Enterprise Value Assessment Based On EVA Model

With the continuous development of the country,China’s economy has entered a new stage of development,facing new problems and contradictions different from the past.In order to achieve the new constitution of modernization,the country lays more emphasis on the quality and efficiency of economic growth,and strives to promote the economic structure of the new model of transformation and new growth drivers.Although the growth rate of the national economy is gradually slowing down,the quality of life of the people is still steadily improving,and people’s demand for a better life is gradually turning from material demand to spiritual pursuit.In order to meet people’s increasing spiritual consumption demand,the state has issued policies to promote the continuous development of China’s cultural industry.The cultural industry development plan of the 13 th five-year plan issued by the ministry of culture also points out that the development of the cultural industry has entered a new trend,injecting new vitality into the take-off of the national economy.Now,the development of the cultural industry has emerged a new development model,"culture +","Internet +" and the large IP production,game IP linkage development,which constantly enrich the connotation of the cultural industry and development situation.Film and television media industry has always been an important part of the cultural industry,is also a hot sunrise industry,film and television media industry is one of the important positions to strengthen cultural education in China,for the modernization and social stability and development,enrichthe people’s spiritual and cultural life has important significance.The film and television industry belongs to the cultural industry.The main input factors of film and television enterprises include intellectual resources such as culture,creativity and intellectual property,and enterprises that produce or provide film and television products with spiritual content,and seek economic benefits from the film and television works and their derivatives.The merger,reorganization,financing and other economic behaviors of film and television media enterprises put forward a great demand for the enterprise value evaluation of the film and television media industry.The enterprise value assessment of Chinese film and television enterprises started late but developed rapidly.However,to a large extent,it mainly focused on the problems,problems and analysis of enterprise value assessment,and there was a lack of solutions to practical problems and Suggestions.Due to the film and television media and other traditional enterprise management mode and the connotation of the enterprise have very big difference,how to make evaluation results more close to the real value of the film and TV media enterprise,analysis and study on the uncertain factors in the evaluation,form a complete set of evaluation system and can evaluate phase for film and television media company with reality is very necessary.This paper for the film and television media industry made a simple overview,comparative analysis of the differences between film and TV media enterprise and traditional enterprise,and evaluate the difficulties of film and TV media enterprise,and for enterprise value assessment method has made the summary and introduction,and analyzes the methods for evaluating the advantages and disadvantages of film and television media companies as well as the applicability of the method,choose a suitable method.This paper selected the research object is the largest of China’s film and television media industry shadow complex-the perfect film company,perfect the film and television company in film and television media industry belongs to the development of more mature film class listed companies,business module development is also very clear clear,use EVA valuation model to assess the enterprise value on December 31,2018,in addition to the calculation of EVA valuation model of enterprise value also adopted the DCF model valuation model and the P/Evaluation model analysis enterprise value are calculated respectively,and compared with the current,the perfect film market value and future stock movements were analyzed,The calculation of EVA valuation model is to screen and adjust the data obtained from the financial statements and get the results according to the calculation formula,which can more fully reflect the enterprise value.In practice,the use of EVA valuation model is more difficult,need to adjust the accounting item is more,including research development fee,large advertising,interest expenses,accidental non-operating income and non-business expenses,deferred taxes,asset impairment provision,goodwill,bad debts,and depreciation reserves and other non-operating income adjustment projects,work task.Increasing the number of items to be adjusted will also reduce the accuracy of the project,which will make a difference in the evaluation of the value of the enterprise.But with the other two types of models used in this article,the focus of the EVA is on the shareholders’ equity,it shows a more suitable for the development of the modern enterprise idea,to safeguard their rights for the purpose,to the enterprise management decision has played a more realistic role,in the strategic aspect of the company are more suitable for the effect of lead.As for the other two types of models used in this paper,they are also used in practice for enterprises of different types and natures.However,the P/E model calculates the enterprise value based on the current income of the enterprise,which does not play an expected role and shows a one-sided enterprise value.DCF is also a widely used method in enterprise value assessment,but the input is considered one-sided,and its applicability for film and television media industry is insufficient.Through the application of EVA valuation model,it is more conducive to planning the long-term development of enterprises,ensuring future earnings,and more able to adapt to the actual development of enterprises.The results are more reliable and close to the real value of a perfect world company.