Study On Valuation Of Film Enterprises From Social Responsibility

With the development of Harmonious Society with Chinese Characteristics and economic globalization,corporate social responsibility has an increasingly important impact on the development of enterprises.Since the Reform and Opening,blindly pursuing profit maximization has led to the lack of awareness of corporate social responsibility,which has seriously hindered the construction of a harmonious society and the long-term development of enterprises,triggering a series of social problems.In the research of enterprise management,the relationship between social responsibility and enterprise value has been a popular and important topic.Through qualitative or quantitative research,most scholars find that social responsibility is one of the important means to effectively enhance corporate value.However,in the field of enterprise value evaluation,how much value premium can be brought by social responsibility is a new proposition.There are few researches on enterprise value evaluation based on social responsibility.This paper firstly introduces the pyramid model of social responsibility to build a social responsibility system;then by using AHP and the fuzzy comprehensive evaluation method to get a correction coefficient;further revise the traditional DCF based on the correction coefficient,which will make the evaluation result considers both economic value and the value premium due to social responsibility.At the end of the paper,ENLIGHT MEDIA Corporation is taken as the case study.Traditional DCF and the modified DCF are both used to evaluate the value of it.The result shows that the social responsibility does enhance the company’s value.At the same time,using market approach to verify that the modified DCF is rational.