The Value Assessment Of Online Education Enterprises Based On FCFF Model

As one of the greatest inventions in the 20 th century,the Internet has witnessed rapid development in recent years and has infiltrated every aspect of human life with a tough attitude.The "Internet thinking" has been given more and more attention.Nowadays,all industries are stepping up their efforts in building a network platform,And strive to achieve "Internet +" as soon as possible.In such a large environment,as an important basic industry for cultivating talents,the education industry has also started to transition to the Internet.Various types of online education platforms are emerging.Capital operation activities such as mergers and reorganizations among online education enterprises have also started to take place frequently.How to accurately assess the value of online education enterprises is very important.As an important part of the Internet industry,online education enterprises have some characteristics that traditional enterprises do not have.Based on this background,this paper firstly introduces the online education enterprises and analyzes its industry characteristics and sources of value.Secondly,combining the business and profit model of the online education industry to analyze the applicability of the traditional enterprise valuation methods,we found that the free cash flow discount method is the most suitable method for online education enterprise value evaluation,but the method has two obvious limitations,namely,the subjectivity of income forecasting and the failure to reflect the value effect of non-financial indicators.Therefore,this paper uses grey prediction method to improve the revenue forecast in FCFF model,and chooses expert scoring method and AHP method to quantify the non-financial index.Finally,the model is applied to specific cases,and the applicability and rationality of the method are verified by evaluating the enterprise value of the CDEL.