Optimization And Application Of Valuation Models For Internet Video Companies

The rapid development of the Internet industry and the rapid growth of the demand of emerging enterprises have attracted the attention of the capital market.In the past,there were Internet giants Tencent and Ali,and then there were emerging Internet e-commerce platforms Kuaishou and Pinduoduo,all of which were favored by investors in the capital market.The reason why investors are optimistic about this industry is that Internet enterprises are in line with the use habits of people,and the industry has a good future development prospect and investment value.At present,the existing valuation method in the market mainly adopts the relative valuation method.The industry with a promising prospect will be given a high p/E ratio,and a high P/E ratio corresponds to a high market value.However,the problem with the valuation of Internet enterprises is that,unlike the physical assets of traditional enterprises,the assets of online platforms,such as the value of users,are not easily evaluated.This paper will focus on the relationship between the market value of enterprises in the same industry,estimate the value of Kuaishou Technology,and provide a reference valuation method for other Internet platforms.In order to solve the Internet enterprise valuation problem,academic and industry researchers took a variety of Internet company valuation model of correction,but most of these models to estimate the enterprise value is a single angles such as financial Angle,is not a comprehensive measure of enterprise value,such as user value intangible assets cannot through the financial statements reflect the value of the assets of the enterprise.In this paper,the selection of kuaishui technology valuation method for the case enterprise is combined with the comparative thought of market method and Metcalfe’s law of Internet enterprise valuation,and the coefficient relationship between the market value of comparable enterprises is used to estimate the enterprise value.In the selection of valuation methods,EVA valuation method commonly used in traditional enterprise valuation and DCF method which needs to fold the company’s future cash flow cannot be directly used to estimate such Internet enterprises.Based on this method,the coefficient relationship between the target valuation firm and its comparable firm is determined by Metcalfe model.In the application of Metcalfe model,special indexes such as enterprise user scale and unit user value are paid attention to,which can be used to determine the coefficient relationship between valuation target and target enterprise,and then estimate enterprise value.Was studied in this paper the development of the industry situation,business model,competitive landscape and development environment,using the factor analysis method to determine quickly technology valuation of comparable companies,on the basis of metcalfe model to determine the parameters of the valuation and key indicators,and finally compare the valuation result and price-to-sales ratio method,enterprise valuation results deviation between the actual market value.The valuation results obtained by the valuation method determined in this paper are compared with the valuation methods commonly used in industry research and the market value of Kuaishou Technology,and the reliability of the valuation method in this paper is evaluated according to the size of the valuation deviation.According to the comparison results,it can be determined that the valuation model determined by using Metcalfe’s theorem and the screening of comparable enterprises has less deviation from the real market value of enterprises.