Research On The Value Appraisal Method And Application Of Film And Television Enterprises

In recent years,the film and television industry has developed rapidly.The frequent capital transactions of film and television companies have also performed significantly in the capital market.Frequent mergers and acquisitions in the film and television industry not only open new doors for evaluation,but also bring new challenges to the evaluation of the business.Combining the characteristics of film and television companies,how to choose the right assessment method for evaluation,and how to accurately and completely evaluate the intrinsic value of film and television enterprises are issues that we urgently need to solve.This paper starts from the characteristics of the film and television industry and the influencing factors,and analyzes the value characteristics of the film and television enterprises different from traditional enterprises.Combining the characteristics of film and television companies,comparative analysis of applicability of the asset-based method,discounted cash flow model,EVA model,real options model,and market method,methods that is theoretically suitable for the evaluation of film and television companies: discounted cash flows based on real options model and market method.Using the discounted cash flow model based on option theory can theoretically solve the problem of “light assets and investment returns are uncertain” for film and television companies.Market method can theoretically apply the issue of “light asset and value influencing factors” for film and television companies by indirect treatment through data comparison.These two evaluation methods are theoretically suitable for the valuation of film and television companies.Finally,the paper applies the two assessment methods to a representative case of Enlight Media to verify that the final evaluation results show that compared to discounted cash flows based on real options,the market method is more suitable for the evaluation of film and television companies.This shows that today's film and television business market has matured,the fair value of the transaction is closer to the true value of the company.At the same time,this article aims to promote the market method to all film and television companies,in order to provide more accurate reference for market investors,and at the same time help the film and television industry more standardized and reasonable financing and mergers and bankruptcy liquidation.