Value Evaluation Of Cultural Media Enterprises Based On EVA And Real Options

At present,the increasing economic development,the improvement of people's quality of life and the successive policies of the Government continue to support the vigorous growth of the cultural media industry,the capital operation activities of the cultural media industry are becoming more and more frequent,and more and more economic activities are facing the restructuring,listing,reorganization and annexation.As the enterprise development in the business decision-making,financing and so on need to have fair value of enterprise value to provide the basis for it,the role of asset assessment in the industry is increasingly important.This paper mainly focuses on the following issues: firstly,according to the characteristics of cultural media industry,such as the type,innovation,particularity,light assets,and the high proportion of the traditional evaluation methods,it is concluded that three kinds of methods are difficult to accurately evaluate intangible assets value in cultural media enterprise value evaluation.In the market,we find some problems such as the difficulty of comparing with company sample and the value of strategic assets,which can easily ignore the uncertainty of the future of the enterprise.Secondly,it introduces the relative theories of EVA and real option,and probes into the advantages and limitations of the traditional evaluation methods.It is found that the fusion method of EVA and real option has the advantage of reasonably predicting the future normal income assets of the enterprise and evaluating the value of the strategic assets with uncertainty.Thirdly,the paper establishes a comprehensivemodel based on EVA and real option,and analyzes the applicability of the comprehensive model to culture media enterprises.Finally,a comprehensive model is used to evaluate the CI-media cases of listed companies,and the results are obtained by collating the financial data and related data of the company,and the accuracy and rationality of the practical application of the integrated model are analyzed by the traditional method and the market value ratio of Tzu-wen Media company.The basic conclusion of this paper is the following points: The cultural media enterprises have the characteristics of innovation,diversity,particularity and the high proportion of light assets,the traditional evaluation methods in this field have certain limitations,the combination of EVA and real options can not only make up for the shortcomings of traditionalevaluation methods.It also avoids the drawbacks of using the two methods alone.Combined with the case practice,the comprehensive evaluation model can unify the common assets of the enterprise based on normal income and the value evaluation of the strategic assets with uncertainty,and can reflect the real income of the enterprise,which is more close to the market than the traditional method,and the market acceptability is higher.It can provide some suggestion for the future culture Media enterprise value evaluation.