Research On The Value Evaluation Of Cultural Film And TELEVISION Enterprises Based On Improved Residual Income Model

With the continuous improvement of national living standards,the public began to pursue spiritual needs and entertainment,a variety of cultural film and television works are gradually favored by them,and the increase of the demand for film and television entertainment products further promotes the development and prosperity of cultural film and television industry;In addition,our country has always attaches great importance to cultivation of cultural undertakings,attaches importance to music cultural cultivation,in ancient times to today emphasize to inherit and carry forward Chinese excellent traditional culture,therefore,relevant departments issued a series of policies and regulations to support the development of the industry to promote the vigorous and prosperity of China’s cultural industry,achieving high quality development.Facing the future,mergers and acquisitions and restructuring transactions occur frequently in the film and television industry.How to evaluate the value of such enterprises scientifically and reasonably becomes very important.This paper takes Ciwen Media,the leader in the cultural film and television industry,as the object to be evaluated,constructs an improved residual income model to evaluate its corporate value,and carries out relevant research.On the one hand,the improved residual income method combined with Du Pont system can connect enterprise value with its financial status,and ensure the objective and reliable evaluation results;On the other hand,introducing the price-to-book ratio to improve the model can modify the infinite forecast period into the limited forecast period,reducing the subjectivity of evaluation.In addition,combining analytic hierarchy process to revise the valuation results from non-financial perspective can make it more comprehensive.The valuation result obtained by using the improved residual income model is2834023552.70 yuan,which is 7.36% different from the market value of Ciwen Media on the base date of evaluation,within a reasonable error range.Through analysis,it is believed that the improved residual income model is more suitable for evaluating the value of film and television enterprises,and provides reference for other companies in the industry.