Research On The Application Of Real Option Method In The Evaluation Of Culture Media Enterprises' Value

With the rapid development of China's economic construction,people's demand for cultural entertainment is growing,and people's spending on entertainment consumption is increasing rapidly year by year.The state also attaches great importance to the development of cultural media industry.In recent years,many laws and regulations have been issued to protect intellectual property rights of cultural media industry and encourage scientific and technological innovation of cultural industry.In 2017,China promulgated the "Film Promotion Law" to promote the healthy development of cultural media industry.Promoted by the economic situation,the support of national policies and the promotion of public demand,China's cultural media industry has developed rapidly.A large amount of capital has flowed into the cultural media industry.Enterprises in the industry have landed in the capital market one after another.Mergers and acquisitions and integration of enterprises are common.Whether it is merger and acquisition integration,or attracting capital and seeking listing,cultural media enterprises are facing the problem of enterprise value evaluation.The research and application of enterprise value assessment in China began in the late 1980 s.With the continuous development of China's market economy and the continuous improvement of the capital market,the importance of enterprise market value evaluation has attracted more and more attention from all walks of life,and related research methods and theories emerge in endlessly.The traditional methods of enterprise value evaluation include cost method,market method and income method.The high risk of operation and the greater uncertainty in the process of operation are the characteristics of cultural media enterprises which are different from traditional enterprises.The traditional methods of enterprise value evaluation are not suitable for such enterprises.Because of its own advantages,the real option method is suitable for dealing with the evaluation of enterprise value with high risk and uncertainty.Combining the real option method with the traditional method can theoretically evaluate the value of cultural media enterprises more scientifically.The whole structure of this paper is divided into five parts.The first part is the introduction,which explains the background of the topic,elaborates the significance and thinking methods of the study,and summarizes the current situation of enterprise value evaluation and real options research at home and abroad.The second part is the theoretical groundwork,which briefly introduces the basic theory of enterprise value evaluation involved in this paper.The third part is the application of real option theory in the valuation of cultural media enterprises.This paper sums up the value characteristics of cultural media enterprises,analyses the traditional methods of enterprise value evaluation and the applicability of real option method,explores the feasibility and superiority of real option method,and constructs the enterprise value evaluation model based on the characteristics of cultural media industry.The fourth part takes Tang Deying as an example,uses the above methods to evaluate the enterprise value,and makes a comparative analysis of the evaluation results.The last part is the conclusion and Prospect of the study.It is pointed out that the overall value of cultural media enterprises should include real option value.Real option method can be well used in the evaluation of cultural media enterprises,and this method can be popularized in the cultural media industry.