Research On Value Evaluation Of Network Video Enterprises Based On Improved B-S Model

With the rapid application and development of internet technology,in 2020,Internet companies will occupy seven of the top ten large companies in the world by market value.Among them,the online video industry is undoubtedly one of the most competitive and fastest growing industries in recent years.In 2018,many well-known domestic online video companies set off a new wave of listing in overseas markets,including Bilibili and i Qiyi.Due to the large differences between online video companies and traditional companies in various aspects,the applicability of traditional evaluation methods is challenged.In order to more accurately evaluate the value of online video companies,it is important to study the valuation methods of online video companies.This article has made partial improvements to the relevant assumptions of the B-S real option model.Taking Bilibili as a case company,the improved B-S model is used for valuation,and the results are verified and analyzed,and the evaluation conclusion is reached.First,sort out the relevant literature and research results of online video enterprise value evaluation methods at home and abroad,and explore the advantages of the online video enterprise value evaluation model based on the B-S real option model;second,introduce the relevant concepts and value evaluation of online video companies theories include the traditional methods of enterprise value evaluation and the expansion methods applicable to the value evaluation of online video companies;third,it introduces the development status,development characteristics and profit models of the value evaluation of online video companies in China,and chooses more suitable for evaluating online video companies value method;fourth,improve the classic B-S model from the perspective of dividends and transaction fee,build an improved B-S model as a model for the value evaluation of online video companies,and explain the parameters;fifth,select a case Bilibili as the empirical object of the improved B-S value model constructed in this article,the company uses the improved B-S evaluation model to calculate the evaluation results,and compares them with the evaluation results of the income method and the market value method.The results show that the evaluation results obtained by the improved B-S model are closer to the market value of the case company,indicating that the improved B-S model constructed in this article has a certain range of applicability in the field of online video enterprise value evaluation;sixth,summarize the full text and put forward policy recommendations and future on online video enterprise value evaluation outlook.The innovations of this article are: first,this article selects high-risk,high-yield online video companies as the research object,and provides new ideas for the evaluation of online video companies;second,this article compares the traditional B-S model from the perspective of dividends and transaction fee make improvements,and combine the DCF model with the improved B-S model,then apply it to the network video enterprise value evaluation;third,this article selects Bilibili as a case company,and uses the improved B-S model to evaluate the company's corporate value.