The Application Research Of Option Pricing Method In Film Copyright Value Evaluation

With the accelerating process of globalization,citizen's demand of culture is increasing day by day,the cultural industry has gradually become the important pillar of national economic development.About 125 mergers and acquisitions have happened in the first half of 2014 between culture media,with a total transaction amount of 100 billion.The film industry is an important part of culture media.Film rights are core assets of film production companies and the valuation of them are key to copyright trading.However,the current domestic is lack of the perfect film rights valuation system which limits the healthy development of the film industry.In this paper,firstly,the research status of the film rights valuation,option pricing method at home and abroad are summarized,pointing out the research significance and realistic demand of the film copyright valuation.Secondly,the paper expounds the basic thought and main model of option pricing,and relevant concepts involved in the film rights valuation,analyzes the influence factors of copyright value and makes sure of the research object.Thirdly,the paper states the option characteristics of film rights,elaborates the box-office receipts and volatility parameters in B-S model.Finally,empirical analysis is carried out on the film rights valuation to validate the rationality of the constructed model and related assumptions.It is worth mentioning that the model refers to the box-office receipts as dependent variable,and names the project schedule,screenings,investment quota and producer as independent variables.This paper discusses the option pricing idea on film rights valuation and builds the film box-office revenue forecasting model,which can provide reference for copyright financing and transfer,serve as a reference for the perfection of the valuation method,and make the film industry develop to be better.