Research On The Valuation Of Huayi Brothers Based On The Real Option Pricing Model

With the rapid and continuous growth of our country's economy,the cultural demand and cultural consumption of our residents have reached a strong stage.In order to meet the growing demand for cultural consumption,so as to further promote the development of economy,our country attaches great importance to the reform and development of the cultural industry and cultural system,gradually withdraw from a series of policies to protect the development of cultural industries policy,cultural industry,cultural enterprises to ensure the smooth and safe transition development.In the process of cultural industry and institutional reform.Due to the different characteristics of the decision-making and operation development of cultural media enterprises,so it is necessary to find a more reasonable assessment method.This paper based on the characteristics of cultural media enterprises,analyses the characteristics and shortcomings of traditional evaluation methods on the basis of scholars at home and abroad,and combines the characteristics of cultural media enterprises,introduces the real option valuation model into the evaluation of cultural media enterprises,and puts forward a new way of thinking for the evaluation of cultural media enterprises.Method,and take Huayi Brothers listed cultural media enterprise value evaluation as a case,concrete evaluation of the thinking and process of introduction,show the feasibility of the real option pricing model in the value evaluation of cultural media enterprises.The value of Huayi Brothers is evaluated respectively using the income method and the two forked real option method respectively.The sensitivity analysis of the related parameters in the real option pricing model is carried out.Finally,the real option pricing model and the income method are compared with the two methods of enterprise value,and the reasons are analyzed.The analysis results show that the real option pricing model and the income approach have certain advantages in assessing the value of cultural media enterprises.In the final valuation results,the valuation of real option method is higher than that of the traditional income method.The difference between the two is mainly because the real option pricing model can reflect the uncertainty in the business process and the option characteristics of the cultural media entrepreneurs,showing that the business managers are not at the same time.The choice of management and management proves the compatibility between the value evaluation of cultural media enterprise and the real option pricing model,which provides the basis for the theory and practical application of the value evaluation of cultural media enterprises in the future.