Research On The Determination Of The Discount Rate In The Evaluation Of Income Law Of Cultural Media Enterprises

In recent years,due to changes in policies,economic activities such as mergers and acquisitions,equity transactions,and so on have been frequent.The importance of corporate value assessment in economic activities has become increasingly prominent.The income approach is the most common method for the practical community to assess the value of cultural media companies.The accuracy of the discount rate of income approach plays a crucial role in the rationality and fairness of the evaluation results.This paper analyzes the cultural media enterprises and their value evaluation characteristics.Based on the asset assessment report of cultural media companies already disclosed in the Chinese market in 2010-2019,the model of the discount rate and the measurement methods of the various parameters in the capital asset pricing model and the status quo of the indicators are summarized.Through theoretical research and comparative analysis,combined with the characteristics of cultural media companies,this paper points out the existing problems,puts forward optimization suggestions,and uses Wanda film and television media as an example to verify the practicality of optimization suggestions.The research in this paper finds that there is no clear estimation standard for the determination of the discount rate of cultural media companies in practice and there is a lack of a uniform rule for the selection of indicators in the measurement of risk-free rate,market risk premium,β coefficient and specific risk adjustment coefficient.Therefore,we propose standardized recommendations for the measurement of each indicator:(1)Selecting the geometric mean of the yield to maturity of the national debt from 10-20 years remaining in the remaining period of the evaluation base date as the risk-free rate of return;(2)Select the geometric average rate of return of the CSI 300 Index from the benchmark date of 10 years minus the risk-free rate of return for the corresponding period as the market risk premium;(3)Select the 250-week lookback period to calculate the β value,and adjust the stability of the β value after the measurement is completed;(4)Select the regression equation method to calculate the scale risk premium and use the factor division method to calculate the special risk premium.After using the standard measurement method to measure the discount rate in the Wanda Film and Television Media Assets Evaluation Report,it is found that the method has good operability.