Study On Value Evaluation Of Cultural Media Enterprise Based On Market Law And Income Law

Since 2002 cultural media enterprises have been confirmed by the CSRC,more than ten years of cultural media industry experience from the rapid development.In particular,in the report of the eighteenth session of the General Assembly in 2012,it was made clear that the cultural industry should be a national pillar by 2020.In recent years,China has promulgated a series of relevant policies,laws and regulations,all of which are promoting the further development and prosperity of the cultural and media industries.Under such background,cultural media enterprises also supported by policies,such as restructuring and listing,merger and acquisition and reorganization of economic activities frequently occur.In order to effectively evaluate the value of enterprises and ensure better operation of cultural media enterprises,it is especially important to evaluate the value of cultural media enterprises.In this paper,the author first adopts the literature review method to study the value of cultural media enterprises,combining the characteristics of cultural media enterprises,the factors affecting their value and the current macro environment,and analyzes the three methods of evaluation.In the application of the market method,when the financial cost of comparable enterprises is found to be large,the assessment results under the price-to-earnings ratio will be much underestimated,so the price-to-earnings ratio needs to be revised.In the application of the income method,taking into account that cultural media enterprises are in the rapid development stage of policy encouragement,and that there is debt financing in the diversification of the development of cultural media enterprises,cultural media enterprises are not stable in their development,and their development in the future will increase in accordance with a fixed proportionThis paper uses case analysis,taking HIBN,a representative state-owned enterprise,as an example,to evaluate the enterprise value with the revised market method and the income method,and compares the results with the book value and stock value to judge the applicability of the two methods.Through the evaluation case,it is concluded that the income method is closer to the market value and more scientific in the evaluation of the value of cultural media.The evaluation result of market method is similar to that of income method.With the increase of information and openness in the cultural media industry,the evaluation of market method will be applied more and more widely in cultural media enterprises.