北京印刷学院硕士学位论文
摘要
摘要
在国家政策和国民经济的双重有利环境下，我国文化产业迎来大发展，文化企
业的投资热潮也随之而来。然而，我国文化企业的发展仍然缺乏国民经济的支撑，
文化产业尚未达到国家支柱产业的战略要求，文化产业分类体系复杂，没有统一的
分类标准，文化产业内容也没有明确的投资标准。文化企业的内容投资和评级是文
化企业衡量自身、行业发展、文化企业投资者和投资机构的重要参考。因此，探讨
如何对文化企业进行投资和评估具有重要意义，这也是本文的核心主题。
鉴于文化企业相较其他领域的企业存在特殊性和差异性，本文综合考虑了《国
民经济行业分类》、《文化及相关产业分类（2018）》等文件，对我国文化产业总体
情况进行把握，引入品牌信用度模型（TBCI），围绕文化产业的细分领域，将文化
企业分为出版业、广播电影电视业、文化艺术业、文化科技服务业、文化生活旅游
业分类进行探索。上市公司部分，以 2016年~2020年文化产业上市公司 556个企
业为研究对象，利用主成分分析法对于 556个企业的 28个财务指标进行分析，建
立企业投资价值财务综合评价函数，得到文化产业上市公司投资价值细分行业排
名，本文还对 28个财务指标进行投资预警分级，由此说明企业的盈利能力、债务
风险承受能力、经营增长状况及其他补充内容，按照“无警、轻警、中警、重警”的
风险等级进行划分；非上市公司部分，以北京市 2016~2020年北京文创大赛的百
强企业为参考，研究 407个初创型文化企业，基于品牌信用度模型（TBCI）进行
细分行业评级，对五年型企业进行未来预测，提出了投资建议。
通过本文的研究发现，上市文化企业方面，投资价值财务综合排名最高的是出
版业。其次是文化科技服务业、广播电影电视业、文化艺术业、文化生活旅游业；
财务指标上，销售增长率、销售利润增长率、经济增加值率可以作为投资的第一参
考指标考虑，而资产负债率、销售资本保值增值率、成本费用占主营业务收入需要
引起投资人的足够关注；初创型文化企业方面，基于 TBCI投资信用评估最高的是
文化科技服务业，其次是文化生活旅游业，而广播电影电视业的投资风险最高。文
化产业总体为 B级的投资信用水平；投资者在对文化企业投资时，意愿价值超过
企业本身的质量价值，其中个人情感价值偏好约占据一半以上；五年型企业发展预
测中，一年型企业将会迎来新的增长势头，二三年企业生存状态不稳定，而四至五
年型企业已初具规模，可以形成企业自主导向的内容配置模式和发展模式。
关键词：TBCI；文化企业；投资风险
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北京印刷学院硕士学位论文
A B S T R A C T
ABSTRACT
With the great development of China’s cultural industry under the double favorable
environment of national policy and national economy, the development of cultural
enterprises has ushered in new opportunities and the investment boom of cultural
enterprises has followed. However, the development of China’s cultural enterprises still
lack the support of the national economy. The cultural industry has not yet reached the
strategic requirements of the national pillar industry. The classification system of the
cultural industry is complex and there is no unified standard and no clear investment
standard for the content of the cultural industry. Content investment and rating of cultural
enterprises is an important reference for cultural enterprises to benchmark themselves,
industry development, investors and investment institutions of cultural enterprises.
Therefore, it is of great significance to explore how to conduct investment and investment
evaluation of cultural enterprises, which is also the core topic discussed in this thesis.
Compared with other industries due to cultural enterprises particularity and
difference, this thesis considered the national economy industry classification, the culture
and related industry classification (2018) and other documents. To grasp the overall
situation of China’s cultural industry, the Trademark Brand Credit Index (TBCI) model
assesses around the cultural industry niche and cultural enterprises were classified into
publishing industry, radio, film and television industry, culture and art industry, culture,
science and technology service industry, cultural life and tourism industry. In the part of
listed companies, 556 listed companies in the cultural industry from 2016 to 2020 are
taken as the research object. Principal component analysis is used to analyze 28 financial
indicators of 556 companies, establishing the financial comprehensive evaluation
function of enterprise investment value, and we obtain the sub-industry ranking of
investment value of listed companies in the cultural industry. In this thesis, 28 financial
indicators are graded for investment early warning, and the profitability, debt risk,
business growth and other supplementary contents of the enterprise are explained.
According to the risk grade of “no alarm, light alarm, medium alarm, heavy alarm”, we
divided these indexes according to this risk grade. In the part of non-listed companies,
taking the top 100 enterprises of Beijing Cultural and Creative Competition from 2016 to
2020 as the reference, 407 start-up cultural enterprises are studied. Based on Trademark
Brand Credit Index (TBCI) model, the subdivision industry rating is carried out. The
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北京印刷学院硕士学位论文
A B S T R A C T
future prediction of five-year enterprises is made, and investment suggestions are put
forward.
Through the research of this thesis, it is found that the publishing industry has the
highest financial comprehensive ranking of investment value in listed cultural enterprises.
And the next are culture and science service industry, radio, film and television industry,
culture and art industry and cultural life tourism industry; In terms of financial indicators,
sales growth rate, sales profit growth rate and economic value added rate can be
considered as the first reference index for investment, while asset-liability ratio, sales
capital preservation and appreciation rate, cost and expense account for the main business
income, which should attract investors’ sufficient attention. In terms of the start-up
cultural enterprises, the highest investment credit assessment based on TBCI is in cultural
science and technology service industry, followed by cultural life tourism, while radio,
film and television industry has the highest investment risk. Cultural industry as a whole
is rated as grade B; When investors invest in cultural enterprises, the value of intention
exceeds the quality value of the enterprise itself, among which the preference of personal
emotional value accounts for more than half. Five-year enterprise develops steadily and
one-year enterprises will usher in a new growth momentum; two years of enterprise
survival state is not stable; and four to five years of enterprise has begun to take shape.
They can form an independent enterprise-oriented content configuration mode and
development mode.
KEYWORDS: TBCI; Cultural enterprises; The investment risk
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