广播电影电视业企业价值评估方法应用研究-管理科学与工程专业论文.docxVIP

万方数据 万方数据 中文摘要 我国的广播电影电视业主要由国家广播电影电视总局监督管理，随着经济发 展，人们对文化生活的要求越来越高，我国广播电影电视业也呈现多样化的发展 趋势，不断满足人们的精神需求。 随着广播电影电视业上市公司数量的增加，产业进入高速发展阶段，加之新 阶段政府对该产业的扶持不断加大，鼓励文化多样发展，因此投资者更关注广播 电影电视业企业，对广播电影电视业进行较准确的企业价值评估显得越来越重 要。我国企业价值评估体系自 20 世纪 80 年代引入以来，不断发展，由单项资产 评估为主逐步发展到企业价值的整体评估，传统行业的企业相对来说评估工作较 容易，而新兴产业，如广播电影电视业等，由于其特有的企业营运模式，导致原 有的评估方式可能不适用。本文将基于我国广播电影电视业的特点及相关的企业 价值评估理论，探索适用于我国广播电影电视业的企业价值评估方法。 首先，在整理和分析国内外关于企业价值评估的文献综述的基础上，得出一 些结论：企业评估方式仍没有形成统一的体系，国内越来越多学者倾向于采用复 合的方式对企业进行价值评估。 接着，分析我国广播电影电视业的发展现状及其产业特点，包括高风险、高 收益，行业内资产结构差异较大及缺乏企业价值评估的历史资料等，并由此比较 选择经济增加值法及实物期权法中的 BS 模型对其进行企业价值评估。 最后，以华谊兄弟为例，对阐述的企业价值评估方法进行应用，方法应用的 结果是：评估结果与 2013 年 12 月 31 日华谊兄弟收盘价的差异率为 4.92%，差 异不大，评估结果能够信任。 关键词：广播电影电视业；企业价值评估；经济增加值；BS 模型 ABSTRACT Radio, film and television industry in China is mainly supervised and administrated by the state administration of radio, film and television. With the development of economy, the demand of peoples cultural life is continually higher, the development of radio, film and television industry in our country also in diversified trend, constantly meeting the spiritual needs from people. With an increase in the number of listed companies in radio, film and television industry, the industry entered a stage of rapid development, combined with the new stage of government support on the industry, and the encourage of the cultural diversity of development, the investors are more focused on the enterprises in radio, film and television industry, more accurate assessment of enterprise value in radio, film and television industry is playing a more and more important role. Enterprise value evaluation system in our country continued to grow since the 1980s, gradually developed from assessment on single item assets to overall assessment of the enterprise value, the enterprise evaluation is relatively easy to the traditional industry, but for emerging industries, such as radio, film and television industry, due to its unique enterprise operating mode, the original way of assessment may n