ABSTRACT

This paper explores the interface between the state, the cultural industries and the financial market by focusing on a policy experiment from South Korea: using venture capital for public cultural investment. This policy experiment has significantly increased capital injection to the cultural industries and has provided a fertile ground for the industries to quickly grow. Challenging the dichotomist understanding of the state-market relations, this paper views the government’s use of venture capital as a “state-led regulated financialisation” project, in which the cultural ministry has created, expanded and “tamed” the cultural venture capital market. Venture capital companies' profit maximisation is seriously limited by not only government regulations but also strategic behaviour of private investors (cultural distributors). Yet, the paper points out that involving the financial market further complicates cultural industry policy, which already entails tension between culture and industry.

摘要

本文通过关注韩国的一项政策实验：利用风险投资进行公共文化投资，探讨了国家、文化产业和金融市场之间的界面。此次政策试点显着增加了对文化产业的注资，为产业快速发展提供了沃土。本文挑战了对国家与市场关系的二分法理解，将政府对风险投资的使用视为“国家主导的监管金融化”项目，文化部在其中创造、扩大和“驯服”了文化风险投资市场。风险投资公司的利润最大化不仅受到政府法规的严重限制，而且受到私人投资者（文化经销商）战略行为的严重限制。然而，