Evaluation Of Film & Television Media Enterprise Based On Real Option Method

As “sky-high compensation”,“tax evasion” phenomenon were punished,lots of encouraging policies be launched as well as the domestic animation,IP,emerging technologies become more mature,film and television media industry is expected to usher in a new round of development cycle and industry reshuffle,which would make enterprise listing,merger and acquisition activity be more frequent,which would also put forward higher requirements for the evaluation of the relevant enterprises.Due to the large fluctuation of earnings and asset-light operation,the traditional method cannot accurately measure the overall value of film and television media enterprises,while the option pricing method can well measure the option value of such enterprises due to the uncertainty.Therefore,on the basis of the classic discounted cash flow method,this paper introduces the real option pricing method to build a value evaluation model for film and television media enterprises.By selecting a representative enterprise--Enlight Media Co,.Ltd as the research object,this paper discusses the fitness of the method above and evaluates the valuation process.Through case analysis,this paper draws the following three conclusions :(1)the real option method can reasonably evaluate the enterprise value of Enlight Media(2)the current asset value of Enlight Media is the most important factor affecting its potential option value(3)the industry competitiveness of film and television media enterprises is core to enhance the overall value.In addition,based on the research conclusions above and the development trend of the industry,this paper believes that film and television media enterprises can improve the competitiveness by building IP ecology,arranging film and television derivatives and introducing financial bet arrangement,and then enhance the overall value of enterprises.