打破IP神话:IP对影视投资效率的影响分析  

Breaking IP Myth:An Analysis of the Impact of IP on Film and TV InvestmentEfficiency

作　　者：闫心玥 邓向阳[1] YAN Xinyue;DENG Xiangyang

机构地区：[1]湖南大学新闻与传播学院

出　　处：《传媒经济与管理研究》2022年第3期191-210,共20页Media Economics and Management Research

基　　金：国家社会科学基金项目“要素扭曲对传媒产业供给质量的影响机制研究”(18BXW048)。

摘　　要：中国影视产业发展至今,IP热一直没有衰退。影视公司将IP作为招商引资的灵丹妙药,但IP是否对影视公司的投资效率起到了积极作用仍缺乏实证检验。本研究以理查德森(Richardson)投资效率模型为基础构建两个基本模型,以23家影视上市公司2015—2020年的数据为样本,采用线性回归和二元Logit回归方法实证检验IP持有量对影视投资效率的影响。研究结果显示,影视公司IP持有量越高越可能导致投资非效率,即针对IP的投资表现为投资过度。根据研究结论,影视公司需清醒认识到IP的局限性,警惕IP泡沫化现象,适当降低对IP持有量的偏好,将目光投向其他可持续的增长点。Since the development of China s film and television industry,the IP craze has not declined.Film and television companies regard IP as a panacea for attracting investment,but whether IP has played a positive role in the investment efficiency of film and television companies is still lacking of empirical test.This study builds two basic models based on Richardson s investment efficiency model.Taking the data of 23 film and television listed companies from 2015 to 2020 as samples,it uses linear regression and binary Logit regression methods to empirically test the impact of IP holdings on film and television investment efficiency.The research results show that the higher the IP holdings of film and television companies,the more likely they are to lead to inefficient investment,that is,the investment in IP is excessive.According to the research conclusion,film and television companies need to be aware of the limitations of IP,be alert to the phenomenon of the IP bubble,appropriately reduce their preference for IP holdings,and focus on other sustainable growth points.

关 键 词：IP 影视投资效率 理查德森模型 投资过度 泡沫化 

分 类 号：F83[经济管理—金融学]