Research On Enterprise Value Evaluation Of Streaming Media Platform

Streaming media platform companies are a new type of internet company that has become one of the most popular industries in the global capital market due to its huge commercial value,excellent growth and social influence,with star companies emerging all the time.The development of streaming media platforms inevitably involves capital operations such as IPOs and mergers and acquisitions,and it is particularly important to assess the value of the company.However,streaming media platforms are characterized by high risk,long profit cycles and complex product revenue measurement.The industry's usual enterprise valuation methods have certain applicability issues,and the valuation results obtained based on different methods often differ greatly.The selection of an appropriate method to reasonably assess the enterprise value of streaming media platforms can not only help enterprises to successfully raise capital in the capital market,but also minimize the risk for investors,and at the same time,it can also study the applicability of various valuation methods through case studies,so the relevant research has both theoretical and practical significance.Firstly,the study analyses the value realization rules,industry conditions and valuation difficulties of streaming media platforms,and identifies their valuation characteristics.Subsequently,compares the applicability of various valuation theories and methods with the valuation characteristics,and makes reasonable adjustments to the selected methods according to the actual needs,so as to construct three valuation models applicable to streaming media platform enterprises: the SOTP(Sum of the parts)?Price-to-sales ratio method,which is commonly used in the practice of financial research but less common in academic research,is a modification of the traditional valuation method;the user value method combines with relative valuation ratios,which is a unique valuation idea for Internet companies;the real options approach,which combines with grey forecasting models,uses simulated data forecasting methods and B-S valuation models to simulate the impact of uncertainty in the valuation process.Then,three different domestic listed streaming media platform companies are taken as case studies for empirical analysis of valuation,and the valuation results obtained by different methods are compared with their current market values to explore their respective value performance characteristics in the secondary market.Finally,the general characteristics of the valuation of streaming media platform companies,the advantages and application scenarios of the improved methods and the current market valuation status of streaming media platform companies are summarized,and made recommendations to three types of subjects,including investors,streaming media platform business operators and public authorities.The paper is innovative in three aspects.Firstly,the study focuses on streaming media platform companies,which is more detailed than the existing studies on the valuation of companies in the Internet industry as a whole.Secondly,most of the existing studies on enterprise valuation in the literature focus on a particular valuation method to demonstrate the applicability of the theory to the valuation of certain types of enterprises.In this paper,we use comparative and empirical analyses to select various valuation methods for streaming media platforms,and improve the selected methods in order to build more suitable valuation methods for streaming media platforms.Thirdly,three different types of listed streaming media platform companies:i QIYI,Bili Bili and Kwai are selected respectively to make the cases widely representative,the research conclusions more specific and informative than the valuation analysis of a single case,with richer levels of conclusions and more practical reference significance.