The Value Assessment Of Online Education Enterprises Based On Metcalfe’s Law

At present,there is the problem of unbalanced employment and uneven distribution of educational resources.In order to break the space barrier and make resources sharing,education informatization plan can be put on the agenda.With the passage of time,the implementation of the policy has begun to bear fruit.The integration of the Internet and education has given birth to the online education industry,which showed vigorous vitality when the epidemic broke out and attracted the attention of a large number of investors.However,the concept companies in the capital market are both true and false,and online education is new.Therefore,the research focuses on how to define and evaluate online education enterprises.In order to solve the problem,the paper first finds that there is no clear definition of online education enterprises by consulting Chinese and foreign literature,and then sorts out the existing theories and analyzes the applicable conditions of various theories.Secondly,by analyzing the status quo of the industry and the characteristics of enterprises,it is found that online education enterprises not only do not meet the applicable conditions of traditional valuation methods,but also the particularity of the business model makes the evaluation method of Internet companies difficult to work alone.Therefore,this paper firstly analyzes online education enterprises from the perspective of investors and value sources and defines them based on existing literature.Then,it builds a value evaluation model for online education enterprises step by step.The first step is to analyze the source of value from the perspective of balance value,utility value and labor value,and put forward that the value of online education enterprise can be divided into online value and offline value,and identify the definition of value applicable to the two respectively,so as to choose the appropriate method.The second step is based on two parts.One is on the line.First USES regression analysis to verify the applicability of the metcalfe’s law,according to the research achievements of metcalfe’s law,the scholars in the past,on the basis of DEVA model,combined with the market position of influence,the user activity,the user’s input and output capacity,customer asset cashability aspects influencing factors to build an online business valuation model;The second is offline.According to the analysis results,the discounted cash flow method is selected as the offline business valuation model.Finally,the case analysis method is used to test the rationality of the model constructed in this paper by applying the model and the traditional valuation method respectively,taking China Public Education as an example.Through the research,this paper draws the following conclusions: first,online education enterprises follow Metcalfe’s law,but different business models will lead to different growth curves of income,input cost and monthly lives;Second,under the "Internet plus" mode,the overall value of online and offline businesses evaluated separately is closer to the market value;Third,traditional valuation methods are no longer applicable to online education enterprises.The above conclusions provide a new idea for other scholars to enrich the theoretical system of valuation under the "Internet plus" mode,and also provide reference for investors,enterprise managers,and both parties involved in the transaction of share transfer and enterprise overall transfer.