| In the new era of the 21st century,China’s cultural environment is also constantly improving and growing in line with the international standards.The deepening reform of culture subjectively and the rapid development of Internet objectively all urge the film and television media industry of our country to grow into the strategic pillar of cultural industry gradually,at the same time,it is also leading our economy to the new normal.Now the policy is good,the capital market is active,the mass market is active,the film and television media industry as a whole is developing at a high speed.Opportunities are spread across the major fields of science and technology and finance,which has prompted the film and television media industry to develop a variety of industrial forms with innovative thinking,so the market is becoming more and more active.Although our economy is growing slowing,but the film and television media industry is still full of profit opportunities,which undoubtedly attracted countless investors,making it a hot spot in the active market.In this environment,the valuation of film and television media enterprises is worth further exploration and improvement.In order for the industry to operate capital well,it is necessary to value the enterprise in the most reasonable way.This article takes HuaYi Brothers as the case analysis object,the revaluation may discover the enterprise development strategy and the business plan insufficiency,but the different valuation method will produce the different valuation result,then affects the decision efficiency,may obtain the most suitable valuation method by comparing these data,avoids because of the stock price short-term fluctuation to make the wrong decision.This paper makes use of the company annual report,Cathay Pacific and other database data,first from the profitability,solvency,operating capacity and growth capacity and other aspects of financial analysis,and then comprehensive use of EVA valuation model,FCFF valuation model,price-earnings ratio model,price-to-book ratio model,market-to-market model and option model carry on the enterprise valuation,compare the result with the closing price of the base date,and analyze the reason of deviation.Among them,the valuation models of FCFF and real options are analyzed by two factors and sensitivity analysis.In addition,another case of the test,once again proved the applicability of the revised market net rate model,similar to HuaYi Brothers for the film and television media enterprise valuation to provide reference.After thinking we get some enlightenment,such as fully understanding the market environment and the business situation of the enterprise,carefully treating the conditions and assumptions of various valuation models,putting forward the revised strategy for intangible assets such as goodwill,and reasonably selecting comparable enterprises under the relative valuation method.Finally,according to the characteristics of the industry,this paper puts forward six development suggestions,they are:developing a strategic plan appropriate for development during the outbreak;enterprises must be loyal to their own industry,focus on the main industry;pay attention to intangible assets;attract and make good use of film and television media talents;make full use of all kinds of channels,adopt cross-media management;and appropriately broaden the business field. |
