Research On The Value Evaluation Of Digital Culture Enterprises

As digital technology continues to advance,it is increasingly penetrating the tertiary sector and promoting the digital transformation of traditional industries.Given this context,digital culture has expanded with its characteristics and has become a growing business in the national economy.The Chinese government has introduced a great course of action aimed at plunking for the development of the digital cultural industry,highlighting the direction in which to foster the development of China’s digital cultural industry.With the blessing of national policies and the general environment,digital cultural enterprises stand out,and businesses such as enterprise listing,mergers and acquisitions,and restructuring are increasing,so it is necessary to accurately and scientifically evaluate the overall value of digital cultural enterprises.This thesis gives a more extensive introduction to the digital cultural industry and digital cultural businesses based on a review of the relevant literature on the digital cultural industry and associated forms of enterprise value evaluation.Based on the analysis and sorting out of the influencing factors and evaluation difficulties of digital culture enterprise,and then analyzing the applicability of the evaluation method,it is concluded that the Schwartz-Moon model has a good solution to the main evaluation difficulties in this type of enterprise’s evaluation process.The thesis then modifies the parameters of the model based on the characteristics of such enterprises,and selects Zhejiang Daily Digital Culture,which is more representative in the digital culture industry,as a case enterprise,analyzes its business situation,and explains the applicability of the model,based on the introduction of the principle and construction of the model.When using the Schwartz-Moon model to evaluate the value of Zhejiang Daily Digital Culture Enterprise,in conjunction with the Monte Carlo simulation method,the enterprise value was obtained by MATLAB software simulation 20,000 times,and compared with the market price on the evaluation base date,it was discovered that the Schwartz-Moon model had a good prediction of the value of such enterprises,and then three digital cultural enterprises were randomly selected and entered into the model to further illustrate the discrepancy.This thesis employs the cash flow method to evaluate the case enterprises as well as three randomly selected enterprises,demonstrating that the value evaluation of this type of enterprise is superior to the cash flow method.Through study,this thesis comes to the following conclusion: First,digital cultural companies have high unpredictability and high growth,and the study shows that applying standard enterprise value evaluation methodologies to estimate the enterprise value of digital cultural enterprises may have limits.Secondly,the Schwartz-Moon model contains parameters such as revenue,variable cost growth rate,and volatility,which can quantify the uncertainty of enterprises ignored by traditional valuation methods such as the market method and the income method,and is more suitable for evaluating the value of such enterprises in the short term.Then,through sensitivity analysis of the influencing factors of enterprise value,it is concluded that the exit multiple,estimated interval,long-term variable cost rate,and revenue growth rate fluctuation rate of Zhejiang Daily Digital Culture have a great impact on the value of Zhejiang Daily Digital Culture Enterprise.When using the model to evaluate the value of the enterprise,it is necessary to carefully analyze and determine the value of these parameters.Finally,it is concluded that the revision of the exit multiple in this thesis is reasonable,due to the different industries,not only historical practices should be adopted,but more reasonable indicators should be determined according to the characteristics of enterprises in the industry for comparative analysis.Based on the above research results and the analysis of digital cultural enterprises,policy suggestions are put forward for the value assessment of digital cultural enterprises from the government,enterprises and evaluation institutions,and the shortcomings found in the evaluation process of cases are sorted out,so as to generate the prospect of future digital cultural enterprise value assessment.