“艺术品份额化”这一新名词，3年前曾让资本趋之若鹜，国内文交所遍地开花。但转瞬就跌落云端，臭名昭著。大浪淘沙之后的文交所能否为原有的乱象“正名”？这是摆在中国文交所面前的一个现实考量

"Works of art share change"A new word,Had the capital three years ago,Domestic article by blossom everywhere.But soon fell off the cloud,notorious.After the ebb tide can exchange for the original chaos"justify"?This is a reality in front of Chinese literature by considerations

　　2013年伊始，广州市民武宏亮的心情一如他所投资的艺术画——黄河咆哮，这是天津文交所（以下简称“天交所”）艺术品份额化产品的代表作，它从最高价18.77元一路跌到了如今的1.41元。

At the beginning of 2013,Guangzhou citizens Wu Hongliang mood as he invests art - the roar of the Yellow River,This is tianjin exchange(Hereinafter referred to as the"Day by")Works of art share is changed by the representative of the product,It from the highest falling to $18.77 to $1.41 now.

　　像武宏亮一样在高价位买入的投资者，大多血本无归。但是两年前天交所创造的“神话”，众多投资者一定还记忆犹新—— 短短30个交易日，《黄河咆哮》的价格从1元一路飙升到17元。天津文交所上市的两幅画作，一度被炒至相当于齐白石142幅作品价值的总和。

Like Wu Hongliang investors to buy at high prices,Most of the pocket.But two years created by the day before yesterday"myth",Many investors still fresh - within 30 trading days,[The Yellow River roaring]Prices soared from 1 yuan to $17.Tianjin article listing two paintings,Once fired to the sum of $142 worth of qi baishi works value.

　　疯狂过后，一地鸡毛。这种 “过山车”式的价格走势，最终让众多投资者伤痕累累。

After the crazy,In a feather.This kind of "A roller coaster"Type of price action,Finally let many investors scarred.

　　2013年1月14日，各界期盼的天津文交所整顿方案最终出台，其中规定“所有艺术品份额将通过协议转让的方式流通转让，最终将通过要约收购、竞拍等方式退市”，这引发了众多武宏亮们的强烈不满，纷纷进津讨要说法。外界猜测，天交所将是唯一继续保留“艺术品份额化”业务的文交所。

On January 14, 2013,From all walks of life look forward to the reorganization plan of the tianjin culture exchange,The rules"All works of art share transfer the flow by means of contract transfer,Eventually will be on offer/Bidding, etc",This raises many Wu Hongliang's strong dissatisfaction,Have been in tianjin for claim.speculation,Day will be the only shall be maintained"Works of art share change"The exchange of business.

　　这似乎有“死不悔改”之嫌——早在2011年年底，国务院出台《关于清理整顿各类交易场所切实防范金融风险的决定》（以下简称“38号文”）已经对艺术品份额化交易模式明确禁止。而国内更多的文交所，在2012年6月30日清理整顿大限日之前就悄然完成了转身。证监会近日公告称，全国36省区市中已有16个通过了清理整顿各类交易场所部际联席会议的验收，份额回购成主流模式。

This seems to have"dissuade"Too - as early as the end of 2011,Under the state council issued[About rectification of various types of trading venues to guard against financial risk decisions](Hereinafter referred to as the"Article 38,")Have to works of art share trading mode explicitly banned.And more domestic exchange,In 2012 before June 30 deadline rectification finished turned quietly.The CSRC recently announced,16 of the nation's 36 provinces through the rectification of various types of trading venues of the joint inter-ministerial meeting of acceptance,Share repurchase into mainstream mode.

　　文交所的出路何在？ The way out of the exchange?

　　罪魁祸首——“艺术品份额化交易”？ The culprits --"Works of art share trading"?

