Research On The Valuation Of Film And Television Enterprises Based On Residual Income Model

Under the continuous development of material life,people's pursuit of spiritual and cultural life is also constantly improving,which can be most reflected in the film and television industry.All kinds of capital have entered the film and television industry,the box office has achieved explosive growth,the film and television industry has shown a flourishing atmosphere.The introduction of various relevant cultural industry policies has made the film and television industry expand and develop rapidly.At present,film and television companies have attracted the attention of investors from all walks of life and become the object of everyone's investment.However,there are also some waves and controversies behind the prosperity.Enterprises themselves and investors need to recognize the intrinsic value of enterprises while paying attention to their operation scale and development prospect.Under the background of the continuous development of financial industry and market economy,enterprise value evaluation becomes particularly important.Due to the late start and short growth time of China's stock exchange market and the immature ability of regulating the interaction of market factors,there is still a big bubble in China's stock market.From the perspective of investors,it is necessary to have a deep understanding of the real value of the invested enterprises in order to obtain the expected income through reasonable investment decisions.From the perspective of enterprise management,in order to achieve the management goal of maximizing enterprise value,it is necessary to accurately understand the problems existing in the enterprise and the value growth points that can be realized,so as to implement countermeasures.To sum up,the practical measurement and evaluation of enterprise value is very important.Film and television enterprises are cultural media industry,which has many differences from traditional business companies.The enterprise assets of film and television enterprises are mainly intangible assets,while the real assets are few.They are characterized by high risk,high growth,flexible management,etc.,and they also have a unique profit model,which makes them face new requirements in the application of evaluation methods.In this paper,we find that the residual income model has more advantages over the dividend discount model and the cash flow discount model in terms of the explanatory power of the model to the stock price.And its assessment of the enterprise is more accurate than the current mainstream assessment model.According to the characteristics of film and television enterprises,the residual income model integrated with DuPont Analysis System and price-to-book ratio is used in the value evaluation of film and television enterprises in this paper.The forecast of parameters in the model uses the accounting information of the enterprise.In addition,the introduction of the end-of-period price-to-book ratio optimizes the assumption that the model has defects in the original enterprise operation is indefinite,making the infinite become finite.These two points greatly enhance the accuracy of value prediction;After learning the theory,whether the model is applicable and reasonable still needs to be proved in practice.Therefore,this paper uses residual income model to evaluate and analyze the enterprise value of Huace film and television enterprise,a typical representative of domestic film and television enterprises.Then,the predicted financial data indicators and other related parameters were substituted into the residual income model to estimate the enterprise value.Through parameter sensitivity analysis,it was found that the two parameters,P/B at the end of the period and S,had a large impact on the enterprise value.Through the comparative analysis of the evaluation results under different methods,this paper finds out the specific factors affecting the enterprise value of Huace film and television enterprise,and concludes that the enterprise intrinsic value of Huace film and television enterprise is less than its market value,that is,the market value of Huace film and television enterprise is to a large extent overestimated.Finally,in order to further verify the validity and rationality of the model and the study,SPSS software was used to conduct goodness of fit test and Spearman correlation test on the results.At the same time,16 film and television enterprises in the industry are selected as samples,and the test proves that the model is also applicable to the film and television industry.Finally,the conclusion of this paper is drawn: first,at present,film and television enterprises are still going through the adjustment period,the marginal improvement of the overall performance of the film and television sector still needs to wait,investors need to be calm and prudent investment.Second,according to the problems existing in the value of Huace film and television enterprises,specific Suggestions are put forward to improve the enterprise value from four aspects: accelerating the turnover of films and television dramas,managing receivables,reducing production costs and distribution costs,and diversifying the development strategy.Third,the residual income model has a high practical value.Through the case analysis of this paper,it can be seen that the model is very suitable for the value assessment of the film and television industry.Secondly,as far as the model is concerned,it fits well with the financial management goal of maximizing enterprise value,because it mainly reflects the process of enterprise value creation.Therefore,investors,enterprise managers and relevant stakeholders can try to use the residual income model for enterprise value assessment,more accurately understand the intrinsic value of enterprises,which is conducive to more reasonable investment decisions.In addition,some Suggestions are put forward to make the residual income model can be better applied to the value evaluation of film and television enterprises in the future.