| In recent years,with the rapid improvement of economic development,the animation industry has also been booming.Especially in the trading market,the investment and financing activities of animation enterprises become more and more frequent.Investors also have more and more demand for the evaluation of the value of animation enterprises,but unlike the manufacturing industry,the animation industry can be evaluated using the cost method or the asset based method.It has its own uniqueness.Traditional evaluation methods such as cost method and income method are not suitable for animation enterprises,so how to reasonably evaluate the value of animation enterprises needs to be explored.Considering that traditional methods are difficult to apply to the value evaluation of animation enterprises,this thesis attempts to use Schwartz Moon model in real option theory to evaluate the value of animation enterprises.First,analyze the characteristics of animation enterprises and the sharing they face,taking into account their industry environment.Then the traditional evaluation method and real option method are compared and analyzed,and the Schwartz Moon model is established.Then each parameter is calculated,and the evaluation results are obtained by Monte Carlo simulation.Among them,the final value multiplying factor in the parameter is improved.Instead of referring to the previous experience value practice,the idea of sustainable growth of the two-stage model of the income method is used,which provides a new idea for the value of the final value multiplying factor.In case selection,the top ten animation enterprises in the animation industry market value ranking are also selected as research cases.Finally,the rationality of the evaluation results and the sensitivity of the parameters are analyzed to select the parameters that have a great impact on the evaluation results.From the case study,we can draw the conclusion that the improved Schwartz Moon model is more reasonable in evaluating the value of animation enterprises,which can reflect the future option value of animation enterprises,while the traditional method does not take this into account.Schwartz Moon model is applicable to enterprises with uncertainty such as animation enterprises,not limited to Internet enterprises.For the case study of animation enterprises,this thesis believes that Schwartz Moon model is a good method to evaluate the value of animation enterprises.This model takes into account the characteristics of animation enterprises themselves,the uncertainty of income,and reflects the potential value of enterprises.This provides a new idea for the value evaluation of animation enterprises,which will better serve the increasingly frequent investment and financing activities in the market economy. |