　　“文交所”是“文化产权交易所”和“文化艺术品交易所”的统称，其名称和机构都属于新生事物。从2009年上海文交所首开纪录之后，称赞与争议就一路相伴。

"Article by"is"Cultural property rights exchange"and"The cultural art exchange"The generally referred to as the,The name and institution belongs to new things.From 2009 Shanghai stock exchange after the opening goal,Controversies, which go hand in hand with praise.

　　赞许者认为它是在民间资本旺盛和艺术投资需求高涨的环境下应运而生，创造了艺术品交易的新平台，在全世界绝无仅有；质疑者则指出目前的文交所与其名“文化产权交易所”的内涵相差甚远，太过迷恋艺术品份额交易，导致投资者陷入了一场博傻游戏。

ZanXuZhe considered it a strong folk capital investment demand and art high environment arises at the historic moment,Create the trading platform for the new artwork,Nowhere else in the whole world;Skeptics pointed out that the current article by its name"Cultural property rights exchange"The connotation of the far,Too obsessed with works of art share trading,Lead investors into a bo silly games.

　　而将文交所迅速带入资本市场的——正是艺术品份额化交易。

And delivered article - is rapidly into the capital markets by the works of art share trading.

　　最初，市场一片叫好，有人认为这是中国艺术品金融市场的创新，它将艺术品，分割成若干份，进行类证券化交易，人人都可以成为贵重艺术品的“拥有者”。作为艺术品份额化先行者的天交所，更是一直不愿放弃这一创新领地，曾向专利主管部门提出“艺术品份额化交易模式”的专利申请。

The initial,Market a piece of bark,Some people think that this is the Chinese art innovation in financial markets,It will be works of art,Split into a,Kind of securitization transaction,Everyone can be a valuable works of art"The owner".As a pioneer of works of art share exchange,This innovation has been reluctant to give up space,Has asked the department in charge of patent"Works of art share trading patterns"The patent application.

　　“份额化交易”似乎比文交所本身更吸引眼球，各地文交所于是争相效仿。嗅到其中腥味的热钱大量涌入，市场迅速膨胀、交易乱象频现，投资者蜂拥而来。

"Share of the transaction"Seems to be more eye-catching than the text by themselves,Around the exchange and emulated.Smell the smell of hot money influx,Rapidly expanding market/Trading frequency mess now,Investors flocked to.

　　在文交所兴起之初，中央财经大学文化经济研究院院长魏鹏举就公开表示过质疑，在接受《小康》记者采访时，魏鹏举解释道：“其实我倒不是反对文交所的存在，而是我不认同现行的艺术品份额化交易。”魏鹏举给出的理由是，单纯把艺术品的文化艺术价值拎出来，然后简单地证券化运作，这违背艺术品价值的基本规律。现行的份额化，实际上是把未来可能消费价值提前透支，而且是过渡性透支。

At the beginning of the rise in the exchange,Cultural economy research institute at the central university of finance and economics Wei Pengju publicly expressed doubt,In a[A well-off]Reporter in an interview,Wei Pengju explains:"Actually, I am not opposed to the existence of the exchange,But I don't agree with the current works of art share trading."Wei Pengju reason is given,Only carry the art value of culture and art,Then simply securitization operation,This violates the basic rule of art value.The current share,Is actually the future early overdraft consumption value,And is a transitional overdraft.

　　天交所就是最好的证明，推出“艺术品份额化交易”短短两个月，文交所上市的两只“艺术品股票”涨幅达18.7倍。 在一些专家看来，艺术品份额化交易中出现价格过山车现象是意料之中，北京大学文化产业研究院副院长陈少峰对《小康》表示：“一个艺术品可能在几天之内涨了几十倍？现在所谓的‘艺术品份额化”不是在做交易，而是一种投机行为，文交所所有收入来源完全依赖于交易者之间的泡沫。”

The exchange is proof of that,launch"Works of art share trading"Just two months,The listing of two"Art stock"Increase by 18.7 times. It seems to some experts,Works of art share price roller coasters phenomenon occurring in the deal is expected,Beijing university culture industry research institute, vice President of Chen Shaofeng right[A well-off]said:"A work of art may have increased several times within a few days?Now the so-called‘Works of art share change"Not in do the deal,It is a speculation,Article by all sources of income is totally dependent on bubble between traders."

