The Research On The Application Of Improved Market-Based Method In The Value Evaluation Of Cultural Media Enterprises

With the upgrading of China's economic transformation and the continuous improvement of the capital market,enterprises have expanded their scale and business through mergers and acquisitions.Throughout the merger and acquisition market in recent years,cultural media enterprises are particularly active.In M&A and reorganization,the valuation results provide an important basis for pricing,so how to choose a reasonable valuation method deserves attention.Among the three methods of enterprise value evaluation,the Market-Based method has many advantages.It not only considers the comprehensive quality of enterprises,but also includes the information of supply and demand of M&A market.However,in the analysis of the current situation of mergers and acquisitions in the cultural media industry,it is found that the application of market law is not extensive.In order to promote the application of Market-Based method in the value evaluation of cultural media enterprises,this paper improves the evaluation scheme of Market-Based method on the basis of previous research results,obtains the improved evaluation model of Market-Based method,and evaluates and illustrates it with actual merger and acquisition cases,and obtains the evaluation conclusion.Firstly,this paper introduces the relevant theory of market,and considers that the focus of market valuation is the choice of comparable companies and the determination of value multiplier.Secondly,it elaborates the relevant content of cultural media industry,and elaborates the current development and merger and acquisition situation of cultural media industry.Combining with the theory of market law,the applicability of market law in the cultural media industry is analyzed,and two problems in the valuation process are obtained: the subjectivity of comparable company selection and the single choice of value multiplier.In order to improve the problems existing in the application of Market-Based method to the value evaluation of cultural media enterprises,this paper applies the entropy method and mathematical fuzzy method to the selection of comparable companies,selects 12 indicators from five aspects: profitability,growth ability,operation ability,debt paying ability and company size,and uses the entropy method to empower the indicators in the index system,and then uses the fuzzy mathematics method.In order to solve the problem of subjectivity in choosing comparable companies,Hai Ming approached and ranked comparable companies with the highest similarity.In the aspect of value multiplier selection,combining with the characteristics of cultural media industry,the value multiplier system is constructed,including basic value multiplier and characteristic value multiplier applicable to the industry.Then the principal component analysis method is used to get the value multiplier matching with each sub-industry of cultural media industry,so as to solve the problem of single value multiplier selection.The improved Market-Based method valuation model is obtained.Finally,the improved Market-Based method valuation model is applied to actual M&A cases to verify the effectiveness of the model.The research finds that each sub-industry of cultural media industry has its own operating characteristics,and also has its own value multiplier system.The four characteristic price multipliers EV/IA,EV/SE,EV/GP and EV/IG are all suitable for various cultural media sub-industries to varying degrees.Moreover,in the final case analysis,the difference between the improved Market-Based method valuation results and the actual transaction price is 8.97%.Compared with the original case,the difference rate decreases.It shows that the improved Market-Based method valuation model makes up for the deficiency of the income method to a certain extent,reduces the dependence on subjective judgment,and the valuation results are closer to equity trading.The actual price is of referential significance.