| In recent years,China’s cultural system has been deeply reformed.With the rapid development of the Internet economy,the contents and forms of the cultural industry have also undergone great changes,and the development of the cultural industry has ushered in a new round of opportunities.As an important part of the cultural industry,the film and television industry has performed excellently in various aspects and periods,gradually becoming the strategic pillar of the national economy and leading the "new normal" of China’s economic development.With the rapid development of the film and television industry,China’s film and television enterprises have become an important carrier to improve the country’s soft power and establish a good international image.In recent years the development of capital markets,film and television subject has experienced twists and turns,although the film and television companies entering the market relatively late in our country,but development is rapid,about film and television enterprise investment and financing activities also increasingly frequent,all kinds of professional financial services business to start with the film and television industry connection,assets appraisal as a means of financial accounting services,will play a prominent role in the film and television industry,so this paper argues that it is necessary to carry out research on film and television industry.Through detailed macroeconomic analysis and industry development research,this paper concludes that under the combined effects of favorable national policies,positive capital market and good social environment,the film and television industry is about to usher in a period of rapid development after necessary rectification and adjustment.But on the other hand,the current assets evaluation,whether evaluation of cultural products are lack of theory and practice experience,with the profound culture by the great support of industry in China does not match,cultural assets appraisal market demand will be huge,and the industry in the perfect cultural enterprises,cultural assets assessment theory and method put forward the urgent request.Based on this situation,this paper intends to make A case study on the enterprise value assessment of A cultural media enterprise with A relatively clear development path in the a-share market,so as to provide some contributions to the assessment of the cultural industry.the research contents and methods,and the main innovations of the paper.Then,the development and current situation of the theory of enterprise value assessment at home and abroad are reviewed by the method of literature review,the current situation of the research on the valuation of cultural enterprises represented by film and television enterprises is reviewed,and the commonly used methods of enterprise value assessment and their applicability are summarized,which lays an important theoretical foundation for the research of this paper.Then,the case study method is adopted and Shanghai new culture media group co.,ltd.is selected for case analysis.After careful analysis of the current situation of the industry and the operation of the enterprise itself,the future development trend of the enterprise is summarized.Then analysis of the current mainstream of the applicability of the enterprise value assessment methods,combined with the above summary to this article research object of value characteristics,choice of the income method free cash flow discount model three phases(FCFF model)and the combination of fundamental analysis method to estimate the gem culture media culture media enterprise value of listed companies,and has carried on the detailed description to the parameters in the process of assessment and choose carefully,and then analyze the evaluation results and verification,verify the accuracy of the results using the market value of the evaluation base date as reference standards.Finally,this paper reviews the whole process from the middle and micro analysis to the evaluation,and summarizes the deficiencies and enlightenment of the whole evaluation process.This paper hopes to provide a useful basis for the investment and financing management decisions of stakeholders in film and television enterprises through the specific process of the case enterprise value evaluation,and at the same time provide a new way of thinking for the later evaluation researchers to evaluate the value of cultural enterprises. |