　　交易无序、缺少退出机制、缺乏风险控制是众多业内人士对艺术品份额化交易提出的罪名，但受访者都不约而同强调——不能否认艺术品份额化在推动文化产业与金融资本融合上是一种积极的探索;可如果只停留在基于份额化的资产包模式，过分借鉴和依赖证券化，等于把所有的目光集中在艺术品资产包的价值开发上，路子就有点走偏了。

Trade disorder/Lack of exit mechanism/Lack of risk control is put forward by the many in the industry of works of art share trading,The respondents are stressed - can't deny art share with financial capital in promoting the cultural industries is an active exploration on;But if you only stay in package mode based on the share of the assets,Too much reference and relying on securitisation,Equal to put all eyes focus on art assets the value of the package development,Way is a little wide.

　　这种泡沫式的繁荣只持续了一年多时间，陆续曝出郑州文交所涉嫌违反文物法、投资者控诉汉唐文交所、深圳文交所停牌调查等事件。国家监管部门随后出台条文，对膨胀的文交所紧急刹车。

The prosperity of the bubble type only lasted more than a year,Have showed the zhengzhou article by suspected of violating the governing cultural relics/Investors charged by han and tang dynasties/Shenzhen wen stock exchange suspended the investigation.National regulators then introduced provisions,For the expansion of the article by the emergency brake.

　　国务院38号文出台以后，众多文交所纷纷摈弃了这项业务。

No. 38 of the state council announced,Many exchange are devoid of this business.

　　深圳文交所在整顿中率先执行了按成本价进行回购的方案，随后各地文交所纷纷效仿。最后拿出整顿方案的天交所的做法让人白思不得其解，很多人猜测这是天交所骑虎难下的做法，短时间内难以用巨资为泡沫买单，只能硬着头皮维持现状，也有分析人士指出天交所会在原有的份额化交易基础上有所改进，这是天交所“砝码”。

Shenzhen wen his overhaul of first carried out at the cost price to buy back scheme,Then around the exchange to follow suit.Finally took out the reorganization plan of the day to hand in the practice of the let clause may not be the solution,Many people guess this is the day by riding a tiger's approach,In a short period of time is difficult to use a huge sum of money has to pay for the foam,Only crustily skin of head to maintain the status quo,Some analysts also pointed out that day to hand in what will go in the original share trading on the basis of improvement,It's day by"farmar".

　　一些业内人士也在探索艺术品份额化交易的“尽善其用”，魏鹏举认为艺术品份额化交易首先要有约定的推出机制，然而中间推出份额化交易，这样不仅解决艺术品推出和定价，还解决了退出、变现、分红的问题。也能让人最大可能认识到艺术品增值的实际。“艺术品份额化交易是对拍卖市场的适当延伸。”魏鹏举表示。

Some in the industry are also exploring the art of share trading"Do a good use",Wei Pengju share that art must first have agreed to launch the trading mechanism,However the middle launch share trading,This not only solve the artwork and pricing,Also solved the exit/To liquidate/The problem of share out bonus.Also can let a person may realize the biggest art appreciation of the real."Works of art share trading is appropriate for auction market extension."Wei Pengju said.

　

　转型之路——走向“大文化” Transition - toward the road"Big culture"

　　当艺术品份额化交易逐渐落幕之时，曾遍地开花的文交所在洗牌之后大大缩水。

When works of art share trading gradually over time,Has proliferated in the text of his reshuffle after reduction.

