基于EVA的文化传媒类上市公司财务绩效评价——以中小板和创业板为例

Financial Performance Evaluation of Listed Media Companies Based on EVA—Empirical Analysis of Small Board and GEM

近年,新生文化传媒企业以其独特的客户价值定位和技术能力创造出令人侧目的文化体验,并迅速抢占用户的多重文化消费终端。在移动互联、互联网+、媒介创新和多网融合的复杂情境下,投身于文化传媒产业的各类经济主体面临着空前的机遇与挑战。论文系统评估24家在中小板和创业板上市的新创文化传媒公司的经济增加值(EV A),并与传统财务指标进行对比分析。研究发现,24家样本公司的EV A指标值仅有1家为正值,其余23家均为负值。对此,论文从企业核算EV A指标的W A C C(加权平均资本成本)构成、公司对财务杠杆的利用状况以及企业对股权融资的资本利用效率这三个角度给出具体解释。在此基础上,提出深入把握企业业务模式运转方式,通过业务结构性调整来渐近优化财务业绩的整改对策。

In recent years, the new cultural media enterprises create a striking cultural experience with its unique customer value orientation and technical ability, and quickly seize the users＇ multi-cultural consumer terminal. In the complex context of mobile Internet, Internet ＋, media innovation and multi-network integration, all kinds of economic entities engaged in the cultural media industry are facing with unprecedented opportunities and challenges. This paper systematically evaluates the economic value added （EVA） of 24 new media companies listed on small board and GEMs, and compares them with traditional financial indicators. The study found that 24 samples of the company＇s EVA index value is only one positive, the remaining 23 are negative. Regarding this, this paper gives a specific explanation from three angles： the enterprise accounting EVA indicators WACC （weighted average cost of capital） composition, the company＇s use of financial leverage, as well as corporate equity financing efficiency. On this basis, the paper put forward in-depth grasp of the business model of operation mode, and countermeasures of gradually optimization of financial performance through the business structural adjustment.