Research On Valuation Of Webcast Platform

The Internet industry has been developing for nearly 30 years.Its characteristics such as frontier,policy,innovation,increasing returns to scale and particularity of financing mode determine that the valuation of the Internet industry is different from that of the traditional way.Under the realistic background of the vigorous development of broadband technology and wireless technology,the network live broadcasting industry is regarded as the Internet industry.Subdivisions have also been vigorously developed.The online live broadcasting industry not only has the characteristics of the Internet industry,but also has the characteristics of social,technical,data,connectivity and other industries.Because of the differences among traditional industry,traditional Internet industry and network live broadcasting industry,it is a difficult problem for investors how to choose the appropriate valuation method for traditional Internet industry and how to evaluate the value of network live broadcasting enterprise according to the characteristics of network live broadcasting industry.This paper introduces the development process,current situation and industrial characteristics of Internet industry and network live broadcasting industry.The traditional valuation methods(price earnings ratio method,DCF method),EVA method and a-eva method are analyzed in detail.60 Internet based businesses listed in Shanghai and Shenzhen stock markets before 2015 were selected to empirically compare the effectiveness of DCF and EVA models.It is found that EVA model is more accurate and effective than DCF model,and the relationship between the value of Internet enterprises and EVA based on investment is higher.In terms of the selection of valuation methods for the online live broadcast industry,this paper compares YY and Momo live broadcast platforms based on the time node at the end of 2018,using the P / E method,DCF method,EVA method and a-eva method from the horizontal(between enterprises)and vertical(between methods).It is found that EVA method is adjusted through the non-financial index system and based on the financial and non-financial indexes The value is closer to the market value of the live broadcast platform,and the valuation adjustment for the live broadcast industry is more effective than that of Momo live.There are two main innovations in this paper.First,data sources are more targeted.Domestic scholars in the study of the effectiveness of EVA model and a-eva model,although they choose the emerging industries with high cost of equity and great development potential,they lack the comparison of data sources,that is,the selection is relatively rough and concentrated in the simple Internet industry or Internet enterprises.This paper selects two kinds of data of Internet industry and Internet segmentation industry(webcasting industry)to compare and study the effectiveness differences of various evaluation methods,so that the application of evaluation methods is more targeted and the explanation is more powerful.Second,the research object is more realistic.As a subdivision of the Internet industry,the network live broadcasting industry is the latest development hot industry,with few listed companies,and the final formation of the market pattern has not been realized.In this paper,we choose to evaluate the online live broadcast industry and compare the effectiveness of various valuation methods from the horizontal and vertical dimensions,which has practical reference value to the valuation theory of emerging enterprises,and the reality of a-eva model should have more practical significance.