The Research And Application Of Enterprise Value Evaluation Method In Radio, Film And Television Industry

Radio, film and television industry in China is mainly supervised and administrated by the state administration of radio, film and television. With the development of economy, the demand of people’s cultural life is continually higher, the development of radio, film and television industry in our country also in diversified trend, constantly meeting the spiritual needs from people.With an increase in the number of listed companies in radio, film and television industry, the industry entered a stage of rapid development, combined with the new stage of government support on the industry, and the encourage of the cultural diversity of development, the investors are more focused on the enterprises in radio, film and television industry, more accurate assessment of enterprise value in radio, film and television industry is playing a more and more important role. Enterprise value evaluation system in our country continued to grow since the 1980 s, gradually developed from assessment on single item assets to overall assessment of the enterprise value, the enterprise evaluation is relatively easy to the traditional industry, but for emerging industries, such as radio, film and television industry, due to its unique enterprise operating mode, the original way of assessment may not be applicable to them. This paper will explore suitable enterprise value evaluation methods in radio, film and television industry, based on the characteristics of radio, film and television industry in China and the relevant theory of enterprise value evaluation.First of all, in the collection and analysis of literature review about enterprise value evaluation at home and abroad, finding some conclusions: the system of enterprise evaluation did not form a unified system, more and more domestic scholars tend to adopt the composite way on the enterprise value assessment.Then, by analyzing the characteristics and the present situation of development of radio, film and television industry in China, including high risk with high income, large differences between the structure of assets and lack of historical data on enterprise value evaluation etc., by comparing each evaluation method, the economic value added method and BS model in real options method of the enterprise value assessment are selected.Finally, Huayi brothers had been taken as an example, to apply on the methods of the enterprise value assessment which were selected, the result was: difference rate between the result and the real closing price on 31 st Dec, 2013 was 4.92%, the difference is acceptable, evaluation results can be trusted.