The Research Of Douyu Technology Enterprise Valuation

Internet enterprises have become China’s new economic growth point.Mergers and acquisitions,domestic and foreign listing,equity privatization and other capital operations are more frequent,and these operations rely on a reasonable valuation of enterprises.Because Internet enterprises have many intangible assets and long-term losses,traditional valuation models cannot accurately and effectively evaluate them.Therefore,it is necessary to build a more scientific and reasonable valuation model that is more in line with the characteristics of Internet enterprises.As a representative of the new economy in our country,the Internet enterprise,its segmentation boundaries is increasingly clear and content differentiation is also more obvious,so it is necessary to conduct a separate study on the valuation model of the segmentation field of Internet enterprises,especially the current rapid development of network broadcast platform,which can provide practical and effective valuation suggestions for the future financing or listing.Firstly,this paper systematically combs the development of traditional enterprises valuation model and Internet enterprises valuation model through literature analysis.Secondly,based on the characteristics and profit model of network broadcast platform,this paper deduces the difficulties of valuation and analyzes the inapplicability of some indicators of Metcalfe’s Law when applies to the valuation of network broadcast platform,thus,new variables and principles are introduced to further revise and update the model.Moreover,the revised model is applied to the valuation of Douyu Company with case analysis method,and the calculation result is compared with the actual market value,and the difference analysis is conducted with the calculation results of EVA model,real option pricing model and relative valuation method model,and the error rate of the revised model is found to be the lowest.Finally,the sensitivity of the revised model is analyzed and corresponding suggestions are put forward according to the influence weight of each index factor on the enterprise valuation,and three Internet companies with similar characteristics but different business contents are selected to verify the universality of the model.This paper draws a conclusion through research.First,the revised model is suitable for network broadcast platform and other Internet enterprises with similar characteristics.Second,the core of the revised model is user value,which is related to active users,ARPU and paid penetration rate.Third,the revised model has been tested,and the data are available and can be applied to practice.