The Application Of The EVA Method Based On The Option Theory In The Evaluation Of The Value Of Film And Television Enterprises

With the background of industrial structure upgrading in China, policy concessions give cultural industry an opportunity to develop rapidly. Among them, the film and television companies which are the representative of the cultural enterprises perform very actively in the capital market. These film and television companies’mergers and acquisition have become increasingly frequently. The trend of integration and collectivized development makes accurate value evaluation becomes an urgent need. But differing from the general enterprise, all of the traditional method has inadaptability because of the value characteristics of film and television companies. Therefore, how to evaluate the value of film and television companies accurately and comprehensively is worth thinking.Based on the previous studies, this paper elaborates the limitations and advantages of traditional methods combined with the value characteristics of the film and television companies. Furthermore, this paper shows that the potential value-added opportunities brought by management flexibility do accord with the evaluate scope of real option value. Therefore, the author decides to improve the traditional EVA method by using real option theory and tries to evaluate the overall value of film and television companies from two parts including practical value and potential value. Through comprehensive analysis, this paper combines BS model and EVA model of two stages together and also simplifies and explains the parameters to explain the rationality of the whole model. In addition, using logistics case study this paper chooses light media which is a typical television enterprises to verify the operability of the model and analyzes the comparison of the calculated theoretical value and reality and the stock price and the value of the enterprise which is removed uncertain factors.At last this paper holds the view that the current market value is not a very good reaction of inner value. Because the traditional EVA method does not take the uncertainty risk of management flexibility into consider, so it may mislead investors to make the wrong investment decisions. After mixed the real option concept into value evaluation system, it can estimate the uncertain value added of intangible assets. The new system not only takes the value brought by the real management mode of the evaluated companies into account, but also manifests the potential strength of companies in the future development. This makes the evaluated value of film and television companies closer to actual one, which contributes to provide more accurate and reliable basis for market investors and help film and television companies to achieve better financing and expanding in the capital market.