Research On The Internet Enterprise Value Based On Modified Metcalfe’s Law

With the rapid development of science and technology,the importance of the Internet and its derivatives in people’s daily life has gradually increased,and Internet enterprises have begun to be sought after by the international capital market.When Internet companies need to make IPO,merger,acquisition and reorganization or investment and financing decisions,management,shareholders and other stakeholders are in urgent need of an reasonable evaluation of enterprise value,the value of the accurate evaluation can help the enterprise stakeholders in a market environment for enterprises to carry out accurate positioning,effective play the subjective initiative of decision-making,the final decision making and selecting the best development strategic planning,achieve the goal of maximizing the enterprise value.Therefore,how to reasonably price Internet enterprises has become the focus of corporate stakeholders.By discussing the difficulties in the current evaluation of Internet enterprise value,this thesis revises the existing model of Internet enterprise value evaluation from the perspective of customer value.The first chapter firstly combs the literature related to the traditional enterprise valuation research and the Internet enterprise valuation research,and then puts forward the research method and innovation perspective of this thesis.The second chapter clarifies the attributes,profit models and valuation difficulties of Internet enterprises,and introduces the enterprise value theory based on customer value perspective and the enterprise value theory based on network nodes.On this basis,it deeply analyzes the limitations of traditional methods of enterprise value evaluation.The third chapter analyzes the inapplicability of traditional enterprise valuation model to Internet enterprises by selecting M company as a case and using traditional enterprise valuation method.The fourth chapter is based on Metcalfe’s valuation model,from two aspects of valuation model revision and model coefficient measurement.The concept of Zipf’s law is used to correct the phenomenon of diminishing marginal effect of Internet.In terms of model coefficient determination and measurement method,three evaluation indexes,i.e.,customer order contribution,user stickness and customer acquisition cost,are added to distinguish the contribution degree of high-return users and low-return users to the value of Internet enterprises.The fifth chapter uses the improved model to evaluate the value of M company,and compares it with the results obtained from the traditional enterprise valuation method in the third chapter to verify the effectiveness of the revised valuation model,and selects the case comparison to use SPSS to test the adaptability of the revised valuation model in practical application.The main innovation points of this thesis are as follows: based on the perspective of customer value to examine the value of Internet enterprises;Zipf’s law is used to correct the relationship between network nodes and the value of Internet enterprises.Increase customer order contribution,user engagement,customer acquisition cost and other variables to measure customer value.