Behind the Box Office Fake of Ye Wen 3: A Capital Game Covered in a Movie
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Tian Lei said, "Through this false box office and linkage with the secondary stock market, the stock prices of the listed companies investing in this movie are pushed up.
Review: The market does not make up for the short-term short-term bearish Q: Can Zhangjiang Hi-Tech continue to hold? The fast-growing Chinese film market is like a piece of "monk meat", and capital players can't wait to make every effort to eat it. But when the box office fake door of "Ye Wen 3" made people see the "essence of money" of "Internet + Film + Finance", everyone could not help asking: What is the logic behind financial intervention in movies? What are the investment risks and legal boundaries of "finance + film" innovation? In order to protect the authenticity of the domestic box office, what else should the regulatory authorities do? In this regard, the reporter of "Daily Economic News" interviewed film investors, cinemas, legal persons and relevant authorities at the 6th Beijing International Film Festival, hoping to present the industry's practice and thinking direction. With a ticket issued by the National Film Market Special Administrative Office, the rumors of "Ye Wen 3" box office fraud have been concluded. The incident unveiled the tip of the iceberg of borrowing movie shells to play capital games. This can't help but reflect. When finance meets movies, where is the crisis? Yesterday (April 19), at the 6th Beijing International Film Festival, Entertainment Capital released the "White Paper on Film Finance Innovation Cases and Boundaries" (hereinafter referred to as the "White Paper"). At the release of the "White Paper", Xu Liang, the founder of Unity Capital and chairman of Guangying Factory Film Industry, broke the essential purpose of the issuer of "Ye Wen 3" issuers-in the context of the ultra high P / E ratio of the capital market, the capital side paid for it. Or take the risk to "brush up" the box office by illegal means in order to obtain the subject matter of "storytelling" in the secondary market. "It is not necessarily a good thing that a large amount of money from the capital market enters an industry." Zhao Longkai, an associate professor in the Department of Finance at the Guanghua School of Management, Peking University, said that if a filmmaker holding scarce resources is driven away by the profits brought by capital, it will be a bad for the film industry. A kind of destruction. The border between "private room" and "brush box office" Since the release of "Ye Wen 3" on March 4, netizens from different provinces have taken screenshots of ticket purchases, ridiculing that the row is "Midnight Ghost Field", blaming the box office Fake. "The ticket purchase system shows that" Ye Wen 3 "is the same movie theater every 10 minutes, the ticket price is as high as 203 yuan, and the show is full at 1 or 2 am. I am also drunk.” From the National Film Market Special Administration Office According to the announcement, "Ye Wen 3" does have a phenomenon of false performances at abnormal times. This is the so-called issuer teamed up with some theaters to use the background operation to "increase box office." "They (Ip Ye 3) have come to me and wanted to book a place." Hu Qiming, president of Lumiere Pictures, recalled that if he bought a ticket for a private show, the audience was welcome. "But their charter is not a traditional ticket purchase. Instead, they asked me to build a box office of 10 million yuan, and then return me 1.5 million yuan subsidy. This is a fake box office. I am particularly disgusted when I hear it. If you do, the film industry is to fight for who has the money, a very ugly movie can get a high box office with money. "It is worth noting that" Ye Wen 3 "also has the issuer's own pockets and purchases. Earlier, "Catch the Monster" has also been questioned at the box office to inject water. At that time, the investor of the film stated that "Some shows were made for public welfare. The filmmaker paid for those who could not afford movie tickets to watch the movie." The movie starring Fanghua Wallet, etc., which invited the audience to watch the movie, is indeed widespread. What is the boundary between self-purchasing and selling and the box office violation? Regarding movie tickets “sell and buy”, Tian Lei, a senior partner and lawyer of Beijing Chinese Lund Law Firm, believes that this behavior is neutral and cannot be said to be illegal. However, if the act of selling and buying by itself achieves an improper purpose through a means, it will be illegal.的 The temptation of high price-earnings ratio When the participants talked about the specific cases of using the high box office to achieve the "improper" purpose, they also used "Yewen 3" as a typical analysis. For example, during the fake process of "Ye Wen 3", the box office was fictionalized through self-buying and selling or through trading with related parties. Tian Lei said, "Through this false box office and linkage with the secondary stock market, the stock prices of the listed companies investing in this movie are pushed up. If the secondary market reduces its holdings to obtain improper benefits, this kind of self-buying and selling The behavior has an illegal color in it. ”Using an easier-to-understand analogy, Hu Qiming likens the series of fakes in" Ye Wen 3 "to a listed company's use of connected transactions to inflate benefits. "Equivalent to a listed home appliance company, find a bunch of affiliated companies to buy its refrigerators, color TVs, get sales up, and then get up in the stock market, and cash in the secondary market through falsely high performance." Everyone did not understand at the beginning that "Ye Wen 3" also spent a lot of money to buy tickets in addition to brushing the box office with technology. Why did it spend so much money? "Hu Qiming asked himself and concluded that there is no free lunch in the world. By using the falsely high box office to speculate stock prices in the secondary market, we can understand the purpose of these people to do these things. All phenomena have to make people suspect that there is a bubble at the box office. "We know that when drinking beer, it takes a bit of foam beer to taste delicious." Xu Liang said that all competing films must grab the theater line, and at this time, the motivation of the film party flower wallet to attract everyone's attention is understandable. "But if the cart is turned upside down, 95% of this beer is frothy and only 5% ~ 10% is true. This situation is actually fraud." 的 The risk of box office gambling.最 The most attractive way to attract finance into the film is to guarantee the distribution. "If the film industry is not short of money, how can capital come in? So guaranteed distribution is the fastest and most convenient way to change the capital entry method of the film industry's distribution system," the White Paper wrote. Of course, there are also successful cases in the release of Baobao. For example, Light participated in "Mermaid" and guaranteed the box office in advance. When "Mermaid" was sold at the box office, it was also a day of great profits. However, other new forms of film floor protection have been extended, such as “assortment floor protection”, “combination of floor protection and P2P market and securities market”. This leads to another controversy in the industry. Can movies be asset securitized? The "White Paper" wrote that the toll rights of highways and the sewage treatment income of sewage treatment plants can be securitized because these businesses have stable income, but the movies are not exactly the same, and the assets before the movie were released were zero. DreamWorks once used 10 years of film production income as the subject of asset securitization, but in China it is more asset securitization of a single film and an asset securitization attempt on multiple platforms. In the "White Paper", Zhao Longkai proposed that movie products are not the ideal subject matter for asset securitization. Most financial contracts must specify the subject matter, and not everything can be the subject matter. The subject matter must be clear and cannot be manipulated artificially. And this high-risk industry is not suitable for raising funds from the public. Don't just look at the financial statements. Xu Liang reminds investors who are not familiar with the film and television entertainment industry. Box office is only income not profit, even if the profit is calculated, it is not cash flow. "Can I get the money when the film goes online? It's good to wait 4 months to see the financial statements."
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