Research On Internet Enterprise Value Evaluation Based On Improved EVA Model

With the rapid development of Internet technology,the Internet has become an important part of People's Daily life and the valuation of Internet companies is also becoming increasingly important.However,due to the characteristics of high growth,high risk,light asset and uncertain income of Internet companies,the application of traditional companies value evaluation methods is greatly restricted,which cannot fully reflect the actual value of Internet companies.Therefore,how to reasonably evaluate the value of Internet companies has become the focus of current academia and investors.In view of the technical characteristics of Internet companies,this paper attempts to build an improved EVA model to evaluate the value of Internet ecompanies on the basis of analyzing the applicability of existing Internet companies value assessment methods.In the process of the study,it is found that the traditional EVA model is still based on the perspective of pure financial analysis when evaluating the value of Internet companies,failing to reflect the core value of Internet companies--user value.Moreover,in the specific evaluation operation,a number of financial indicators need to be adjusted,and the calculation is extremely tedious.Therefore,this paper attempts to correct some parameters in the original model,so as to truly and reasonably reflect the real value source of Internet enterprises while reducing the calculation amount.First of all,this paper introduces the existing Internet company valuation methods and characteristics of the development of the Internet companies,analyzes the traditional companies valuation method and real options method,the emerging metcalfe method and EVA valuation method in the Internet the applicability of the enterprise value assessment,demonstrate the EVA valuation method is relatively suitable for Internet companies value assessment,but also illustrates the EVA valuation method is still just an extension of the income method,defects still exist in practical application.Secondly,according to the characteristics of Internet companies and from the perspective of user value,the user value is quantified by the binary tree option pricing model,which replaces the after-tax net operating profit in the EVA valuation model,and the improved EVA valuation model is obtained,and the applicability of the improved model is analyzed.Finally,taking the representative PDD company as an example,the improved model is used to evaluate the value of PDD company,and the evaluation results are compared with the traditional evaluation methods and the company's market value to verify the effectiveness of the model.Through the study of this article,the traditional companies value evaluation method and the expanding Internet companies value evaluation methods have many defects in practice,the improved EVA model combines financial factors and non-financial factors,which can be more comprehensive to consider the value of Internet companies and also be able to deal with the uncertainty of Internet companies,thus confirm and measure the user value of Internet companies,then accurately evaluate the overall value of the companies and provides reference for further exploring on the value evaluation model of Internet enterprises.