Value Evaluation Of Light Media Enterprises Based On Real Option Method

National Plan for Cultural Development and Reform during the 13 th Five-Year Plan period and the 13 th Five-Year Plan for Development of Newspapers,Publications,Radio,Films and Television have been published intensively.They have focused on supporting excellent cultural works,increasing investment and support in cultural industries,promoting the transformation and upgrading of cultural industries and promoting economic development.In this context,the Film Industry Promotion Law of the People's Republic of China has been formally implemented.Documents such as "Notice on Further Strengthening the Management of Creation and Broadcasting of Online Audiovisual Programs","General Principles for Auditing the Contents of Online Audiovisual Programs","Notice on Several Policies for Supporting the Prosperity and Development of TV Dramas","Opinions on the Proportion of Cost Allocation of TV Dramas Producing Online To regulate the broadcasting of network audiovisual programs and content creation of TV dramas,put forward higher regulatory requirements,guide the development of the industry to return to the source of excellent content,encourage the export of excellent TV dramas,promote and disseminate cultural self-confidence.The promulgation of policy documents is of milestone significance to further standardize the development of the film and television industry,and will become a programmatic document for the future development of the industry.In this context,as an important part of the cultural industry-film and television industry ushered in tremendous opportunities for development.With the rapid development of film and television industry,M&A and restructuring of film and television enterprises emerge in endlessly.The economic behavior of mergers and acquisitions,reorganization and so on in the film and television industry can not be separated from the fair evaluation of the enterprise value and the participation of the evaluation institutions and personnel.In the process of M&A and reorganization of film and television enterprises,evaluation institutions and evaluators evaluate the value of film and television enterprises on the principle of objectivity,impartiality and independence,which can make both sides of property right transaction correctly recognize the reasonable value of enterprises,provide reasonable basis for both sides' transaction,and make the transaction go smoothly.In the financing process of film and television enterprises,accurate and reasonable enterprise value evaluation results can help investors better understand the value of enterprises,so as to achieve financing objectives.Under this background,this paper chooses the representative enterprise of film and television industry-light media for enterprise value evaluation.This paper attempts to explore the applicability and rationality of real option method in the value evaluation of light media enterprises,so as to provide some reference for the enterprise value evaluation of film and television industry.Firstly,this paper reviews and combs the relevant theories of enterprise value evaluation and real option method;secondly,based on the collected data,this paper studies and analyses the source of enterprise value,characteristics of enterprise value and profit model of optical media;secondly,it analyses the applicability of traditional evaluation method and real option method,and points out that traditional evaluation method is transmitted in light.The problems faced by media enterprises in value evaluation and the advantages of real option method;then the real option method is introduced to evaluate the value of light media enterprises,and the evaluation model is built based on real option method;finally,the enterprise value of light media is evaluated and the evaluation results are analyzed.With the more and more in-depth study of real option law by Chinese scholars,real option law has been widely used in various industries.From the perspective of value characteristics and influencing factors of light media enterprises,this paper analyses the applicability of real option method in light media enterprises' value evaluation.Although there are still some shortcomings in this paper,it also provides a more targeted evaluation idea and model for the film and television industry,and enriches the film and television enterprise value evaluation system to a certain extent.