A Study On The Application Of Realoptions Method In The Valuation Of Media Enterprises'mergers And Acquisitions ——Mango Super Media As An Example

With the rapid development and wide application of Internet technology,media enterprises are changing towards intelligence,informationization and digitalization.Under the pressure of transformation and upgrading in the new era,the media industry has ushered in a wave of mergers and acquisitions.However,a large number of "face-changing" achievements and "thunder" goodwill have also exposed many problems in the valuation of mergers and acquisitions of media enterprises.Value evaluation is an indispensable key step in the process of mergers and acquisitions of media enterprises.Under this background,it is of great significance to choose an appropriate valuation method to correctly and scientifically evaluate the target M?A enterprises.Based on relevant theories,this paper analyzes the value structure of media enterprises in China,combining with the characteristics of obvious light assets and great uncertainty of income.This paper probes into some problems in the current M?A valuation of media enterprises,such as frequent M?A with high premium,difficulty in accurate valuation of intangible assets,and relatively simple M?A valuation methods.By analyzing the applicability of the four valuation methods in M?A valuation of media enterprises,we choose the discounted free cash flow method to evaluate the value of existing operating assets of media enterprises,and choose the B-S option pricing model to evaluate the potential assets of media enterprises.In order to make the valuation model more compatible with media enterprises and more applicable,combining with the development trend of media enterprises in the new era,the demand of information transformation and the increasing investment in innovative R?D,this paper introduces the innovative ability,which is the potential value influencing factor of media enterprises,to improve the B-S model,and determines the improved real option portfolio model as the final model for the text application to the case enterprise merger and acquisition valuation.Combined with the practical application of the improved real option combination model in the case of mango hypermedia M?A,through the multi-dimensional analysis of the valuation results and the effectiveness analysis of the real option method in the M?A valuation of media enterprises,this paper puts forward the main conclusions that the value of media enterprises has options,the real option method makes the evaluation of media enterprises more reasonable,and the real option method has a positive impact on the M?A of media enterprises.It is hoped that in the future practice,the real option method can form a set of operational valuation standards,so that it can be really applied to the capital market M?A scheme,thus playing a role in M?A decision-making practice and promoting the healthy and orderly development of M?A market in the media industry.