| With the rapid development of economy,people’s demand for culture is also increasing,and the government’s support for the cultural media industry is gradually increasing,which provides new opportunities for the development of the cultural media industry,which is conducive to promoting the steady rise of the national economy,and also provides some support for maintaining the stability of the country.Cultural media enterprises are also springing up.In order to develop faster and better and expand the influence in the industry,cultural media enterprises’ m &A financing cases happen frequently.In this context,it is particularly important to accurately evaluate the value of cultural media enterprises.After analyzing the characteristics and value characteristics of cultural media enterprises,this paper analyzes the applicability of traditional methods in combination with the value characteristics,and obtains that traditional methods can not accurately evaluate the value of cultural media enterprises.However,the value of cultural media enterprises takes up a large proportion of light assets,and the volatility of value makes them have the characteristics of option.Through the analysis of the correspondence between the value of cultural media enterprises and the real option model,the real option model can make up for the limitation that the income method can not accurately evaluate the added value brought by the flexible decision-making,management flexibility and intangible assets of cultural media enterprises.Therefore,this paper divides the enterprise value into the entity value and the option value,and uses the discounted free cash flow model and the real option theory pricing model to evaluate the entity value and the option value of the cultural media enterprise respectively,and finally sums up the two parts to get the whole enterprise value.In the final valuation result,the real option model combined with the free cash flow discount model is closer to the market value than the traditional income method.Through the above analysis,it is concluded that the combination of the two models is more suitable for the value evaluation of cultural media enterprises than the traditional methods.The real option pricing model can reflect the value brought by management flexibility and operational risk in the business process,that is,the potential option value of cultural media enterprise value,so that the value of cultural media enterprise can be accurately evaluated,promote the rapid development of cultural media industry,and provide a certain reference for the future Research of cultural media enterprise value evaluation. |
