The Study Of JM Advertising Company's Value Based On M&A Evaluation

With the continuous development of China's economy,people began to turn their attention to the field of spiritual civilization,which promote the film and television media,advertising,Internet companies to grow,these companies have distinct characteristics:whose book assets can not truly reflect the company's overall economic value.With the process of the development of the capital market,mergers and acquisitions as a quick way to achieve external expansion of the enterprise,has already gained much attention.At the same time,in order to speed up the development of China's Cultural Industry,to promote the rational allocation of cultural resources and industrial upgrading,more and more enterprises began to lock the target in the Cultural and Creative Industries.The market of M&A,promote the development of China's Asset Evaluation business,and to get a scientific and reasonable value of the company become a common concern both between mergers and acquisitions side.Based on the above analysis,the author carefully studied the theory of Value Assessment and previous works,together with industry analysis,then draw conclusions as following: advertising industry will become the core field of M & A market competition.but there are few studies on the valuation of the advertising industry.Therefore,this paper will combine the theory of value assessment and the future prospects of advertising market to explore the applicability of free cash flow discount model in the advertising industry value assessment.In this paper,we use the method of literature review and case study to divide the article into six chapters: the first chapter introduces the research background and the present situation of value assessment research.The second chapter introduces the relevant Theory and the method of Enterprise Value Assessment.The third chapter gives a detailed analysis of the advertising industry and the value source of the advertising company,and then puts forward the conclusion that the income method is suitable for the evaluation of the advertising company.The fourth chapter put the DCF cash flow technique into practice and then draw the final evaluation conclusion.In the fifth chapter,analyzed the case in depth.In the sixth chapter,the author analyzes the evaluation results and summarizes them.