　　文交所火爆顶峰时曾多达80余家，但目前全国挂牌运营的文交所仅剩22家，另有10余家文交所正在筹建，“幸存”且年轻的文交所站到命运转折的十字路口，不免有些措手不及，一场艰难与迷茫的转型势在必行。

Article by hot peak was up to more than 80,But for the whole country at present, the exchange only 22,Otherwise more than 10 articles under the exchange,"To survive"By now and young wen to life-changing crossroad,Some unprepared,The transformation of a difficult and confusion is imperative.

　　与以往仅盯着艺术品份额化交易不同的是，各个文交所开始开拓眼界，关注“大文化”概念，期望成为新的盈利模式。

Instead of just staring at the works of art share trading is different,The article submitted by the vision,Focus on"Big culture"The concept,Expect to become the new profit model.

　　在2012年，上海文交所是为数不多稳步前行的范例，当然这和它的优良血统不无关系——全国首家及国家级试点交易所。在2012年上海艺术博览会期间，上海文交所向来自国内外超过百家展会机构发出邀请，希望联合各方通过展示、挂牌、加工、包装、整合及交易等，打通文化艺术产业链，共同推动国内公共艺术领域机制转型和升级，这是上海文交所首次涉足公共艺术领域，目前已有部分国际500强企业表示愿意在包装、运输、艺术保险等操作层面给予资金支持。

In 2012,,Shanghai stock exchange is one of the few examples of steady progress,Of course this was related with its good pedigree -- the first state-level pilot and exchange.During the 2012 Shanghai art fair,Shanghai to pay more than hundred invitation exhibition institutions from home and abroad,Hope to joint parties by showing/listed/processing/The packing/Integration and trading, etc,Through cultural and art industry chain,Jointly promote the domestic public art mechanism transformation and upgrade,This is the Shanghai stock exchange's first venture into the public art,There are part of the top 500 international enterprises willing to in the packaging/transport/Art insurance operating level to give financial support.

　　湖南文交所则把眼光投向非物质文化遗产领域，2012年7月16日，湖南文交所率先推出第一个文化消费品实物产权投资项目——“非遗茶韵”精品黑茶套装组合，投资人通过湖南文交所认购非遗茶韵，在行情较好时可享受高投资回报，即使市场行情不理想，还可以行使回售选择权，即文交所5年后可加价回收收藏者手中的黑茶，坐享每年5.6%的固定收益。这减少了传统营销的中间环节，降低了营销成本，使投资者收益的同时，让加价回售成为了可能。

Hunan culture exchange, look into the intangible cultural heritage,On July 16, 2012,Hunan culture exchange pioneered the first cultural consumer goods real property investment project --"Intangible tea rhyme"Black tea set combination,Investors through the hunan wen to subscribe the tea rhyme,When market is good, can enjoy a high return on investment,Even if the market situation is not ideal,Can also exercise the put option,By 5 years later can increase recycling collections of black tea,Sitting on a fixed income of about 5.6% a year.This reduces the intermediate links of traditional marketing,Reduce the marketing cost,Make investors earnings. At the same time,Let the price back to sales.

　　而在南方文交所里，广东卫视首次将其春晚的资源产权挂牌。南方文交所副总经理雷震表示，招商项目本是一项商业交易，广东卫视把春晚招商资源当做文化产权来认购拍卖，为文化企业提供了直接融资的重要渠道。随着将来文化交易平台的涉及面日益广泛，未来文化产权的交易“货架”将会琳琅满目。

And in the south Fang Wen centers,Guangdong satellite TV for the first time it's resource property listed.South Fang Wen LeiZhen by deputy general manager said,Investment projects is a business transaction,Guangdong TV gala investment resources as a cultural property rights to subscribe for the auction,Providing for the business enterprise culture the important channel of direct financing.As the culture exchange platform is increasing in the future,Cultural property transactions in the future"shelves"Will be full of beautiful things in eyes.

