Cultural And Creative Enterprise Value Assessment

With the continuous development of China's economy,the demand of the residents of our country presents the trend of diversification,and the demand of spirit and culture is more and more obvious.Cultural and creative enterprises is in such a background,the gradual development of.In recent years,China has introduced policies to promote the healthy and rapid development of China's cultural and creative enterprises.Cultural and creative enterprises to people's wisdom and creativity as the core value of creativity,ideas for input,cultural content for the output,to provide cultural and creative products.Cultural and creative enterprises to light assets,high uncertainty,high value-added products,low carbon environmental protection as the main characteristics of the people gradually into the field of vision.Cultural and creative enterprises and other enterprises in the industry there is a mutual penetration and the relationship between each other,the development of cultural and creative enterprises is not only conducive to their own,but also have a driving effect on other industries.Properly assess the value of cultural and creative enterprises plays an important role in the financing and business development,so this paper chooses the cultural and creative enterprises as the object,to discuss the problems in the assessment of the value of.Because there is a big difference between cultural and creative enterprises in the aspects of capital structure,profit model and value influence factors and traditional industries and enterprises,leading to the traditional evaluation methods have some limitations in the assessment of the value of cultural and creative enterprises,the introduction of real option method has effectively solved the problem.Real option method is a kind of evaluation concept based on uncertainty.It is developed from the theory of financial option.The real option method to effectively make up for the traditional evaluation methods for enterprise development considering uncertainty problems,such as cultural and creative enterprises to solve the high uncertainty of the enterprise is not suitable for the three traditional methods of value assessment problems.The real option method combined with the limited liability system of the enterprise,takes the stock value of the enterprise as a call option based on the whole enterprise,and then applies the real option theory to evaluate its value.The use of the real option method does not need to be based on the prediction of the future cash flow and growth rate of the enterprise.It avoids the conflict between the constant prediction and the dynamic change,and reduces the error caused by the subjectivity.Compared with the traditional method,the real option method is more reasonable to see the impact of uncertainty on the enterprise value.The traditional method of enterprise value evaluation considers that the uncertainty is negative,which will reduce the value of the enterprise.The real option theory takes into account the positive impact of uncertainty,reflecting the value of enterprise management flexibility.For enterprises with high uncertainty,it is more suitable for real option valuation.On the one hand,due to the high uncertainty in the assessment of the use of traditional enterprise value method when the parameters are difficult to predict and determine the accuracy,and thus reduce the assessment results;on the other hand,the real option method considering the enterprise dynamic decision value for high uncertainty of the enterprise,the value of this part can not be ignored.Based on the analysis of the characteristics of cultural and creative enterprises,the basic idea of the real option method,based on applicability and three traditional methods and real option method in the evaluation of the value of the cultural and creative enterprises,combined with the real option valuation model,given the widely used parameter selection.Finally,a case study is given to verify the rationality and comprehensiveness of the real option method in the evaluation of the cultural and creative enterprises.