Value Assessment Of Online Education Industry Under The "Double Reduuction" Policy

Since 2019,the online education industry has shown a trend of vigorous development.Until the introduction of the "double reduction policy" in 2021,the industry has entered a downturn.This article believes that the "double reduction policy" is based on "student-oriented" and from the perspective of maintaining educational fairness,it can bring education back to its roots.It is a normative policy that only targets the K12 education industry.However,after the policy was implemented,it brought panic to the entire education and training industry,including employment training education such as Offcn Education,skills certificate education such as Zhengbao Distance Education and other institutions were also affected.In this context,the development prospects of enterprises in the online education industry have attracted much attention.And it has become a topic of great practical significance that how to reasonably evaluate the value of companies has become a topic of great practical significance.On the basis of mastering the theory of enterprise value evaluation and policy evaluation,this paper systematically sorts out the document content and spirit of the "double reduction policy",analyzes online education companies from multiple angles,and finds that online education companies have obvious option features.Accordingly,this paper introduces the real option method,compares the real option with the traditional valuation method,and analyzes the applicable range and limitations of different valuation methods.After comprehensive analysis,it is found that traditional valuation methods are not suitable for online education companies.Based on this,this paper takes the real option theory as the guiding ideology,and believes that when determining the value of an online education enterprise,it is necessary to consider its existing asset value and real option value,which can be respectively calculated by the income method and the real option method.Specifically,the value of existing assets can be evaluated using the FCFF method in the income method,which is obtained by discounting the future cash flow of the enterprise;while the value of real options needs to be assessed using the B-S formula after taking into account the rights and risks it contains.Then this article takes Koolearn Technology Holding Limited as an example to explore the impact of the double reduction policy on the online education industry,and uses financial data and industry data to evaluate the operating conditions and corporate value of Koolearn Technology Holding Limited.The results of the research show that the "double reduction" policy has had a significant impact on the online education industry after standardizing K12 education and training.At the same time,Koolearn Technology Holding Limited has been relatively successful in its transformation,showing a good development trend in terms of new business development,retention of original users,operating income growth,profit margin,etc.,and has a high corporate value.The final valuation result also confirms the option value of the enterprise at the same time,reflecting that the real option theory can reflect the potential value that is usually overlooked by people.Finally,this article puts forward a series of suggestions for the future development of other online education industries according to the transformation measures that Koolearn Technology Holding Limited adopted to deal with the "double reduction" policy.