Research On The Valuation Of Cultural Enterprises

Since the21st century, cultural enterprises have given more and more attention bycountries around the world. Cultural enterprises become a sunrise industry of economy.With the rapid development of cultural creative enterprises and the support from thenational policies, measurement problems are still a bottleneck restricting the developmentof cultural enterprises, the reasonable confirmation and measurement of intangible assets isparticularly important. The measurement of traditional value methods cannot evaluate thepotential value of the cultural creative product that lead to poor investment. Due to the poorexisting literature research is related to it, this paper scientifically analysis the advantagesand disadvantages of the existing methods in measuring the value of cultural enterprises.Through the analysis, this paper find out the most suitable measurement in studying culturalenterprise value.This paper first analyzes the present situation of cultural enterprise and the existingmeasurement and evaluation methods. Comparing several different measures, thepaperestablishedthe model of the value of the cultural enterprise, and relatively accuratemeasure the value of the growing in the future of cultural enterprise. Finally, this paperstudies a case, in order to find the model that suit the measurement of the value of culturalenterprise.Through the analysis on the basic characteristics and manifestations of the listedcultural corporate of China, the paper divided the listed cultural enterpriseinto two parts:the actual value of the assets of enterprises and the value of the potential investment income.The value of Cultural enterprise is the value of the net assets. The traditional methodscannot measure the value of the value of the future growing part.For cultural enterprises,the future value of the potentialgrowing partin the enterprise value is very important.Therefore, this paper will consideringboth cash flow method and the real option method,two stage discounted cash flow model of cultural enterprise will measurethe value ofthereal asset, real option pricing method measures thevalue of the future growing part of thecultural value, finally constructed the value measurement model of thecultural enterprises.Now the literature culture researches is relatively lack in the field of enterprise value,this paper explained the intrinsic value of cultural enterprises, help investors to accuratelymeasure and assess the value of the culture enterprises. This paper systematically study theintrinsic value of the cultural enterprise, build the model of cultural enterprises, hoping tohelp investors found the investment value of cultural enterprises in the capital market, andalleviating the publicly issuing of the listed culturalenterprises. This paper providestheoretical and empirical basis for accounting standards revision, and promoting the cultural enterprises successfully listed.