本文關(guān)鍵詞： 影視文化傳媒企業(yè) 并購價(jià)值評估 EVA模型　出處：《湘潭大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,無論是全球經(jīng)濟(jì)在上一次經(jīng)濟(jì)衰退中的恢復(fù)和重振還是中國經(jīng)濟(jì)的類型改變都很迅速。這其中企業(yè)的并購重組擴(kuò)張成為經(jīng)濟(jì)增長中耀眼的板塊,企業(yè)通過并購重組能解決很多融資和投資的問題,并且在這個(gè)過程中,企業(yè)能借助并購和重組的作用實(shí)現(xiàn)企業(yè)價(jià)值的增加,資本的成本降低的效果。而在并購中,對被并購企業(yè)的價(jià)值進(jìn)行合理客觀的衡量是企業(yè)并購最為重要的關(guān)鍵環(huán)節(jié)。并購重組的方案是否能夠順利完成需要制定合理的并購對價(jià),對等地維護(hù)并購雙方的經(jīng)濟(jì)利益,只有在這個(gè)前提下才能順利的完成并購。在近幾年的中國并購市場中,影視傳媒行業(yè)之中的并購尤為凸顯,并購數(shù)量大,并購溢價(jià)高,而且跨行業(yè)并購影視傳媒企業(yè)的數(shù)量也逐漸擴(kuò)大。影視傳媒行業(yè)的并購估值少不了真實(shí)合理的衡量被并購企業(yè)的價(jià)值,尤其是企業(yè)價(jià)值有其特殊性的影視傳媒行業(yè)進(jìn)行并購重組。因此,本文在影視傳媒企業(yè)的并購估值的思路上進(jìn)行探討和分析,希望能為影視傳媒行業(yè)的并購估值提供一些新的思路。文章中詳細(xì)分析了影視文化傳媒企業(yè)價(jià)值的特點(diǎn),和該行業(yè)價(jià)值衡量的特性,重新研讀國內(nèi)外文獻(xiàn)研究的基礎(chǔ)上,選擇對經(jīng)濟(jì)附加值模型的參數(shù)及其他影響因素進(jìn)行改進(jìn),進(jìn)一步準(zhǔn)確衡量影視傳媒企業(yè)的并購對價(jià)。在計(jì)算經(jīng)濟(jì)附加值時(shí),需要改動傳統(tǒng)會計(jì)核算的科目,使其符合EVA的實(shí)質(zhì)。在分析參數(shù)的影響時(shí),結(jié)合影視傳媒企業(yè)的價(jià)值特性和其運(yùn)營的特點(diǎn),對需要選用的參數(shù)進(jìn)行調(diào)整和修改。使用EVA估值模型的基本思路是:根據(jù)樂華文化的財(cái)報(bào)對其中的傳統(tǒng)的科目進(jìn)行改動,得出調(diào)整后資本總額和稅后凈營業(yè)利潤的數(shù)值,為得出合理的估值提供基礎(chǔ),選取了待償期限為10年期的銀行間固定利率國債收益率作為無風(fēng)險(xiǎn)報(bào)酬率,市場風(fēng)險(xiǎn)報(bào)酬率的確定采用21世紀(jì)初到2016年的上交所和深交所指數(shù)的幾何平均收益率。β系數(shù)的值是0.01(查自于WIND數(shù)據(jù)庫)。加上公司3年的財(cái)務(wù)報(bào)表得出企業(yè)特有的風(fēng)險(xiǎn)報(bào)酬率,得出股權(quán)的成本。結(jié)合選取了銀行整存整取一年期商業(yè)貸款基準(zhǔn)利率為稅前債務(wù)成本,最終得出加權(quán)平均資本成本。折算到評估基準(zhǔn)日的企業(yè)價(jià)值為18.66億元,這個(gè)評估價(jià)值在官方的評估報(bào)告價(jià)值范圍內(nèi)。文章最后介紹了由經(jīng)濟(jì)增加值模型轉(zhuǎn)換成的經(jīng)濟(jì)附加值檢驗(yàn)?zāi)Ｐ?目的是證實(shí)是否需要執(zhí)行并購方案,以及并購對價(jià)是否是客觀和合理的。因此,將經(jīng)濟(jì)附加值調(diào)整評估模型與經(jīng)濟(jì)附加值檢驗(yàn)?zāi)Ｐ瓦\(yùn)用到影視傳媒行業(yè)并購與重組的案例中,進(jìn)行進(jìn)一步的分析,為影視傳媒企業(yè)的價(jià)值衡量創(chuàng)造出新的方法進(jìn)行探討和分析。
[Abstract]:In recent years, both the recovery and recovery of the global economy in the last recession and the type of change in the Chinese economy have been rapid, with corporate mergers and acquisitions expanding into a dazzling segment of economic growth. Enterprises can solve many problems of financing and investment through mergers and acquisitions, and in this process, enterprises can increase the value of enterprises and reduce the cost of capital by virtue of the role of mergers and acquisitions. The reasonable and objective measurement of the value of the acquired enterprise is the most important key link of the enterprise merger and acquisition. Whether or not the plan of M & A can be completed smoothly requires the establishment of reasonable M & A consideration and the equal maintenance of the economic interests of both sides of the merger and acquisition. Only under this premise can M & A be completed smoothly. In recent years, in China's M & A market, M & A in the film and television media industry is particularly prominent, with a large amount of M & A and a high M & A premium. Moreover, the number of cross-industry mergers and acquisitions of film and television media enterprises is also gradually expanding. The M & A valuation