電影資本市場失靈與匡正機制之探討

Study on Film Capital Market Failure and Corrective Mechanism

新經濟浪潮下，電影產業成為世界各國重點發展產業之一，然而因電影投資與製作過程處處充滿各式風險、不對稱資訊與代理成本等問題，故除好萊塢電影產業外，各國電影資本市場多處於市場失靈狀態。本研究針對電影資本市場失靈主要因素進行深入探討，以瞭解資本市場與製片人如何克服電影融資之資訊問題與代理問題，使市場機制正常運作，完成資金募集。此外，透過相關理論和文獻，以及我國自國際資本市場成功募得資金之代表個案作深入探討與分析，期能瞭解電影資本市場建立之關鍵因素與相關機制為何，以提供我國電影產業與資本市場未來發展之參考。

In the era of new economics, motion picture industry has been the key industry for development worldwide. It is so risky in film investment and produce process that most film capital markets confronts market failure problems. In view of that fund raising is the most important and difficult point in motion picture industry development process, this study investigated main causes of film capital market failure. This is useful for understanding how film capital market and independent producer overcome information and agent problems in film financing, make market mechanism work, and collect funds. This study specifically investigated representative Taiwan cases raising funds from international capital market successfully. The results are useful in understanding key factors and operation mechanisms in film capital market building, and as reference resources in government and financial industry policy and motion picture industry development.