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

With the increasing cosumption demand of Chinese residents and the encouragement and support of the relevant policies of the state,in recent years,China’s film and television industry has entered a period of rapid development,and the scale of film and television enterprises has been expanding.Through IPO,restructuring,mergers acquisitions and restructuring,enterprises carry out the integration of resources,and continuously improve their own competitive advantage.At the same time,the Internet,science and technology,finance and other industries have seen the development potential of film and television enterprises,investment boom.The value of scientific and reasonable film and television enterprises is of great reference for the smooth development of various economic activities in the capital market and the promotion of the value of film and television enterprises themselves.Different from the traditional enterprises,film and television enterprises are greatly affected by national policies and market demand preferences,and the future production and management environment of enterprises has strong uncertainty.At present,the traditional enterprise value evaluation methods do not take into account the flexible value of management owned by enterprises,and can not comprehensively evaluate film and television enterprises.However,the physical option method has obvious advantages in evaluating the flexible value of management.Therefore,this paper introduces the physical option method into the value evaluation of film and television enterprises,in order to explore a more scientific and effective method of film and television enterprise value evaluation.On the basis of reading the relevant literature of the value appraisal of domestic and foreign enterprises and the relevant literature of the value appraisal of film and television enterprises,this paper analyzes the concept of film and television enterprises,the profit model,the value influencing factors and the value characteristics of the film and television enterprises.It is pointed out that the traditional enterprise valueevaluation method neglects the value added caused by management flexibility and operation flexibility in the uncertain situation of film and television enterprises in the evaluation of the value of film and television enterprises.Therefore,the real option theory is introduced,the valuation model of the value of film and television enterprises is constructed,and the value of film and television enterprises is divided into the value of existing assets and the potential option value,which is calculated by using the enterprise free cash flow model and B-S model respectively.Finally,this paper applies the model of the value evaluation of film and television enterprises to light media as a specific enterprise value assessment case,and analyzes the feasibility of the model by comparing the calculated share price with the real stock price on the base date.By trying to combine the real option method with the income method,this paper makes a related evaluation study on the value of film and television enterprises,although there are many shortcomings,but also hopes to play a role in the formation of new evaluation ideas and methods of film and television enterprises.The results of light media value evaluation case show that the physical option method is not a negation of the income method.Compared with the single income method,the combination of income method and physical option method can be closer to the intrinsic value of film and television enterprises and reduce the possibility that enterprises are undervalued.