Research On The Intrinsic Value Of E-Learning Industry Based On Adjusted EVA Model With Industry Systemic Risk

With the continuous advancement of Internet and mobile network technologies,various industries have begun to combine Internet technology to transform their main businesses,and gradually form a new development trend of "Internet+".Nowadays,science and technology are constantly changing and innovating,social competition is becoming more intense,individual ability requirements are becoming more and more important,and education is becoming more and more important.and the demand for education is more diversified,personalized and professional.As a grand project facing the future,education has also begun to transform and combine with Internet technology,and gradually form the emerging education industry of E-Learning.As more and more Internet companies begin to deploy E-Learning,the industry will face a more fierce competition environment.The E-Learning industry has good policies and rapid development,and the number of investments,financing and M&As in the industry is increasing,attracting large amounts of investment,so accurately assessing the value of e-learning companies is becoming increasingly important.As an E-Learning company,it is characterized by great development potential but high uncertainty.The macro-industry risk factors faced by politics,economy and social environment are very different from other industries,so risk factors have influence on the value of E-Learning companies.Therefore,this article targets the e-learning industry and employs literature,case studies,quantitative,and empirical research techniques.First,based on the characteristics of the e-learning industry explore the EVA that is considered from the two perspectives of financial and risk factors.Applicability of the valuation model to the value evaluation of the E-Learning industry;secondly,by constructing an industry systemic risk estimation model,using SPSS21.0 software to evaluate the daily index yields and five-year Treasury bonds of A-shares,the difference between the return rates of Hong Kong and US stocks from 2014 to 2020 and the daily return rate of the e-learning sector is used for regression analysis,and the coefficient of the model is estimated by the OLS method,which is the industry systemic risk value β,and then the investment risk level of the E-Learning industry is studied;finally,the industry system obtained is estimated The EVA model is adjusted by the β value of risk,taking the existing 8 listed companies in the E-Learning industry as examples to test the applicability and accuracy of the two-stage EVA adjustment model method for the E-Learning industry valuation and whether the industry value and market expectations Deviations occur,so as to find a more suitable and accurate E-Learning industry value evaluation method.The research results show that:First,for the E-Learning industry with rapid growth,negative cash flow,large future development potential but high uncertainty,the EVA valuation model of "financial factors+risk factors" is suitable for my country’s E-Learning industry Value assessment.Second,through empirical analysis,the results of estimating the systemic risk β value of my country’s E-Learning industry are:0.821 for A shares,1.15 for Hong Kong stocks,and 0.578 for US stocks.The overall investment risk is at a medium level.The specific market investment risk is:US stocks E-Learning sector<A-share E-Learning sector<Hong Kong stock E-Learning sector.Third,by introducing the EVA adjustment model of industry systemic risk,the deviation of the valuation results of my country’s E-Learning listed companies from the actual stock prices is significantly smaller than the EVA valuation results without considering the industry systemic risks,and is closer to the market price of the stock.Therefore,the EVA adjustment model that introduces industry systemic risks is more accurate for the valuation of my country’s E-Learning industry.Fourth,based on the EVA adjusted model,the industry average price per share is estimated to be 120.02 yuan,assuming that the adjusted EVA model is valid and the market price does not reflect the company’s intrinsic value,while the actual stock price is 125.13 yuan.The value of the e-learning industry in our country is overestimated because the estimated intrinsic value is lower than the actual stock price...