An Analysis Of Investment Value Of Film And Television Company

In recent years,China’s film and television enterprises have entered an era of rapid development.Since Huayi Brothers listed on the GEM in 2009,there have been many film and television enterprises entering the stock market through GEM,backdoor,overseas listing and other ways.In the Third Plenary Session of the Eighteenth Central Committee of the CPC,more attention was paid to our cultural enterprises than before,and the first policy decision was made on the development of cultural enterprises.The development route of our cultural enterprises was put forward,that is,to speed up the reorganization and merger of our cultural enterprises across regions,industries and ownership.Among them,film and television enterprises are an important field of investment and financing in cultural enterprises.Up to 2017,there have been more than 20 film and television listed companies in China’s A-share market,and more than 160 M&A cases have been completed in 17 years.Therefore,based on the needs of investment and financing,financial decision-making and corporate governance,the value evaluation of film and television enterprises has become particularly important.Firstly,this paper analyses and elaborates the characteristics of film and television enterprises,and then gives a brief overview of the definition of enterprise value and the existing theoretical perspectives on enterprise value.On this basis,it summarizes the widely used methods of enterprise value evaluation in the current theoretical circles.It includes book value method based on enterprise book value,replacement cost method,liquidation value method,income method,market value method and economic added value method.Then,by comparing the above evaluation methods with the characteristics of film and television enterprises,the applicability of each method is analyzed,and the economic value-added method suitable for evaluating the value of film and television enterprises is found.This paper evaluates the existing and potential value-creating abilities of film and television enterprises respectively.Finally,taking Huayi Brothers as an example,the above evaluation model is analyzed and applied.Through the research of this paper,it provides theoretical support for the opportunities and challenges faced by film and television enterprises.For undervalued film and television enterprises in the market,it can provide decision-making ideas for investors and financiers,and provide a more reasonable choice for the value evaluation of film and television enterprises.