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第一百四十七章 拼盘(2 / 2)

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“既然一部一部评估电影的投资价值太费事,也无法保证足够准确,我们为什么不打个包呢?”哈恩微笑着说。

“伊萨克帕尔默统计出派拉蒙公司历年的内部回报率都稳定在15%以上,而我们美林的对冲基金,内部回报率也差不多是12-18%,既然回报率水平差不多,当然可以一起合作。”

“这就是拼盘投资的由来,一家电影公司将好几十部电影一起打包,单独设立制作公司向外部投资人融资,证券商则将其作为一个未来可期的稳定收益证券化,转化为证券出售给投资者。”哈恩说道。

“那电影公司岂不是吃亏了?本该是自己赚的钱,还要分给投资商一部分?”虞雨晴问道。

“电影公司不会做亏本生意,他们获得了大量外部资金,分担了风险,而且牢牢掌握着创作主动权及发行权。即使票房不理想,制片与发行过程中的油水也可以让他们旱涝保收。”

哈恩补充道:“另一方面,电影公司资金充足,可以上的项目就更大更多,相当于一个变相的资金杠杆。同时因为好莱坞电影公司普遍拥有连贯的、优秀的信用记录,以及强大的知识产权变现能力,对外部投资者来说,投资金额可大可小,风险可以控制,收益也较可观,说起来还是高尚的艺术投资,所以双方一拍即合。”

不知道为什么,林飞想起了原时空拼酒店拼下午茶的“名媛人设群”,与这个拼盘投资倒也有一些神似。

“咱们去看电影吧,这部片子我有投资…”说出去逼格一下提升了一个档次。

陆敏琪点点头:“这就比联合制片更进一步,华夏概念的联合制片还是以制作公司与多家传媒公司、发行方以及院线一起投资合作的方式为主。”

她说:“而好莱坞的大公司已经通过垂直整合将电影从制作到发行的一条龙产业链都把握在了自己的手中。金融机构通过拼盘投资的方式将电影制作的收益预期金融证券化,进一步降低了风险,通过掌握发行权保证自身获得稳定的收益,减少了单片投入之后,就可以上更多更大的项目把规模做大。”

“于是从2004年开始,美林证券通过中间制作商美尔罗斯合伙公司,投资派拉蒙公司即将开拍的26部影片,其中包括热门项目《世界大战》《碟中谍3》,投资额占18%,并相应分享18%的利润,这个协议保障派拉蒙在和美林投资集团结算之前要提取北美总票房的10%作为发行费,让电影公司有利可图,而最后美林公司也获得了稳定而可观的盈利回报。”哈恩说道。

“真是万物皆可证券化,”林飞不由咂舌,“不过就算是拼盘投资,也是会有风险的吧?比如去年的次贷危机,房贷金融证券化,遇上房价下跌断供潮…”

“金融产品,当然有风险,比如片商的选择,”哈恩说道,“电影行业的拼盘投资,派拉蒙可以提供稳定而令人满意的收益,但若是选择了米高梅,那就酿下了失败的苦果。”

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