Research On The Enterprise Value Of Chinese Film Enterprises From The Perspective Of Industry Chain

With the rapid development of the film industry in recent years,China's film box office maintained an average annual growth rate of 27% between 2010 and 2017.By the end of 2017,China's film box office reached a new record with 52.4 billion Yuan,and China has become the second largest box office market after North America.The rapid development of the film industry has attracted the attention of investors,which makes the valuation of film enterprises more and more important.Since intangible assets in the film industries take up a large proportion,the valuation of the film industry different from traditional valuation methods.By the use of literature review and comparative analysis,this article widely collected film industry related information.Based on analyze of the characteristics of companies in the film industry chain,this article try to find the valuation strategies applicable to different stages of the film industry chain.The specific conclusions are as follows:(?)For the film production and distribution companies,it is more appropriate to use the income method.Generally,the asset-based method and the income method can be used at the same time.If a comparable company can be found in the market,the market method can also be used for valuation.(?)For the cinema chain company,the cinema chain with assets connection can use the net box office multiple method to evaluate the company value;The cinema chain which is mainly contracted can use the income method based on the cash flow and the expansion strategy.(?)For cinema,both the three valuation methods of income method,asset base method and market method can be used.The net box office multiple method are used under most transactions.To sum up,with the rapid development of the film industry,the study on the valuation of the film industry has become increasingly urgent,which is also the problem that this topic tries to solve.With the development and improvement of the film industry chain,the film enterprise also presents different value realization model.This paper starting from the characteristics of film enterprises,by analyzing the different characteristics and value model of film companies,film distribution companies,cinema chain,try to find the valuation strategies applicable to different stages of the film industry chain.Above all this article tries to make innovative attempts based on film industry chain.It is of great importance to the development of China's film industry,the improvement of the spiritual civilization.