Research On Valuation Methods Of Digital Enterprise Mergers And Acquisitions Based On Different Life Cycles

With the development of the Internet data economy and the impact of the epidemic,traditional industries such as finance,consumption and manufacturing are facing the pressure of digital transformation.M&A is the fastest way to achieve digital transformation,which also improves the activity of the data asset trading market.Digital enterprises with large data assets are mainly concentrated in the Internet data center industry.However,the development of Chinese Internet data center industry is still immature,and the life cycle of the enterprises in the industry is different.Most enterprises in the capital market lack the experience of acquiring digital enterprises in this industry and the guidance of relevant theories.Therefore,based on the merger and acquisition scenario,this paper chooses the digital enterprises with different life cycles belonging to the Internet data center industry as the case study object.Hangang Group acquired Cloud Data company in the development stage,Puliseng acquired Runze Technology in the enabling stage,and Shanghai Data Group acquired Yunsai Zhilian in the active trading stage.The general research route of this paper is as follows:firstly,the research background and significance of this paper are introduced,and relevant researches on enterprise valuation methods at home and abroad are summarized.This paper expounds the main characteristics of data assets,digital enterprises and mergers and acquisitions,and divides the life cycle of digital enterprises simply according to the life stage of data assets.The applicability of this kind of digital enterprise valuation method is discussed according to the difficulties of enterprise valuation process in Internet data center industry.Secondly,it introduces the general situation of the three groups of cases respectively,and analyzes the motivation of merger and acquisition and the life cycle of the target enterprises.Thirdly,appropriate valuation methods are selected respectively for digital enterprises with different life cycles,and the valuation results are compared and analyzed with the actual transaction price or enterprise market value on the base date of evaluation,which verifies the rationality of the valuation methods chosen by digital enterprises with different life cycles.Based on the above analysis,this paper draws the following conclusions: To evaluate the value of digital enterprises in the early stage of development by asset-based method,not only the selection of financial data is objective and convenient,but also subject to less subjective influence;The discounted cash flow method based on grey model is used to evaluate the value of digital enterprises in the enabling stage.Considering that most enterprises in this stage have not been listed and the information disclosure is not comprehensive,this valuation method has certain reference value for the Internet data center industry enterprise valuation.Digital enterprises in the active trading stage are evaluated based on the ratio multiplier of enterprise value and earnings before interest,tax,deduction and assessment(EV/EBITDA).Unlike traditional enterprises,digital enterprises have strong data replicability and fast development speed,so it is difficult to find comparison enterprises with the same business model and similar financial indicators even in the same industry.Compared with other valuation methods,the valuation results obtained by this multiplier method are more accurate.