| In recent years,the Internet in my country has rapidly developed a live broadcast industry,and the industry is highly competitive.Financing investment,corporate restructuring and mergers and acquisitions have frequently appeared in the market.Huya,Douyu,Inke and other large live broadcasting platforms have been actively listed one after another,and the valuation of each platform is more than 10 billion RMB.All these behaviors need to be evaluated on the value of Internet live broadcast companies.The rapid development situation and speed have brought us a question,what is the value of the company that conducts Internet live broadcast? How to reasonably evaluate the value of this type of company?Based on the above background,this article summarizes and analyzes the situation and development of the live broadcast industry,and then analyzes and studies the organizational forms and business models of Internet live broadcast companies.Then it introduces the theory of traditional valuation methods such as cost method,market method,cash flow method,real option method,and DEVA valuation method produced in the era of Internet bubble,and analyzes the applicability of value evaluation of Internet live broadcast enterprises.Considering the Internet live broadcast enterprises with special attributes,through comparative analysis,the corresponding conclusions are obtained,and the model is revised and constructed based on the DEVA valuation method,so as to obtain a model that is more suitable for the valuation of Internet live broadcast companies.The case company selected in this paper is a listed Internet live broadcast company,Skypigeon Interaction.The revised DEVA valuation model is used to evaluate the enterprise value of Skypigeon Interactive at the end of 2019.This article aims to provide a basis and reference for evaluating the value of similar live broadcast companies in the future through the study of methods for evaluating the value of Internet live broadcast companies. |
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