Research On The Value Of Internet Educational Listed Companies

With the continuous exploration and development of Internet technology,China’s Internet infrastructure has become more comprehensive and optimized,and the coverage of Internet services is also expanding.In early 2020,the new crown epidemic broke out in China,and in order to achieve the purpose of "stopping classes and not stopping school",the Internet education industry integrated the Internet and traditional education to carry out nationwide "In order to promote the development of the Internet education industry,it is particularly important to study and explore reasonable enterprise value assessment methods to provide reference for the value assessment of Internet education enterprises.First,this paper analyzes the characteristics of Internet education listed companies and finds that Internet education listed companies have short listing time,unstable development prospect,variable future decisions,and large proportion of intangible assets,etc.These characteristics make them have option nature,thus finding that market method,cost method,and income method are not suitable for assessing the value of Internet education listed companies,so this paper introduces real option Therefore,this paper introduces the real option method and finds the fit between the real option method and its value assessment.Then,this paper constructs a value assessment model for Internet education listed companies,divides the overall value of the company into existing value and potential value,and free cash flow model and real option model are used to measure its existing value and potential value.In the free cash flow evaluation model,for the problem of short-listing time and less historical data of Internet education listed companies,this paper applies the gray prediction model to the prediction of operating income.Finally,taking ONLY Education as a case study,the valuation model constructed is applied to calculate its overall value and value per share,and then the P/E ratio model in the market approach is used to calculate the overall value and value per share of ONLY Education,and the valuation results obtained by the two valuation methods are compared and analyzed with the closing price on the day of the valuation benchmark date.It was found that compared with the three basic methods,the application of the real option method is more able to reflect the value of the Internet education listed company and is more closely related to the market value.The reasons for the differences between the valuation results obtained by the two valuation methods and the market price were analyzed immediately afterwards,and conclusions and recommendations were put forward.The study of the value of Internet education listed companies provides new ideas for company management and investors to evaluate the value of enterprises,and promotes the practical application of the real options method in the Internet education industry.The paper has 6 figures,33 tables and 81 references.