Research On Enterprise Value Evaluation Of Media Listed Companies

Enterprise’s assets value assessment is an important use of when to evaluate media companies, especially for listed companies, due to its main financing through equity financing, although the financial risk is small, but there is a big business risk, according to the characteristics,we can analysis at the evaluation of the applicability of the specific evaluation methods. In the use of traditional evaluation method to evaluate the media enterprise, p/e ratio method of market method is used generally, this method let the enterprise value and enterprise’s earnings per share together lagerly, but through the analysis of the net profit of media industry structure,we can found that the financial cost of net profit in most of the media industry is quite large, using this evaluation method, tend to underestimate its business risk, and inflated part of the market value of the enterprises in the media industry; For some with good development potential enterprises, management risk is relatively small, and tend to underestimate the value of equity, so there are many areas in traditional marketing need to be modified.According to the above problem, this article through the way of case analysis, take huace the film and television as an example, firstly, this article intruduce the present situation and prospects, then through the way of horizontal and vertical contrast, lateral by comparing nearly30listed companies within the media industry and analysis of financial ratios of the longitudinal using factor analysis method, through comparing the huace film and television for nearly three years the rights and interests of the structure of the net interest rate changes, it is concluded that huace film and television have found potential within the industry; Finally, through the traditional p/e ratio and the adjusted p/e ratio method to estimate the enterprise value of huace film and television, and compare the differences of the reasons, the traditional valuation methods for media industry own correction method is proposed.Through the analysis found that adopt the revised evaluation method, can more truly reflect the enterprise value of huace film and television company, according to the characteristics of the revised model proposed suggestions to improve the media enterprise value.