Research On Enterprise Valuation Of Online Fitness Platform

The three-year battle of epidemic prevention and control has disrupted people’s original rhythm of life,accelerated the change of residents’ fitness values and sports scenes,achieved leapfrog growth in the scale of online fitness users in China,and people’s willingness to pay for sports and fitness continued to increase,thereby promoting the rapid development of the online fitness industry.With the transformation of the Internet of Things,artificial intelligence and other technologies,the synergistic profit model of "online application software + intelligent fitness hardware + offline fitness center" has brought new opportunities for the vigorous development of online fitness platforms.At present,the development potential of the online fitness industry is huge,and capital activities such as listing,mergers and acquisitions,and financing of online fitness platform companies are becoming more and more frequent,and there are very few relevant literature studies,so it is urgent to effectively evaluate the enterprise value of online fitness platforms.Since the online fitness industry is currently in the growth stage,most of the domestic companies are not listed,data sources are scarce and a certain number of comparable companies are missing;There are continuous losses on the books,there are many uncertainties in future development,and the capital structure is also unstable,and it is impossible to accurately predict future cash flow based on historical data;The intangible assets on the balance sheet cannot fully reflect the hidden resources of the enterprise,and it is difficult to quantify the user value and market share of the enterprise;There are big differences between the profit models and value drivers of online fitness platform companies and traditional enterprises.Therefore,this paper cannot directly use the existing common valuation models for value assessment,but needs to construct a new valuation model based on the enterprise value drivers to comprehensively evaluate the enterprise value of online fitness platforms,so as to provide a certain reference for the relevant capital activities of online fitness platform enterprises in the future.Through the analysis of the enterprise value drivers of online fitness platforms,this paper selects the DEVA model based on network effect theory and oriented user value.However,because the background of the traditional DEVA model is far different from the current Internet economic development trend,it is not suitable for evaluating online fitness platform enterprises at this stage.In view of the shortcomings of the traditional DEVA model,this paper corrects its parameter selection and model architecture,and mainly modifies five elements of the DEVA model,including the relationship between enterprise value and user contribution,the initial investment cost per unit user,measuring user value based on the quantity and quality of users,introducing market share and paid penetration,and constructing a new DEVA model suitable for online fitness platform enterprises.At the same time,a listed online fitness platform company was selected to verify the newly constructed valuation model,and the evaluation results of the new valuation model were compared and analyzed with the evaluation results of the company’s market value and price-to-sales ratio method.Finally,the value evaluation of an unlisted online fitness platform enterprise is carried out,and the application conditions and application scope of the new valuation model are summarized,and the theory and practice are organically combined to make the valuation model more practical.