of the film and television media industry cannot be without a true and reasonable measure of the value of the acquired enterprises. In particular, the film and television media industry, whose value has its particularity, carries on the merger and acquisition reorganization. Therefore, this article carries on the discussion and the analysis in the movie and television media enterprise M & A valuation mentality, It is hoped that this paper can provide some new ideas for the M & A valuation of the film and television media industry. This article analyzes in detail the characteristics of the enterprise value of the film and television culture media industry and the characteristics of the value measurement of the industry. Select the parameters of the economic added value model and other influencing factors to improve, and further accurately measure the M & A value of the film and television media enterprises. When calculating the economic added value, we need to change the traditional accounting subjects. Make it accord with the essence of EVA. When analyzing the influence of parameter, combine the value characteristic of film and television media enterprise and the characteristic of its operation, The basic idea of using the EVA valuation model is to change the traditional subjects according to the financial statements of Lehua Culture, and to obtain the adjusted total capital and net operating profit after tax. In order to provide the basis for reasonable valuation, the yield of interbank fixed-rate bonds with a maturity of 10 years is chosen as the risk-free rate of return. The return rate of market risk is determined by using the geometric average rate of return of Shanghai Stock Exchange and Shenzhen Stock Exchange from 21th century to 2016. The value of 尾 coefficient is 0. 01 (checked in WIND database.) in addition to the company's financial statements for 3 years, the enterprise-specific return on risk is obtained. The cost of equity is obtained. Combined with the benchmark one-year commercial loan interest rate of the bank, the cost of pre-tax debt is obtained, and the weighted average cost of capital is finally obtained. The enterprise value converted to the base date of assessment is one billion eight hundred and sixty-six million yuan. The evaluation value is within the value range of the official evaluation report. Finally, the article introduces the economic value added test model converted from the economic added value model, the purpose of which is to confirm the need to implement the merger and acquisition scheme. And whether the consideration of M & A is objective and reasonable. Therefore, the economic value-added adjustment evaluation model and the economic value-added test model are applied to the case of M & A and reorganization in the film and television media industry for further analysis. For the film and television media enterprise value measurement creates the new method to carry on the discussion and the analysis.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G124;F426.6;F271

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