Value Evaluation Of Publishing Media Enterprises Based On Improved B-S Pricing Model

With the development of the country’s comprehensive strength,the quality of life of the people is getting higher and higher,and the demand for cultural and spiritual aspects is also gradually increasing.Most of the large and top-ranked publishing and media enterprises in China are state-owned enterprises and have official colors.With a large number of publishing and media enterprises entering the capital market through reorganization,M & A or IPO,how to accurately evaluate the value of publishing and media enterprises has become an urgent problem to be solved.By studying the existing enterprise value evaluation theories at home and abroad,and analyzing the value characteristics and value influencing factors of publishing media enterprises,this paper finds that publishing media enterprises have the characteristics of large proportion of intangible assets,vulnerable profits to policy influence,strong uncertainty of enterprise value and so on.The traditional enterprise value evaluation method does not consider the option characteristics contained in the assets of publishing and media enterprises,and underestimates the potential value of publishing and media enterprises,resulting in inaccurate evaluation results.Therefore,the traditional enterprise value evaluation method is not suitable for the value evaluation of publishing and media enterprises.In order to promote the healthy development of publishing and media enterprises and find a reasonable and accurate method to evaluate the value of publishing and media enterprises,after in-depth research,this paper finds that the traditional value evaluation method has shortcomings in evaluating the value of publishing and media enterprises,and the real option method can make up for the defects of the traditional method.Firstly,this paper divides the overall value of publishing and media enterprises into entity value and potential value,and puts forward the combination of income method and real option method to calculate the entity value and potential value of enterprises respectively by constructing a model.At the same time,it improves the limitations of the B-S pricing model under the real option method.Finally,the improved B-S pricing model is applied to the evaluation of the potential value of this case.The improved evaluation results are compared with the results before the improvement and the average market value of the case enterprise.It is found that the improved B-S pricing model can reasonably and accurately evaluate the value of publishing media enterprises.This paper concludes that the method combining the entity cash flow discount model under the income method and the improved B-S pricing model is more suitable for the value evaluation of publishing and media enterprises.The improved B-S pricing model can better evaluate the potential value of publishing and media enterprise.This paper studies and solves the problems that publishing and media enterprises face in the capital market,such as restructuring,mergers and acquisitions,and the management of their own value,and provides a reference for the evaluation of enterprise value similar to the publishing and media industry.