| There are a lot of third-party payment platforms entering payment service market because of pressing need of payment system with the rapid development of electronic commerce such as online shopping. Fierce competition emerges among these comp-panies as the growing numbers. Therefore, the government took measures which providing payment licenses for part of the third-party payment companies to regulate the business of non-financial institutions in 2011. Some third-party payment companies which got the payment licenses because of orthodox were recognized by the law, and quickly occupied the market as a result of financial strength and fame in the industry. As to pursuit of new profit growth point, the developed third-party payment companies must consider IPO, mergers and acquisitions, and these phenomenons have emerged. We should evaluate these third-party payment companies’ value objectively whether restructuring, merging or IPO in the future. As new things, third-party payment companies’ existing valuation methods have shown obvious disadvantages in the process of value evaluation, so we need to explore a suitable way to assess the value of them.This paper gets suitable evaluation method-the combined method between Price-to-sales method and Options method, which through reviewing related references to analyse the characteristics of the third party payment companies on the basis of enterprise value theory, and at the same time, taking Visa company as an example to validate the applicability of this method. The results confirm that this method is suitable to evaluate the value of third-party payment companies at present. The main innovation of this method is that bringing the thought which combining Price-to-sales method and Options method together for the first time. This paper also introduces Fuzzy Comprehensive Evaluation Method and Analytic Hierarchy Process in the process of adjusting the coefficient of the traditional Price-to-sales method.This method changes the situation that the evaluation personnel makes a subjective assessment based on the experience, and makes qualitative analysis to become quantitative analysis to some extent, improving the accuracy of the results of the company valuation. Price-to-sales method evaluates the value of real assets owned by the company, not including the assessment value of hided opportunities and rights as the rapid development in the future,but Options method can remedy this deficiency, so the combine of them can evaluate the value of company more comprehensively. |
