Research On The Value Evaluation Of Unicorn Enterprises Taking Xiaomi Group As An Example

As a new term rising in recent years,the concept of unicorn has been widely concerned all over the world since it was put forward,especially by the field of science and technology and the crazy pursuit of the investment community.In recent years,a large number of unicorn enterprises have emerged in our country,and the number and valuation of enterprises are close to those of the United States.With the rapid rise of a large number of unicorn enterprises and listed on the stock market one after another,the problem of its value evaluation also follows.Because of the characteristics of unicorn enterprises,such as the rapid growth of the company,the large output of intangible assets and the small proportion of physical assets,the lack of short historical data on the establishment of the company,and so on.As a result,the traditional valuation method can not accurately evaluate the true value of unicorn enterprises,coupled with the blind pursuit of unicorn enterprises,resulting in a serious valuation bubble of unicorn enterprises.Such as Zhongan online,Yixin Group,Ping an good Doctor,China Literature Group,Xiaomi Group and other "unicorns" encountered a large area of breaking,market value halved,which triggered the majority of investors on unicorn enterprises overestimated doubts.Therefore,how to make a scientific evaluation of unicorn enterprise value is an urgent problem to be solved.On the basis of combing the domestic and foreign literature,this paper analyzes the operation mode and market characteristics of unicorn enterprises,and according to the characteristics of unicorn enterprises,probes into the difficulties of its valuation and the limitations of the traditional enterprise value evaluation methods.Then the Metcalfe valuation model based on the number of users is introduced to estimate unicorn enterprises.In view of the limitations of Metcalfe model,this paper improves the model from two aspects: the improvement of the model and the determination of the model parameters.In order to reasonably explain the internal relationship between the number of users and enterprise value,this paper introduces Zipf's law;at the same time,this paper adjusts the realization factor according to the actual situation;in view of the convenience of data acquisition,In this paper,the average cost of getting customers is used to replace the distance between nodes in the calculation of parameters.Finally,taking Xiaomi Group as an example,this paper uses the improved Metcalfe model to evaluate the value of Xiaomi Group,and compares it with the traditional valuation method to verify the effectiveness of the model.