Research On Value Evaluation Of WB Based On Metcalf's Law

Recent years,with the coming of the internet age,our social consumption structure and the attitude of consumer have undergone rapid change.The internet have infiltrated into every aspect of our lives.The mass life has been inseparable from the network and mobile payments have replaced traditional payments.In 2015,Premier Li Keqiang proposed the slogan of Internet plus and introduced the relevant policies.Under the support of the Internet from new leadership has brought new ideas to the public venture,so the internet startups are becoming to sprung open.In this age of the Internet as king,we saw the three founder of giant who beat many traditional enterprises have boarded the Chinese's richest man,but also saw the JD in the early days of annual losses(but JD is still getting favor from many venture capital institutions),etc.It is often seen in the Internet industry,and it subvert our past understanding to the enterprise.With the further improvement of China's capital market,the implementation of the registration system will provide a good way for the Internet companies to be listed in urgent need of financing.Such as Baidu,Ali,vip.com and ETC,they no longer need to come to the United States market because Chinese securities market will be able to fully meet their needs.But before finacing and IPO,how do investors choose potential and valuable enterprises?At the process of Internet enterprise development,talent,brand,technology innovation and market position are important reason for its development and growth.However,the evaluation methods used ignored these,therefore they can not meet the needs of value evaluation from investors.Secondly,due to the characteristics about less proportion of fixed assets,more proportion of talent and difficulty of future development forecast,but also they make the evaluation methods used to evaluate the difficulty.So how to find an effective solution?User resources are the value creators of Internet companies.They play an important role in the development of Internet enterprises.At the same time,user resources are also important factors to measure the competitiveness of Internet companies.Characteristics of user resources from the Internet companies the most essential of selected stocks of listed company WB as a case study,combined with Metcalfs law,calculate the future cash flow,then use the discounted income method,evaluation of the December 31,2017 WB enterprise value.Through the research,this paper can give an evaluation model as follows:Firstly,using the regression analysis method to verify the correctness of Metcalfs law,which is the square of the number of Internet users and operating income of a linear relationship between the number of Internet users and the operating cost is linear;Secondly according to user growth law predicts that the number of Tencent in the future users,as expected future sales of Tencent the cost of revenue and operating cash flow basis,and then select the appropriate discount rate,thus obtained the value of the enterprise.