Valuation Analysis Of Cultural Media Industry

In recent years,the state has continuously launched relevant policies to support the cultural media industry,and the strategy of "rejuvenating the country through culture" has basically risen to the highest will of the state.At the same time,with the continuous improvement of people’s quality of life,people’s demand for entertainment consumption is also increasing.With the strong promotion of policy and demand,the cultural media industry is also increasingly sought after.At the same time,more and more investors are paying attention to the financial market.In this context,it is an urgent problem to find a suitable method to evaluate.This paper first uses literature analysis method to sort out the related literature of stock valuation at home and abroad,and finds that in recent years,more and more scholars have carried out detailed research on enterprise valuation.Chinese and foreign scholars have analyzed the applicability of relative valuation method and absolute valuation method to valuation of different enterprises.With the help of the theory of relevant valuation models,this paper summarizes several valuation models,and selects four valuation methods that are more suitable for case companies.Secondly,the theory,calculation formula and application scope of these four valuation methods are introduced.In the process of evaluation,we first analyze the era environment of China’s media industry from the macro environment of the media industry-political,economic,technological and media industry environment.Secondly,based on the financial data of light media in recent years,it compares with the operation of similar enterprises,including business profitability analysis and asset profitability analysis,so as to fully understand the financial situation,business performance and development potential of light media.It makes the background for the adjustment and assumption of financial indicators in the valuation calculation.This paper comprehensively analyzes the company’s value evaluation factors,combined with the current mainstream stock value evaluation tools,respectively using EVA method,free cash flow method,P / E ratio method and P / B ratio method to evaluate the light media.In the process of analysis,for the first two valuation methods of absolute valuation method,the formula is used to break down the calculation method of segment calculation and base period,and the expected calculation method;the relative valuation method of the latter two is to compare the valuation of five accounting years respectively.Finally,four valuation methods are compared,In the conclusion part,it is concluded that under the condition of relative valuation method,taking light media as an example,the P / E ratio is more suitable for the valuation of cultural media industry than the P / E ratio;in the absolute valuation method,the EVA method is more suitable for the cultural media industry than the free cash flow discount method;when the four methods are compared together,it is obvious that the theoretical value and the actual value of the four methods have the smallest error It can give some reference suggestions to the operators of light media and the investors of cultural media industry.