本文關(guān)鍵詞： 影視內(nèi)容 產(chǎn)業(yè)并購(gòu) 估值方法 交易特性　出處：《現(xiàn)代傳播(中國(guó)傳媒大學(xué)學(xué)報(bào))》2017年06期 　論文類(lèi)型：期刊論文

【摘要】：本文匯總了2010-2016年間我國(guó)影視內(nèi)容產(chǎn)業(yè)交易數(shù)據(jù)較完備的71起并購(gòu)案例,對(duì)它們選取的估值方法進(jìn)行了統(tǒng)計(jì)分析,梳理了相關(guān)估值模型的參數(shù)和指標(biāo)。本文發(fā)現(xiàn)在并購(gòu)使用最多的現(xiàn)金流折現(xiàn)模型(DCF模型)中第三方評(píng)估機(jī)構(gòu)普遍通過(guò)修改公司風(fēng)險(xiǎn)特性調(diào)整系數(shù)和預(yù)期風(fēng)險(xiǎn)系數(shù)β值等降低折現(xiàn)率指標(biāo),而在增值倍數(shù)方面,PE估值法則顯著高于現(xiàn)金流折現(xiàn)法。另外,普遍采用業(yè)績(jī)承諾,大比例現(xiàn)金支付方式和市場(chǎng)周期正相關(guān)性是這輪并購(gòu)交易的主要特性。
[Abstract]:This paper summarizes 71 M & A cases with complete transaction data of film and television content industry in China from 2010 to 2016, and makes a statistical analysis on the valuation methods selected by them. In this paper, we find the DCF model, which is the most used cash flow discounted model in M & A, is the most widely used in M & A. Third party evaluation institutions generally modify the risk characteristic adjustment coefficient and the expected risk coefficient 尾 value to reduce the discount rate index. The PE valuation method is significantly higher than the discounted cash flow method in terms of appreciation multiple. In addition, performance commitment is widely used, and the positive correlation between large proportion of cash payment and market cycle is the main characteristic of this round of M & A transactions.
【作者單位】： 華南理工大學(xué)新聞與傳播學(xué)院;
【基金】：華南理工大學(xué)中央高�；緲I(yè)務(wù)費(fèi)資助項(xiàng)目“中國(guó)互聯(lián)網(wǎng)電視產(chǎn)業(yè)估值研究”[項(xiàng)目編號(hào):X2XCC2170530]的研究成果
【分類(lèi)號(hào)】：F271;F832.51;J943
【正文快照】： 2009年的《文化產(chǎn)業(yè)振興規(guī)劃(國(guó)發(fā)[2009]30號(hào))》,2010年的《關(guān)于金融支持文化產(chǎn)業(yè)振興和發(fā)展繁榮的指導(dǎo)意見(jiàn)》等一系列國(guó)務(wù)院政策的出臺(tái),從政策層面支持和鼓勵(lì)影視企業(yè)公開(kāi)上市和公開(kāi)發(fā)行股票進(jìn)行融資并購(gòu)。2010年開(kāi)始國(guó)內(nèi)資本市場(chǎng)上頻繁出現(xiàn)影視企業(yè)間的橫向、縱向乃至跨行業(yè)，

本文編號(hào)：1486200