The Cultural Tourism Enkrprise Value Assessment Based On Real Option Pricing Theory By The Case Of Songcheng Performance Corporation

At present,China's economic development into the new normal stage,"supply side"structural reform and other measures to force the economic structure must be adjusted.It is necessary to increase the contribution of the service sector to the national economy,for the first and second industries are in the case of weak growth.Domestic consumption to promote the transformation of economic power and improve the people's lives to further release the national consumer needs of leisure and entertainment,which do a good bedding for the development of the Cultural Tourism.Cultural tourism industry has been independent in the traditional tourism industry,becoming a more comprehensive multi-angle,multi-directional,multi-level large industry,gradually by the general public favorable.Industrial development is inseparable from the support of enterprises,in the face of a new situation in economic construction,many cultural tourism enterprises are searching for expansion or transformation,making corporate finance,reorganization and other economic activities frequently,which require the value of the evaluation for the two sides to protect the transaction.The asset base method,the market approach and the income method are widely used in the enterprise value assessment practice,however,in the case of enterprises involved cultural tourism are in the high-speed development stage,due to the high uncertainty and other characteristics,the traditional three assessment methods of the valuation results may be a large error.Therefore,based on the theory of cultural tourism enterprises value,this paper argues that the real option pricing method is more reasonable for the value assessment of cultural tourism enterprises.First,this paper gives a brief description of background and significance of the topic.It is necessary to improve the accuracy of the value evaluation of cultural tourism enterprises in both theoretical research and practical application under the current environment.Second,it summarizes the relevant literatures on the enterprise value evaluation and the real option pricing method at home and abroad,and summarizes the basic structure of the paper,for having a preliminary understanding of the whole.Next,through the analysis of the connotation of cultural tourism industry,it points out the asset structure and value influencing factors of cultural tourism enterprise.Besides,elaborate the problems of the three traditional assessment methods and the necessity of introducing real option pricing method,to explanation the real option pricing method can be more scientific assessment of the value of cultural tourism enterprises.Furthermore,based on the above theoretical analysis,construct the real option pricing model of cultural tourism enterprise value evaluation,and describe the selection and calculation of each parameter,to apply this model by the case of Songcheng Performance Corporation.Finally,the results obtained are compared with the stock prices of case companies in the Shenzhen stock market on the basis of the valuation date,which shows the rationality of the method.