Research On The Value Evaluation Of Short Video Platform Enterprises Based On Metcalfe Mode

With the development of social modernization and the acceleration of the pace of life,people’s access to information tends to be short and fast.The development of the Internet and smart phones has promoted the birth of this model,and short video platform enterprises have emerged in response to the trend.By December 2020,the number of users of online video(including short video)in China has reached 927 million,accounting for 94% of all Internet users,and short video users account for 88%of the total Internet users.As the short video industry continues to gain user numbers,it also attracts a lot of attention from capital,making the valuation of such companies extremely important.Short video platform enterprises are in the early stage of development,they are characterized by fewer comparable companies,negative book profits,difficult to estimate future cash flow and uncertain future risks,so traditional valuation methods cannot be used to evaluate such enterprises well.On the basis of Metcalfe’s law,this paper studies the valuation of short video platform enterprises combined with Guotai Junan model,and takes Kuaishou as an example to verify the model,providing new ideas for the valuation of short video platform enterprises.First of all,this paper describes the background and significance of studying such enterprises,summarizes the content and ideas of the paper,and introduces the research method,innovation and shortcomings.Secondly,it classifies and summarizes the model methods and theoretical basis of Internet enterprise valuation in recent years,analyzes the advantages and disadvantages of various models and valuation methods for Internet enterprise valuation,and selects Metcalfe model for revision research.Then,this paper clearly defines the concept of short video platform enterprises,expounds that the business model of short video industry follows the process of value proposition,value creation and value acquisition,and achieves value creation by creating traffic through different operation characteristics under different content arrangements and responding to user needs and experience.Not only is the user size the main source of its value,but also its profit model,promotion cost,network effect and Matthew effect.Then,in view of the valuation difficulties existing in short video platform enterprises,this paper not only verifies Metcalfe’s law,but also analyzes the advantages and disadvantages of existing models,and defines and quantifies indicators to build a new model.Finally,kuaishou is selected for valuation analysis,and the following conclusions are drawn :(1)user scale is the source of value of short video platform enterprises,but it is not the only determining factor.(2)Metcalfe model can approximately reflect the value trend of short video platform enterprises,but it is not perfect for the valuation of all short video platform enterprises.