　　当上海、深圳这类国家重点扶持的标杆文交所走得顺风顺水时，众多为转型、业务拓展焦虑迷茫的文交所开始按捺不住。2012年下半年，等待中的非试点文交所一次次发起联盟，最终在10月28日，26家文交所宣布成立首个全国性文化产权交易行业自律组织“全国文化产权交易共同市场”，这也意味着，曾经各自为政、单打独斗的文交所开始抱团谋求发展，探索可行产业模式。

When in Shanghai/Shenzhen such national key support benchmarking document exchange walk very well,Many for the transition/Business development of anxiety, confusion, the exchange began to succumb.In the second half of 2012,Waiting for the other article exchange launched league once again,On October 28th in the end,26 article exchange announced the formation of the first national cultural property rights trade self-discipline organization"The national cultural property rights trading market together",This also means that,Once fragmented/Solo article submitted by means of seeking development,To explore feasible industrial pattern.

　　中国文化产权交易所筹备组负责人彭中天表示看好联盟的成立。在他看来，文交所走向联合是产业发展的必然趋势，文交所的出路在于市场化，在无以依赖的时候，只有团结起来走市场化的道路。

Peng, head of the organizing Chinese cultural assets and equity exchange zhongtian said bullish on the establishment of the league.In his opinion,Wen the exchange to joint is the necessary trend of industry development,The way out lies in the marketization of exchange,When can rely on,Only to unite the market-oriented road.

　　抱团是否能解决文交所转型之困？业内意见不一，中央美院艺术市场研究分析中心研究员马学东曾表示，“抱团”的方式不会为文交所带来实质性转机，对自己的定位不明、对份额化交易认识严重不足，才是国内文交所出现生存危机的致命因素，魏鹏举指出抱团如果不能实现资源共享的话，意义不大，不过值得肯定的是抱团以后，可以起到及时回应政府调控的作用。

Cliques can solve article by transformation?At odds with the industry,Market research and analysis center, a researcher at the central academy of fine art Ma Xuedong has said,"Means of"The way will not bring wen by substantive change,Of their location is unknown/Insufficient knowledge seriously on share trading,Is the domestic article by lethal factors of survival crisis,Wei Pengju pointed out that means if can't achieve resource sharing,Meaning is not big,But to the credit of means,You can play the role of timely response to the government regulation.

　　谈“文化”时如何谈“钱” To talk about"culture"How to talk about"money"

　　2012年10月底，国内26家文交所负责人齐聚三亚，讨论自救方案。这已经是他们的第二次闭门会议。他们要“秘密”商讨的是——如何重新定义文交所。

At the end of October, 2012,Domestic 26 meet in sanya, head of the exchange,To discuss the self-help project.This is their second closed-door meeting.They want to"The secret"To discuss is how to redefine the article by.

　　彭中天给出的答案是——对接中小文化企业与资本，加大投融资力度，推动文化资源与资本之间的对接，为文化资源的开发服务是文交所存在的最大价值。

Peng zhongtian's answer is - docking of small and medium-sized cultural enterprises and capital,Increase the intensity of investment and financing,Promote cultural resources and capital between the docking,For the development of cultural resources service is the biggest value in exchange.

　　这个观点得到了众多业内人士的认同，陈少峰认为文交所应该成为一个产权抵押的融资平台，而并非只是单纯转向产权本身，真正将产权跟金融结合起来。

The view of many in the industry recognition,Chen Shaofeng think article exchange should be a property rights mortgage financing platform,Not only to the property itself,Real combine with financial property rights.

