Research On Value Evaluation Of Cultural Media Enterprises Based On Ohlson Model

As a cultural media industry with high input cost and low copy cost,the overall economic benefits are steadily improving every year.The development of cultural media industry provides intellectual help and cultural support for China’s construction of modern economic system,and also provides new power and new thinking for China’s economic transformation and upgrading.As a national pillar industry,the cultural media industry proposed to push it to a higher stage of digital cultural industry development and high-quality development during the "fourteenth five year" conference.In recent years,the number of listed companies,merger and acquisition activities,investment and financing activities in the field of cultural media industry in China have been increasing.The theoretical research on Ohlson model has been mature abroad,but it is rare in China.Ohlson model is mainly used to evaluate the residual income of enterprises.It introduces a new evaluation perspective,which makes investors and managers pay more attention to the ability of enterprises to create value in the future.At the same time,it uses the financial data of enterprises to improve the accuracy and rationality of the valuation results.This paper selects Phoenix media as the research case,The rationality and reliability of Ohlson model in the evaluation are analyzed based on the development of enterprises.Firstly,this paper systematically studies the literature in related fields at home and abroad,analyzes the applicability and limitations of the three basic enterprise evaluation methods,further introduces the basic principles and forms of Ohlson model,and makes a comprehensive evaluation of the model.Secondly,from the definition and characteristics of the cultural media industry,value factors and other aspects of the development status of the whole industry are described,combined with the characteristics of the cultural media industry to explain the applicability of the model.Due to the limitation of Ohlson model,this paper improves the division of enterprise development stage,the prediction method of residual income and the prediction of indefinite period when introducing Ohlson model.It introduces Du Pont analysis system,P/E index,and modifies the measurement method of individual parameter index,so as to improve the accuracy and objectivity of model valuation results.After evaluating the value of Phoenix media based on Ohlson model,this paper makes sensitivity analysis to test the relationship between the change of each parameter and the change of enterprise equity value,aiming to analyze the sensitivity of the change of each parameter to the enterprise value,so as to help enterprise managers improve management efficiency.This paper also uses FCFF model for comparative analysis,and the evaluation results show that the evaluation results based on Ohlson model can better reflect the intrinsic value of the stock.The theoretical research and empirical analysis of this paper provide new reference for enterprise managers and investors,suggesting that managers should pay more attention to the ability of enterprises to obtain residual income,and investors should pay more attention to the internal value of enterprises.There are 12 pictures,38 tables and 82 references.