Research On Digital Enterprise Valuation

The development of the new generation of information technologies,including the Internet,big data,cloud computing and blockchain,has given birth to the digital economy and ushered in the digital era.The scale of the digital economy has expanded rapidly,with its contribution rate to China's economic growth reaching 67%in 2019 alone.Obviously,digital economy has become the main contribution to China's economic growth.As the digital economy occupies a higher and higher proportion in the national economy,how to evaluate its value has become a deep concern of scholars and investors.Despite the theory of modern enterprise value appraisal system gradually perfect,but the traditional valuation models can't directly accurate valuation on the digital enterprise value,compared with other traditional enterprises,digital enterprise business model is more complicated,with profit of high growth and high risk characteristics,therefore,the traditional enterprise valuation model does not apply to digital enterprise.The case study object of this paper is Xiaomi Group.The main ideas of this study are as follows: Firstly,the research background and significance of this paper are explained,and the basic literatures at home and abroad are analyzed and summarized.This paper analyzes the characteristics of digital enterprises and classifies them simply according to their development paths.This paper discusses the difficulties in the valuation of digital enterprises and the applicable valuation methods of various kinds of digital enterprises,and then explains that the division valuation method is more accurate for the valuation of digital enterprises with diversified business models.Secondly,it introduces the business model and profit model of Xiaomi Group,analyzes its valuation difficulties and the attributes of digital enterprises,and then explains the necessity of segment valuation method.Thirdly,according to different business characteristics of Xiaomi Group,appropriate valuation methods are selected respectively.Finally,the results of segment valuation are summed up to get the overall valuation results of Xiaomi Group,and the results are compared and analyzed with the market value of the company on the reference date,which lateralized verifies the accuracy of the results of segment valuation method.Through the above work,it is concluded that the partial valuation method can more accurately measure the value of multi-business digital enterprises,and the improved Metcalfe model has reference significance for the valuation of Internet enterprises.Finally,with the gradual improvement of China's capital market and information technology,more and more enterprises are carrying out digital reform.It is hoped that scholars can work out digital enterprise valuation models for different industries and fields to promote the development of the capital market.