　　而深圳文交所的探路，则符合很多人的预期，作为国内首个通过部际联席会议备案的文交所，深圳文交所提出的从艺术品份额化交易转向“文化+资本”的新型经营模式率先获得证监会认可，深圳文交所打造“4+1”五大业务，包括中央文化产权指定进场业务、文化企业上市孵化及股权交易业务、版权交易业务、文化物权业务、专门针对文博会优质文化产业项目的投融资配套服务等。陈少峰认为深圳文交所作为官方试点单位，善后和转型模式都完全符合国家政策，可以成为其他各地文交所学习、模仿的对象。

Shenzhen the gating of the exchange,Are conform to the expectations of many people,As the first domestic exchange through joint inter-ministerial meeting for record,Shenzhen wen/proposed from art trading to share"Culture + capital"The new business model first to obtain the CSRC approval,Shenzhen stock exchange building"4 + 1"Five major business,Including the central cultural property specified business approach/Cultural enterprises of incubation and equity trading/Copyright trading business/Cultural property business/Specifically for wenbo will be high quality cultural industry project investment and financing services, etc.Chen Shaofeng think shenzhen exchange as official pilot unit,Aftermath and transformation models are completely in line with national policy,Can be a word elsewhere by learning/Imitation of the object.

　　值得关注的是，在首批通过联席会议检查验收的八省市中，除了深圳文交所之外，其他省市文交所经营范围基本上只涉及艺术品转让、文化知识产权转让和简单的文化企业投融资等服务，较少尝试拓展新型文化金融交易模式。

It is worth attention,In the first through the examination and acceptance of the joint chiefs of staff in eight provinces and cities,In addition to shenzhen culture exchange,Scope of business of the other provinces and cities, exchange basically involves transfer of artwork/Intellectual property rights transfer and simple culture enterprises, investment and financing services,Less attempt to develop a new mode of culture financial transactions.

　　而文化企业对融资的渴望则是望眼欲穿，转型后的一些文交所，也在考虑从“份额化”的环境中回归到文化产业的根源，对影视产业融资模式进行试水。2012年7月29日，浙江文交所启动电视剧《书香世家》融资服务项目。这是全国首家为电视剧制作项目进行融资服务的文交所。浙江文交所副总经理刘波说，“文交所在这个过程中帮融资方筛选资金，帮投资方选择项目，做到有效的资金匹配，达到比较理想的融资状态。”刘波表示，在清理整顿之后，浙江文交所的定位是做一家构建金融服务体系的中介机构。

And cultural enterprises desire for financing is languishing,After transformation of some of the stock exchange,Also in considering"Share the"Return to the root of the cultural industry in the environment,For film and television industry financing model to test the waters.On July 29, 2012,Zhejiang wen started by TV[A scholarly family]Financing services.This is the first TV series made by project financing services.Zhejiang wen by deputy general manager liu said,"Article handed in in the process help screening means money,Help investors choose project,Do effective matching funds,To achieve the ideal state of financing."Liu said,After the rectification,Zhejiang wen by positioning is to do a build financial intermediary service system.

　　经过洗牌之后文交所数目大减，但在一些业内人士看来，仍有滥竽充数之嫌。加速兼并重组被认为是接下来文交所的必经之路，有专家表示目前大多数文交所交易清淡，没有太多存在的价值。

After a shake-up in the article by number,But it seems to some in the industry,There is still a poor apology.Accelerate the merger and reorganization is considered to be following the path of the exchange,Experts say most current article by light trading,Don't have much value.

　　对于文交所的未来，魏鹏举比较乐观，只要在大规模兼并重组的前提下，按照符合文化价值和资本价值规律的方式去开展业务，文交所一定可以发挥其能。而陈少峰则有些困惑：“说实话按照文交所现有的模式，我是不看好的，只有在金融资本和文化产业对接上进行实质性的创新，文交所才有未来。”陈少峰对《小康》说。

For the exchange of the future,Wei Pengju more optimistic,As long as in the premise of large-scale merger and restructuring,According to conform to the law of cultural value and capital value way to do business,Wen can play its exchange.While Chen Shaofeng puzzled:"To tell the truth according to the article by the existing model,I am a don't look good,Only in the financial capital and the cultural industry on the substantive docking innovation,The exchange is the future."Chen Shaofeng to[A well-off]said.

　　（《小康》实习记者顾彬、宋清源对本文亦有贡献）

([A well-off]Intern reporter Gu Bin/Song Qingyuan contributed for this article)