| With the advance of globalization and the upgrading of China's economic transformation,mergers and acquisitions have gradually become the hotspot in China's economic growth process.Through mergers and acquisitions,enterprises can not only solve their stock capital in the capital market,many problems,but also can make the company expected to increase the value of capital to enhance.As an important part of the M & A process-to assess the value of the target business,to develop a reasonable pricing strategy to maintain the interests of both sides of M & A,no doubt the success of M & A negotiations and the realization of corporate mergers and acquisitions strategy is essential.In recent years,China M & A market,film and television culture media mergers and acquisitions are more active,these M & A activities can not be separated from scientific and impartial value assessment,this paper on the value of film and television media enterprises to evaluate the value of M & Film and television culture media enterprises into the market of standardized mergers and acquisitions to provide some reference and recommendations.Based on the characteristics of M & A value evaluation of film and television culture media,this paper chooses the EVA value evaluation model to evaluate the M & A value of film and television culture media on the basis of combing and summarizing relevant literatures at home and abroad.In the calculation of EVA,the traditional accounting methods to adjust the difference to make it meet the economic essence of EVA;in the calculation of the specific parameters of choice,combined with the characteristics of film and television media enterprises to improve the selection of evaluation parameters;use EVA valuation The basic idea of the model is to adjust the traditional subjects according to the Lok Wah Culture's earnings,and to obtain the values of the adjusted total capital(CAP)and net operating profit(NOPAT),to provide a reasonable valuation Basis,and calculate the three years of economic added value are positive,and showed a growing trend,you can explain that the music culture is a valuable creativity of the enterprise.The rate of return on inter-bank fixed-rate government bonds with 10-year period is selected as the risk-free rate of return.The market risk return rate is determined by the geometric average rate of return of Shanghai and Shenzhen 300 index from June 2000 to June 30,The value of the beta coefficient(the last 24 weeks)is 0.01(from the WIND database).Plus the company's three years of financial statements come to the enterprise-specific risk rate of return,the cost of equity capital.Combined with the bank to choose the whole one-year commercial loan benchmark interest rate for the pre-tax debt costs,and ultimately draw the weighted average cost of capital.The value of the enterprise after discount is $ 1,866 million,which is within the reference value given in the official evaluation report.At the end of this paper,we try to propose a model of EVA value acquisition for rich EVA value evaluation model to verify whether M & A activity is valuable to the enterprise or whether the M & A decision is reasonable and feasible.Finally,the EVA value evaluation model and the EVA value test model are applied to the specific M & A case,and the comparison analysis is carried out to confirm that the improved EVA valuation method can provide new ideas and choices for the evaluation of M & A value of film and television culture media enterprises. |
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