Evaluation Of The Digital Economy Company Based On AEG Valuation Model

Since the global economic crisis in 2008,the global economic pattern has entered a new stage of profound adjustment.While the traditional economy continues to be depressed,the digital economy is emerging.The concept of digital economy is put forward relative to agricultural economy and industrial economy.It refers to an economic form that takes digital knowledge and information as the key factors of production,modern information network as the basic carrier,and improves economic efficiency and structure through information and communication technology.In China,digital economy is developing rapidly with the improvement of network infrastructure.At the same time,the digital economy continues to penetrate into the traditional economic entities,and the digital economy industry chain is gradually formed.A large number of digital economy companies are scattered in all aspects of the digital economy industry chain,which not only improves the production and operation efficiency of traditional enterprises,but also brings new value growth points for them.Digital economy companies often have unique value creation model,asset characteristics and business profit model,and the characteristics of high growth and high profit make them widely favored in the capital market.Investors and stakeholders also pay more attention to the value creation logic of digital economy companies and the accuracy and scientificity of evaluation.However,digital economy companies have the characteristics of unstable profits,high growth and high risk.There are a large number of off-balance-sheet assets,and the offbalance-sheet assets are the key factors driving their value.Therefore,the valuation of digital economy companies is very difficult.There is no mature valuation system for reference.In order to promote the operation management,financing and investment decision-making of such companies,all parties need to more effectively and scientifically analyze and evaluate the value of digital economy companies.AEG valuation model can be better applied to the valuation of digital economy companies.AEG valuation method is a valuation model entirely based on abnormal earning,which is very appropriate to assist the valuation of digital economy companies.It can make up for the neglect of other valuation models for off-balance-sheet assets,and also reflect the excessive growth of such companies,so as to evaluate the internal value of digital economy companies more objectively.At present,value investment has become the mainstream investment logic in the capital market.The core theory of value investment is that the stock price always fluctuates around its intrinsic value and will return to the intrinsic value in the long run.Therefore,as a rational investor,only by accurately evaluating the internal value of the company can we reasonably determine the target investment value and make a reasonable investment decision.For managers,self-evaluation through an effective and objective value evaluation system can help them find out the logic of the company's value creation and growth,so as to improve the company's value management ability and accelerate the realization of the value maximization.This paper is divided into five chapters: the first chapter,briefly describes the background and significance of this paper,makes an in-depth investigation on the related concepts of digital economy,the characteristics of digital economy industry and its business model,digital economy company valuation,research results of AEG valuation,briefly describes the research ideas and methods and then determines the basic framework of this paper.The second chapter gives a theoretical overview from the perspectives of digital economy,AEG valuation model,and the application of AEG valuation model in the valuation of digital economy companies,laying a theoretical foundation for subsequent research and case analysis.The third chapter introduces the case--Shunwang technology,introduces the case and its background on the premise of the background of digital economy,and analyzes the necessity and feasibility of applying AEG valuation model to the valuation of Shunwang technology.Chapter four,starting from the value-driven analysis,bring Shunwang technology into the AEG valuation model for valuation research,and obtains the final result after the robustness test.Chapter five,combined with the theoretical basis,draw relevant enlightenment through the whole case analysis process:(1)for managers of digital economy companies,AEG valuation can help them understand the process of value creation and the characteristics of value creation,help them conduct value management,improve the efficiency of value creation,and maximize the value of the company;(2)from the perspective of investors,AEG model is conducive to scientific pricing of digital economy companies,revealing their growth mechanism,and helping investors make reasonable investment decisions;(3)for market regulators,the application of AEG model valuation can more accurately reflect the intrinsic value of digital economy companies,which is helpful for regulators to conduct pricing management of digital economy companies and investigate the long-term value creation ability of companies.With the development of digital economy and the popularization of digital economy companies,in the future,both theoretical and practical circles will increase the research on the value evaluation of digital economy companies and the application of AEG model in the valuation of digital economy companies.The valuation system for digital economy companies will become more and more perfect,providing a scientific reference system for the company's management,investors,regulators and others.