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论文编号：	10293
作者编号：	2220160804
上传时间：	2018/12/5 18:33:43
中文题目：	电影类企业私募股权投资评价研究
英文题目：	A Study on the Evaluation of Private Equity Investment in Film Companies
指导老师：	王永进
中文关键字：	电影类私募股权；价值评估；价值链；因子分析；AHP/TOPSIS
英文关键字：	Private Equity of Film Company；Company Evaluation；Value Chain；Factor Analysis；AHP/TOPSIS
中文摘要：	近年来，在宏观经济、政策支持、营商环境及企业内生需求等多重因素驱动下，私募股权投资成为了财富风口；电影行业作为低能耗、低污染的绿色经济特征的代表性行业，赢得了私募股权投资者的青睐。然而，电影类企业无形资产重、艺术性强的特质，使得其股权价值评估，成为困扰私募股权投资机构的一大难题。在此背景下，本文尝试基于电影产业价值链视角，结合其复杂性和艺术性，通过定性和定量相结合的方式，展开电影类企业股权价值评价研究。 本文首先通过对国内外关于企业价值链与价值理论、私募股权投资项目评价及电影类企业私募股权投资评价方面已有研究成果的梳理，为本文的指标选择及模型构建，奠定了良好的研究基础。 其次，基于电影企业价值链，分析了其基础活动与辅助活动，甄选出电影企业的五个核心价值影响因素，并对其进行指标化和定量化，在此基础上，选取合适的指标，构建出电影企业价值影响因素评价指标体系。 然后，基于甄选出的价值指标体系运用主成份分析方法构建影响电影类企业价值的8个公因子；同时采用回归方法验证了公因子与私募股权投资电影企业价值的相关性和合理性。最后基于因子分析衍生的系数得到可用于实务AHP/TOPSIS模型的权重参数，并运用实际案例选择与分析，基于密切值的排序发现私募股权投资电影企业价值的高低受企业成长性、持续能力及创新能力影响较大，为实务工作提供了可行的决策标准。
英文摘要：	In recent years, the private equity investment which driven by multiple factors such as macroeconomics, policy support, business environment and corporate endogenous demand, has become a promising opportunities with greatest return. The film industry, as a representative industry of low-energy, low-pollution green economy characteristics, has won the favor of private equity investors. However, due to the fact that film companies have a large proportion of intangible assets and strong artistic products, the evaluation of their equity value has become a major problem that plagues private equity investment institutions. In this context, this paper attempts to study the equity evaluation of film company through qualitative and quantitative methods based on the perspective of the value chain of the film industry, combined with its complexity and artistry. This paper firstly studies the existing research on Michael Porter's Value Chain Model and value theory, private equity investment project evaluation and film company private equity investment evaluation, which lays a good research basis for the following index selection and model construction. Secondly, this paper analyzes film company’s basic activities and auxiliary activities through the construction of its value chain, which helps to find out the major quantified factors affecting the value of film companies. On this basis, appropriate indicators are selected to construct an index system for the evaluation of film companies. Moreover, based on selected index system, this paper uses the Principal Component Analysis(PCA) method to study eight common factors affecting the value of film companies. Meanwhile, the regression method is used to verify the correlation and rationality between these common factors and the value of film companies. Then we obtained the eigenvalues of the AHP/TOPSIS models which can be applied in real business by using the coefficients from a factor analysis. Finally, this paper conducts an empirical analysis through a case study and found that the value of film companies are greatly influenced by their growth, sustainability and innovation ability, which provides feasible decision-making standards for practical work.
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