价值链视角下影视企业价值驱动因素研究

发布时间：2018-04-28 16:35

本文选题：影视企业 + 价值评估　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：随着影视产业的发展,影视企业市场行为愈加活跃。近年来影视企业并购及投融资盛行,愈发活跃的市场行为导致对影视企业估值的需求尤为迫切。然而影视企业因其轻资产性、不确定性及高风险性成为评估界的一大估值难点。在这样的背景下,本文关注了影视企业的价值评估问题,从影视企业价值驱动因素的视角对影视企业的价值展开研究,以期确定影视企业价值影响因素,为研究影视企业价值评估问题做良好的辅助工作和铺垫。首先,本文基于影视企业价值链、企业价值评估的相关理论及方法以及影视企业的特点及其价值评估的特殊性及估值难点,通过价值链从基础活动和辅助活动两个方面对影视企业关键价值驱动因素进行甄别。接着基于所甄别出的价值驱动因素构建相应的综合评估指标体系。利用相关性分析验证所构建指标体系与影视企业价值的相关性,并剔除没有通过验证的评价指标,对剩余的评价指标按相关性强弱进行重要度排序。使用网络分析法(Analytic Network Process,ANP),建立影视企业的ANP模型指标体系及网络结构;根据各元素的重要度建立判断矩阵,运行SD软件得到各元素的优先度。最后,本文通过以2015年上市影视企业作为研究对象,运用所构建的ANP模型指标体系、网络结构及各元素优先度对样本公司的价值进行排序,并与按企业市值的排序进行横向比较,以验证本文所得到结果的科学合理性。结果表明:本文基于影视企业价值链构建的影视企业价值评估指标体系具有较强的科学性和可靠性。最后,通过对本文理论及实证分析的思考,指出本文研究的局限性和改进措施。
[Abstract]:With the development of film and television industry, the market behavior of film and television enterprises is more and more active. In recent years, mergers and acquisitions of film and television enterprises and investment and financing are prevalent, and the increasingly active market behavior leads to the urgent demand for the valuation of film and television enterprises. However, because of its light assets, uncertainty and high risk, film and television enterprises have become a major valuation difficulty in the field of evaluation. In this context, this paper pays close attention to the value evaluation of film and television enterprises, and studies the value of film and television enterprises from the perspective of the driving factors of value, in order to determine the influencing factors of the value of film and television enterprises. For the study of film and television enterprise value evaluation to do good auxiliary work and pave the way. First of all, based on the value chain of film and television enterprises, the relevant theories and methods of enterprise value evaluation, the characteristics of film and television enterprises, the particularity and difficulty of valuation of film and television enterprises, Through the value chain from the basic activities and auxiliary activities to screen out the key value drivers of film and television enterprises. Then a comprehensive evaluation index system is constructed based on the identified value drivers. The correlation analysis is used to verify the correlation between the established index system and the value of the film and television enterprises, and the remaining evaluation indexes are ranked according to the relative degree of importance by eliminating the evaluation indexes that have not been verified. The ANP model index system and network structure of film and television enterprises are established by using network analysis method to analyze Network process ANPs, and the judgment matrix is established according to the importance of each element, and the priority of each element is obtained by running SD software. Finally, this paper uses the index system of ANP model, the network structure and the priority of each element to rank the value of the sample company by taking the listed film and television enterprises in 2015 as the research object. In order to verify the scientific rationality of the results obtained in this paper, a horizontal comparison is made with market value's ranking. The results show that the evaluation index system based on the value chain of film and television enterprises is scientific and reliable. Finally, through the theoretical and empirical analysis of this paper, the limitations of this study and improvement measures are pointed out.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：J943;F275

【参考文献】