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首页> 外文期刊>Journal of Economics & Management Strategy >COFINANCING TO MANAGE RISK IN THE MOTION PICTURE INDUSTRY
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COFINANCING TO MANAGE RISK IN THE MOTION PICTURE INDUSTRY

机译：合作融资以管理运动图片行业中的风险

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摘要

Cofinancing is a term used in the movie industry to describe films for which multiple firms share the cost of production and revenues. We find that one-third of movies produced by major studios between 1987 and 2000 are cofinanced. Anecdotal evidence strongly indicates that cofinancing is for the purpose of risk management. However, the major studios are publicly traded firms, which allows investors to make their own diversification decisions, leading us to question the importance of cofinancing for risk management. Contrary to industry claims, we find that cofinancing decisions are unrelated to the distribution of individual movie returns—studios do not appear to cofinance relatively risky films. But we do find that studios are more likely to cofinance movies that account for a large fraction of their total annual production budget, which reduces portfolio risk via the law of large numbers. Toward an alternative explanation for cofinancing, we also find that cofinancing between two major studios impacts the release dates of their other movies.
机译：合作融资是电影行业中的一个术语，用于描述由多家公司共同承担生产成本和收入的电影。我们发现，1987年至2000年间，各大制片厂制作的电影有三分之一是共同出资的。轶事证据强烈表明，联合融资是出于风险管理的目的。但是，主要工作室是上市公司，这使投资者可以做出自己的多元化决策，这使我们对共同融资对于风险管理的重要性提出了质疑。与行业主张相反，我们发现共同融资的决定与单个电影收益的分配无关—工作室似乎并未共同融资风险相对较高的电影。但我们确实发现，制片厂更有可能共同资助电影，这些电影占其年度总制作预算的很大一部分，从而通过大量定律降低了投资组合风险。对于联合融资的另一种解释，我们还发现两个主要制片厂之间的联合融资会影响其他电影的发行日期。

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