Research On Valuation Differences Of Chinese Concept Stock Internet Companies

More and more Chinese stocks go home from overseas capital market.It is not difficult to find out that the great difference in valuation between American capital market and A-share capital market is the main reason to return to domestic capital market.With the arrival of big data's era,the innovation of information technology,the adjustment of China's industrial structure,and the rapid development of the Internet industry,the Internet accounts for much proportion in the returned Chinese-listed enterprises.From Focus media,Giant Interactive Group,to Qihu 360,the difference in valuation is the inducement for its return,and many Chinese stocks have successfully achieved a high valuation,achieving these goals.For the purpose of the present invention.What is the difference between the valuation of the Chinese and American capital markets in the Chinese-US capital market? What is the impact of this huge difference on the Internet business? As the influence of the Internet industry on the economic development is becoming more and more big,the valuation difference of the almost-share Internet company in the analysis has a great need for the future development direction of other Internet companies.Taking the capital market of China and the United States as the research background and take Qihoo 360 as the case study object,this paper focuses on the phenomenon of the valuation difference between China and the United States and the reasons for the difference in the valuation of the capital market between China and the United States.According to the characteristics of Internet enterprises,this paper improves the residual income valuation model,and calculates the value of Qihoo 360 before and after the return by using the residual income valuation model and the price-earnings ratio method,and through the analysis of the phenomenon of valuation difference,To find out the macro-and micro-factors that cause the valuation differences,and to analyze the impact of the huge valuation differences between China and the United States on the Internet companies of China-listed stocks.It is found that the singularity calculated by the residual income valuation model Qihoor 360 is different from market value in different capital markets.It is surprising that Qihoo 360 is undervalued in American capital market and overvalued in Chinese capital market.In the analysis of the reasons for the differences,from the macro and micro perspectives to analyze the causes of the differences,and then analyze the impact of valuation differences on the Internet.For the future development of Internet stocks and the development of the capital market put forward suggestions.