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论文编号：	6011
作者编号：	2120112348
上传时间：	2013/12/10 15:59:06
中文题目：	创业板上市文化传媒企业的价值评估研究 ——基于EVA视角对华谊兄弟进行价值评估
英文题目：	Research on Valuation of the GEM listed Cultural Media Enterprises: based on EVA perspective of Huayi Brothers’ Value
指导老师：	余娟
中文关键字：	创业板，文化传媒企业，价值评估，EVA，华谊兄弟
英文关键字：	GEM, Culture Media Enterprise, Valuation, EVA, Huayi Brothers
中文摘要：	文化传媒企业对于我国经济增长和生活提升的推动作用日益明显,政府也出台了一系列政策大力支持文化产业的发展,其中国务院对于文化产业的规划更是提出了具体的措施和要求，文化传媒企业也相继在规划出台后登陆创业板市场。然而，由于创业板上市文化传媒企业具有高市盈率和高换手率以及股价波动幅度较大的特点，文化传媒企业的价值很难得到真实的体现。因此，本文将从EVA的角度对文化传媒企业进行价值评估，以期能真实客观的反映企业价值，促进创业板市场健康有序的发展和投资者的理性投资。 本文共分五个章节。第一章介绍了文章选题的背景、研究方法以及论文的内容和结构，通过国内外文献综述加强了对EVA运用到价值评估的理论研究。第二章介绍了企业价值评估的四个主要方法，结合创业板上市文化传媒企业的特点给出EVA指标选择的原则和计算步骤，以及选择EVA价值评估模型的理由。第三章分析EVA价值评估模型在创业板上市文化传媒企业应用的必要性和可行性进行探究，结合模型的特点和企业的特征提出改进措施。第四章使用EVA价值评估模型对华谊兄弟进行实证研究，针对结果和华谊兄弟在市场的表现给出EVA价值评估模型在实际运用中有效性的分析。第五章是研究结论和未来展望，对本次研究进行总结，并对EVA在整个市场的推广做出政策建议和未来展望。 从实证的角度来看，EVA价值评估模型在创业板上市文化传媒企业具有很好的说明性，能判断企业是否真正创造价值，对于未来在整个资本市场的推广具有实践意义和指导意义。
英文摘要：	Culture media enterprises give impetus to the economic growth and high quality life, the government also introduced a series of policies to support the cultural enterprises, moreover the State Council puts forward concrete measures and requirements for culture industry, culture media enterprises also has been landing one after another on the GEM. However, with the high P/E and high turnover as well as the fluctuation of the price, the instinct value of cultural media enterprises is difficult to be recognized. So, from the point of EVA, the paper will calculate the value of media enterprise, the paper hopes to promote rational investment and orderly development of the GEM. The paper is made up of five chapters. In the Chapter one, the paper introduces the background of the title, method, content and the structure. Through the reference documentation of EVA on the enterprise’s valuation, we can strengthen the recognition of the theoretical study on EVA. In the Chapter two, the paper introduces four main methods of enterprise valuation, and with the consideration of media enterprise’s character, we give the principle of choosing the caption of account and the steps of EVA’s calculating, in the end of this chapter, the paper also tells the reason of adopting the EVA valuation model. In the Chapter three, the paper analyses the necessity and the possible usage on the cultural media enterprises of the GEM, and gives some suggestions. In the Chapter four, the paper uses the EVA model on Huayi Brother, and calculation the instinct value of the Huayi Brothers. In the last Chapter, the paper draws a conclusion and proposes some policy suggestions. The EVA model has a good explanation of media enterprises’ value. We can judge whether the enterprise creates the true value through the EVA. In the end, we verdict that the use of EVA model on the whole capital market is practical and significant.
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