電影投資的製作與回收過程處處充滿 著風險。自1980年起好萊塢的生產成本與 行銷費用節節高升，至2006年時大片廠製 片成本加上行銷費用已一舉突破1億美 元，使得電影產業成為一項風險極高的投 資事業。 隨著科技發展，資本創新成為電影史 上塑造電影產業的最重要力量(Desai，Leob， & Veblen，2002: 2);同時，與曰俱增的大規 模電影製作資本引發了許多的融資創新， 也因而創造了電影產業複雜且令人迷惑的 資本結構。電影產業高風險的特性引發許 多資本市場的金融創新，包括售後租回模 式、專案融資，以及階段融資、實質選擇 權與分帳制度等金融創新模式，並能有效 控制完工風險、績效風險與財務風險，使 電影著作權得以向銀行取得融資。此一近 年來興起之融資創新模式目前在國際電影 資本市場已逐漸成為中大型製作預算電影 之主要融資來源。 電影產業同時也是世界各國高度保護 與重點發展產業；在先進國家或開發中國 家皆將電影產業列為重要文化資產與重點 發展產業，無不殫精竭慮以規劃並制定相 當優惠之獎勵政策，如高比例租稅減免、 高額度融資補助及大型電影基金等，而相 關成功國家的發展經驗，如亞洲新興國家 的韓國與香港，均足供我國政府、電影業 和金融業參考。

Film has traditionally been a good business and a bad investment. The produc- tion and harvesting of the motion picture investment are full of variable risks, and the cost of film production has been increasing up to now since the 19805s, and the big studios now spend an average of just over $100m making and selling each film, which make the film Industry a high risky business. With the development of technology, the capital innovations have become the the most fundamental force to promote the film industry, meanwhile, the increasingly extensive capital of film investment has brought about a lot of financial innovation, and also created the sophisticated and confusing capital structure in the motion picture industry. Thus, the characteristics of film industry result in many financial innovations, including t6sale and leaseback59,4tproject financing,,? 4tdivision of labor by de-velopment Company and project company' “staging financing”，“real options' “profit sharing”，et cetera.，and these innovations have gradually become the main financing channel of international film capital market. Besides, many countries have highly protected and developed film industry for its unique and replaceable role in culture, related policy including investment tax credit, subvention, mega film fund, and cetera. Finally, these successful experiences of Asian developing countries, such as Korea and Hong Kong, which presents some suggestions to our government, as well as to film industry, and financial market