The Vaule Evaluation Of Live Streaming Enterprises From The Perspective Of Dynamic Cash Flow ——A Case Study Of Yingke

Due to the catalyst of capital and the demographic dividend brought by the rapid development of the Internet,the live broadcast enterprise experienced two years of explosive growth in 2016,head enterprises such as fighting fish,Tiger Tooth,Yingke and other live broadcast enterprises began to realize profits and realized the listing.In 2019,the investment in the live broadcasting industry is rational.In the first half of 2020,the investment amount and investment amount of the live broadcasters reached a new high,and the concept of "Live +" is rising.In such a background,the live broadcast industry reshuffle intensified,the investment activities of investors for large live broadcast enterprises became more and more frequent,and small and medium-sized live broadcast enterprises sought financing to expand their influence,mergers and acquisitions of live broadcast companies are also becoming more frequent.Whether it is the listing of the live broadcast enterprise,or the investment of the live broadcast enterprise,M ? A will involve the problem of valuation,but the research on the valuation of the live broadcast enterprise is limited at present.Based on the above background,first,the background and importance of the research is presented and relevant literature of the valuation of live companies is addressed.and briefly and clearly set out the relevant theoretical basis,forming the theoretical cornerstone of this paper.Secondly,from the perspective of value,this paper analyzes the business model of the live broadcast enterprise and its differences from the traditional enterprise,and analyzes the difficulties in the valuation of such enterprises.After fully analyzing the valuation characteristics of live broadcast enterprises,through the analysis of the existing valuation methods,we found that there are some limitations.In view of its limitations,when forecasting the cash flow of live broadcast enterprises,based on the theory of dynamic cash flow,this paper introduces the concept of user value and constructs a valuation model from the perspective of user dynamic cash flow.Finally,take the old pan-entertainment live broadcast enterprise Yingke as an example,after analyzing the situation of the live broadcast industry and the basic situation of the company,we use the valuation method to evaluate its value.Compared with the market method,the applicability of this method in the live broadcast enterprise is illustrated.This method transforms the prediction of the cash flow of the live broadcast enterprise into the prediction of the cash flow directly related to the users and the prediction of the cash flow directly related to the non-users,taking into account the influence of the users and industry trends on the value of the live broadcast enterprise,whether it is for the internal management of the platform,or external investors to its investment are of reference significance.At the same time,the shortcomings of the model in application and the problems to be solved in the future are also pointed out.