tu Chunan, the planner of Tianjiao Exchange. On that day, the closing price of the stock was 2. 15 yuan, which was 115% higher than the listing price.

On the other hand, in June 65438+1October 65438+July, the Tianjiao Exchange newly released two works of Su embroidery, Fuchun Shan Jutu and Century Peace-Hundred Pigeons Map. These two works suffered heavy losses on the day of listing, and they were broken one after another. The amazing drops of 10.43% and 8.7% caught many investors off guard. Subsequently, the Tianjiao Exchange posted the transaction risk warning of "Suzhou Embroidery Fuchun Shan Jutu, Century Peace-Hundred Pigeons Map" on the Internet. On the one hand, Tianjin Stock Exchange, which dominates the field of art share trading, on the other hand, it is also facing an embarrassing situation of litigation.

According to Wu Shaozhi, director of Beijing Bangdao Law Firm, entrusted by seven or eight investors, the Stock Exchange will frequently unilaterally change the trading rules without authorization, and is prepared to formally file a lawsuit against the Tianjin Stock Exchange on the grounds that the trading risks in the format contract are not indicated in place. These investors come from Shandong, Shanghai, Anhui, Australia and other places, and the investment amount ranges from one million yuan to four or five hundred thousand yuan, but the losses all exceed 80%.

According to another report, due to the hasty launch of many exchanges, some are just empty shells, and even websites are copied from the designs of "predecessors", few officially opened. In addition, the trading rules of local exchanges are all made by themselves, and some are even suspected of fraud.

In view of the sharp rise and fall of cultural works of art, Tianjin Stock Exchange is in chaos. Recently, it was reported that the Propaganda Department of the Central Committee of the Communist Party of China Cultural System Reform and Development Office issued a document to completely suspend the examination and approval of stock exchanges to be launched in various places. A plate of "cold water" hit, where will the stock exchange in the "high fever" go?

Where is the stock exchange going?

As an innovation in China's financial market, art exchange has taken root everywhere in disputes and doubts. With the continuous expansion of scale and market speculation, risks are also accumulating. Should exchanges exist? How to supervise? How to develop in the future has become a problem that must be faced and solved at present.

In fact, there is an essential difference between art sharing and securities market. This kind of art share securitization transaction hides great risks, such as credit risk, trading risk, market risk and legal risk, which is more difficult to guard against than securities.

Compared with stock issuance, the mechanism of selling art shares lacks the necessary credit guarantee system. In the sale and trading of art stocks, the stock exchange is responsible for all related matters concerning the issuance and listing of art stocks. The exchange not only decides whether the art share can be issued and listed, but even decides that the issuance and listing of the art share should be completed by the issuer. This practice not only violates the principles of fairness, openness and justice in the market, but also undermines the credibility of the market. It is also difficult to curb moral hazard and adverse selection, and it is easier to turn the sale of art into a channel of interest transmission and a hotbed of corruption and money laundering crimes.

Secondly, the pricing mechanism of art share sale is flawed. Art is a special kind of commodity, and the prices between works of art are not comparable, and their prices are usually determined by buyers and sellers based on personal evaluation and judgment. In the process of art share pricing, there is neither a recognized standard system nor a recognized authoritative appraisal and evaluation institution, so it is difficult to make a fair evaluation of the value of art.

In addition, the return on investment of art share lacks a stable foundation. Compared with stocks, art itself does not generate cash flow. On the contrary, it must pay certain maintenance and insurance fees every year. Although art exhibitions can earn some income, it is difficult to distribute the income from batch exhibitions among artworks reasonably. In addition, artworks cannot be delivered by shares, so it is impossible for investors to share the appreciation and collection of artworks from their holdings. Therefore, the return on investment of art sharing can only depend on the increase in transaction price. Buying low and selling high to get the difference has become the main mode for investors to make profits. The greater the price fluctuation, the more frequent the transaction, and the more convenient it is to make short-term profits. Under this mechanism, the irrational behavior of investors may push the stock price up several times, leading to price distortion, and then plunge after fanaticism, which will have a chain reaction in the market and eventually make investors suffer heavy losses and become victims. The total share of artworks listed on the stock exchange is small, and the "T+0" trading mode is adopted, which is easy to be manipulated, leading to violent market fluctuations and even speculation by illegal funds, engaging in illegal activities such as short-term trading, market manipulation and money laundering, and gathering market risks.

At present, the establishment and management of art trading places in China are in a state of chaos, and the situation in various places is varied. Except for a few places that are approved by the provincial and municipal people's governments and authorized by the relevant departments to supervise, some are approved and supervised by the local government's financial office, and some are approved and supervised by the cultural authorities. In addition, the lack of regulatory basis is another manifestation of the lack of supervision. Although the stock exchange also implements self-discipline supervision, it cannot replace administrative supervision. In addition, the stock exchange is responsible for the examination, pricing, trading, supervision, evaluation and custody of art shares, and the lack of necessary constraints and supervision among all links is not conducive to preventing moral hazard, and even leaves room for collusion and market manipulation.

"The fundamental reason for the disorder of China's art market lies in the lag of legal system construction and the absence of policy management." Mu, vice president of China Art Market Research Institute, believes that the development of the Stock Exchange has been broken all over the country. The question now is not whether it is necessary, but how to develop it. Specifically, we should face up to the problems, standardize the market, strengthen supervision and create an environment.

He believes that it is an important breakthrough in the legislative work to sort out and strengthen the laws and regulations of the local art market in China and make a concrete analysis of some problems existing in the laws and regulations of the art market in China, such as clearly defining the scope of application of the laws and regulations, standardizing the behavior of technology trading, prohibiting the behavior of technology trading, and illegal administrative responsibility. He suggested that China should enact the People's Republic of China (PRC) Art Market Law as soon as possible, making it the first basic law for the state to manage the China art market according to the People's Republic of China (PRC) Art Promotion Law, which will help promote the healthy and orderly development of the China art market.

In addition, the liquidity of capital determines that only by establishing an institutionalized and mechanized art capital exit mechanism market can China have a growing art capital market. The construction of exit mechanism is related to the confidence of China art market to become bigger and stronger, and it is also an important symbol of expanding demand. For example, a large-scale art market cannot establish a systematic and efficient exit mechanism, which is not only an obstacle, but also the biggest risk faced by China art market. The establishment of China's art capital withdrawal mechanism needs innovation first.