Research On Value Evaluation Of Chinese Culture Media Enterprises Based On EVA Model

According to Maslow's hierarchy of needs,when the physiological needs at a lower level are met,higher levels of demand will be pursued.The rapid development of decades has led to a significant increase in the income level of Chinese nationals.Therefore,the cultural media industry will usher in new opportunities for the times.The 13 th Five-Year Plan also puts new demands on the cultural media industry.It is planned to grow into one of the pillar industries of China's economy by 2020.This means that the cultural media industry should maintain at least a high growth rate of at least 13% per annum during the 13 th Five-Year Plan period.As China's capital market matures,transactions involving cultural media companies' IPOs,private placements,and mergers and acquisitions are also becoming active.A reasonable assessment of the value of cultural media companies is an important prerequisite for trading.Under this condition,the value evaluation of cultural media companies has become a hot topic in the industry and practice.However,most of the cultural media enterprises are light asset type enterprises,which have the characteristics of high intangible assets and unstable future income.These characteristics also increase the difficulty of evaluation.At present,some commonly used evaluation methods are generally applicable in the evaluation activities of cultural media enterprises.Therefore,it is necessary to find appropriate evaluation methods and theories,evaluate the value of cultural media enterprises for specific evaluation purposes,and provide reasonable price reference for financing and merger activities..In this context,this paper takes the EVA evaluation index system as the starting point,and focuses on the valuation analysis of cultural media enterprises based on EVA evaluation model.Firstly,this paper proves that there is a correlation between the annual EVA and market value changes of some listed companies in the cultural media through empirical tests.Secondly,the light media(300251),one of the leaders of the cultural media industry,is selected as a case to apply the two-stage EVA valuation model.Sexual analysis.The study found that the EVA valuation model has good applicability in the evaluation of cultural media enterprises,However,some defects still need to be improved such as: subjectivity,model defects,and the credibility of financial data to be verified,Based on this,it puts forward relevant suggestions such as establishing relevant parameter database,improving and perfecting the evaluation model,and strengthening the review of financial data.