A Research On The Valuation Of Internet Company Taking XNET As A Case

With the rapid development of Internet and mobile Internet,The China's Internet economy accounts for an increasing proportion of the national economy.At the same time,the number of Internet companies listed at home and abroad is gradually increasing,and a series of corporate actions,such as financing,listing and mergers and acquisitions of Internet companies,will require more and more Internet companies to improve their valuation systems.However,Internet companies have different characteristics from the traditional enterprise,asset light,more users,high growth,high risk features makes the Internet enterprises different from traditional enterprise life cycle and less conventional financial performance.The current academic circles generally believe that the traditional valuation method based on cash flow are not good for the valuation of Internet companies.Under this background,this paper is based on the evaluation of many Internet companies,and also based on the analysis of the characteristics of Internet companies,this paper criticizes the shortcomings of traditional valuation methods based on cash flow,And according to the characteristics of the Internet enterprise such as user first,follow the principle of valuation suitability,and select the user value contribution as the key factor to build a new perspective of Internet enterprise valuation methods,and through the case of value evaluation method for actual validation,applicability conclusion,finally,the analysis of the valuation methods for improvements,and research on China's Internet enterprise value evaluation.Although only one case can tells nothings,it still has certain practice and guidance significance.The Internet industry is completely open,transparent,user base for an Internet business has a very important role,the user as an important factor not only can bring endless benefits to Internet companies also determines the enterprise innovation and development of the Internet,so the user value contribution of Internet company valuation model has certain works.