K12 Online Education Enterprise Value Assessment

With the rapid development of information technology,the popularization of intelligent equipment,the application of Internet technology in the field of education,and the creation of a cross space-time learning mode in teaching,the acquisition of knowledge has changed fundamentally.The original teaching restrictions were broken,no longer limited by more time,space and other conditions,and teaching methods became more flexible and diverse.With the emergence of online education institutions,they have entered the public vision and provided people with the choice of online learning.Moreover,the online education industry has a good policy and a good development prospect,which is favored by the market.The online education enterprise industry develops rapidly,and the enterprises actively seek to be listed.The economic activities are more and more frequent,and the needs of the education enterprise value evaluation are more and more prominent.Therefore,the enterprise value evaluation of online education enterprises is more concerned.Online education has many market segments.In order to make the research more specific,this paper chooses K12,the most representative market of online education enterprises,as the research object.Online education enterprises are different from traditional education enterprises,with the characteristics of asset light.They are technology intensive enterprises,highly dependent on users and talents.The industry is in the early stage of development,with high investment,long return cycle and greater risk.Therefore,the financial factors considered in the traditional valuation methods can not truly and accurately reflect the value of the enterprise.The non-financial factors of the enterprise,such as curriculum quality,teachers,user stickiness,research and development ability,have a significant impact on the value of the enterprise.Therefore,the financial factors and non-financial factors of the enterprise should be fully considered in the valuation.This paper analyzes the development status and characteristics of K12 online education enterprises,determines the main influencing factors of enterprise value,and analyzes the difficulties of enterprise valuation.Secondly,the traditional valuation method and EVA valuation method are compared and analyzed,and it is considered that EVA valuation method is more suitable for the valuation of K12 online education enterprises.Therefore,EVA model is used to evaluate the basic value of enterprises based on the financial factors that affect the valuation of enterprises.The paper also evaluates the non-financial factors of the enterprise,and concludes that there are four dimensions of K12 online education enterprise that have an important impact on the enterprise value,namely,the number of users,R & D innovation ability,internal operation and external environment of the enterprise.Based on these four dimensions,the non-financial index system is constructed,and the correction coefficient of non-financial index is determined by using AHP and expert scoring method,and the influence degree of non-financial index is quantified.At last,according to the modified EVA valuation model,we evaluate the value of the company,and prove that the revised valuation method can reflect the real value of the company more comprehensively and accurately,and the valuation model is suitable for the value evaluation of online education enterprises.