Research On Internet Enterprise Value Evaluation Method

In recent years,with the advent of cloud data and the era of big data,the global information technology has been continuously upgraded,the network economy has maintained rapid growth,and the Internet industry has matured.At the same time that the global Internet industry has sprung up,China's Internet industry is also undergoing ultra-high-speed development.For China,the improvement of informatization means that China will face more opportunities.With the continuous expansion of China's Internet industry,the proportion of the Internet economy in the economic structure is also growing.In this form,Internet companies have gradually become the focus of the investment and financing market,and the market's enthusiasm for investment in Internet companies continues to rise.The intrinsic value of an enterprise is the premise of the investment institution and the investor's transaction,so the research on the intrinsic value of the enterprise is particularly important.Most of the financing methods of Internet companies are equity financing.The main reason is that such enterprises have the characteristics of light assets and high risks,and they are usually unable to finance through debts.Under this background,listed Internet companies are increasing.With the increasing frequency of corporate financing,mergers and acquisitions.In order to provide investors with a deeper understanding of the intrinsic value of Internet companies,this paper will combine the current background and the uniqueness of the Internet industry,trying to conduct research on the intrinsic value of high-tech companies such as the Internet,so that investors can make more accurate investment decisions.In the research process,the advantages and disadvantages of the P/E model,the real option model,the DCF cash flow discount model and the EVA economic value-added model are compared,and analyze the theoretical.Then mainly carried out specific research around the EVA valuation method.Later,the use of the Internet and the status quo of the industry were elaborated,and then point out the valuation characteristics of Internet companies.Although Internet companies have many of the same elements as traditional enterprises,such as human resources,technology reserves,information channels,and financial support,the two types of enterprises still have different resource allocations.For Internet companies,their competitive technical resources and intellectual property rights play a major role in their assets.These enterprises account for a relatively small proportion of fixed assets,a large proportion of intangible assets,and have a specific growth model.In this respect,they are more specific than the valuation of traditional enterprises.Based on this,the EVA valuation method is adjusted for the processing of data for the particularity of Internet companies,Think of research and development expenditure as an investment of a company,which is counted in the intrinsic value of the company.After screening various types of enterprises,this paper selected five listed companies from the Internet business sector to use the EVA.and then the valuation results are compared with the stock price in 2018 to verify the effectiveness of the valuation method.The verification results show that the method is feasible in practical applications.Finally,a comprehensive analysis of the advantages of Internet value assessment and pointed out the shortcomings.