The Evaluation Of Cultural Media Companies Which Is Based On Real Option

With the prosperity and development of cultural media enterprises,investors and stakeholders pay more and more attention to the accuracy and scientificity of cultural media enterprise valuation.The cultural media enterprises are different from the traditional industries,and there are uncertainties in their operation,thus the risk is higher.For this characteristic,the traditional enterprise value evaluation method can not be well applied to the evaluation of the value of cultural media enterprises.The real option rule has a unique advantage in dealing with the enterprise value evaluation of major uncertainty and high risk.In the traditional value evaluation method,the real option method can be used to evaluate the value of cultural media enterprises more scientifically.Firstly,this paper summarizes the theory of enterprise value assessment at home and abroad,especially the research on real option theory.The article first analyzes the value characteristics of cultural media enterprises,and analyzes the limitations of the traditional value evaluation methods.On the basis of this,the real option method is introduced,and the advantages of real option method in evaluating the value of cultural media enterprise are discussed.The real option of culture media enterprises this paper identifies a constructed evaluation model of enterprise value based on the theory of real option pricing model,entity discounted cash flow model and real option combined to evaluate the Chinese media enterprise value,and finally Chinese media in the valuation date of the closing price comparison,verify the rationality the real option pricing method forthe evaluation of the value of the enterprise culture media.