Research On Enterprise Valuation Of Film And Television Enterprises Based On EVA And Real Option Method

China's capital market is becoming more and more standardized and mature.The high-quality enterprises listed overseas have gradually returned to the A-share market.The Enterprise valuation has begun to enter the public's vision.After many years of theoretical research and practical development,the application scope of enterprise valuation has been continuously expanded,which is conducive to investors choose investment objects rationally.The main methods of enterprise valuation are market approach,cost method cost approach and income approach.With the increase of theoretical application,the traditional valuation theory has been difficult to identify all the assets of the enterprise,and it is difficult to judge the potential development opportunities and risks of the enterprise.Therefore,some modern enterprises cannot be comprehensively evaluated.As a result,the combination of evaluation methods began to be used in evaluation practice,such as Real Options method,Monte Carlo,etc..In recent years,the cultural media industry has played an active role in promoting the high-quality development of the economy.The proportion of China's GDP is also rising,and the industry is in a stage of rapid development.Among them,the economic behaviors such as financing and equity transaction are constantly appearing.This trend of integration and grouping has urgently required an accurate valuation.Compared with traditional enterprises,the value source of film and television enterprises is also based on income,but the income of enterprises is uncertain,which is easily affected by national policies and markets,and easy to cause undervaluation because of its Asset-light characteristics.Due to the value characteristics of film and television enterprises,the traditional methods are not suitable.How to accurately and comprehensively evaluate the value of film and television enterprises is worthy of our deep thinking.Therefore,this paper attempts to use appropriate evaluation methods to evaluate the value of the enterprise,so that the enterprise valuation can be closer to the true enterprise valuation.Firstly,this paper based on the analysis of the characteristics of film and television enterprises,the listing ZHEJIANG HUACE FILM & TV as the target enterprise,analyzing the value characteristics of film and television enterprises,a valuation model combining EVA and real option method is constructed.As an industry leader,Huace Film & TV has distinctive corporate characteristics.Its business performance and product output quality are leading the market.The valuation of the company as a target enterprise has an indexing significance for the research of film and television enterprises.Secondly,analyzing the main factors affecting the value of Huace Film & TV,such as the development of industry and financial status of enterprises,and provide a basis for predictive evaluation data.Thirdly,according to the evaluation steps in the model construction,this paper combines the two evaluation methods to evaluate the overall value of the target enterprise,evaluates the existing value of the enterprise with the EVA model,and evaluates the potential value of the enterprise with the real option model.Finally,this paper analyses the results of the valuation of Huace Film & TV,and puts forward the possible shortcomings in the evaluation process and the prospects for future research.Through theoretical analysis and empirical research,the EVA model can truly reflect the current business performance of the enterprise,the B/S model considers the value of the enterprise under uncertainty.The evaluation model of EVA and real option overcomes the limitations of traditional valuation methods.It can more accurately reflect the true intrinsic value of the enterprise.Therefore,the combination of EVA and real options provides investors with an effective indicator of investment analysis and can be an important tool for investment value analysis.In addition,the promotion and application of this method in the whole industry of film and television enterprises is conducive to improving market fairness,enhancing the rational judgment of investors,and also making the enterprise valuation theory have more theoretical basis in practical application in China.