Research On The Valuation Of Social Network Platform Based On Modified CVBC Model

With the rise of "Internet +" era,people’s entertainment and social interaction has changed dramatically.and the amount of time people spend on instant messaging and social media has gradually increased.As a member of the Internet industry,social network platforms improve the workpiece ratio of information transmission and shorten the distance between people.People are getting closer and closer,and they can find like-minded partners without leaving home.Based on different user groups,social network platforms can be derived to meet various needs.The platform makes money by building its own ecological loop that meets the needs of its users.In the evaluation of such platforms,it is necessary to find out the characteristics different from traditional enterprises and explore evaluation methods that can reflect the value driving factors of social network platforms.Social network platforms are characterized by strong Matthew effect,economies of scale and attention economy.With the emergence of various social platforms in China,capital operation between enterprises on social platforms will become increasingly frequent in the future.Therefore,exploring evaluation methods suitable for such platforms has become one of the necessary topics.This thesis adopted the method of literature research,case method,the user value,through reading about Internet enterprise value assess the latest related literature,elaborate and summarize the characteristics of mobile social networking platform and profit model,the value driving factors,with emerging mobile social network platform-Momo as an example,aims to from the perspective of customer value to explore a kind of compliance with the law of value assessment method.This thesis first expounds the theoretical basis of the Internet,and then focuses on the classification,characteristics and profit model of social network platforms,so as to discuss the value driving factors of social network platforms.Secondly,the application of traditional assessment methods and traditional CVBC model is analyzed.the CVBC model based on the theory of customer value is selected and revised to eliminate the user retention rate,and the registered users in the traditional CVBC model are revised to the active users,which contributes to the future user scale and unit user value.The parameter determination of unit new user cost is improved,and the enterprise value is obtained by adding the discounted customer cash flow of each period combined with the customer life cycle theory.Finally,momo,a social network platform,was empirically analyzed and evaluated with the revised CVBC model and P/E ratio method.respectively,to verify the scientific applicability of the revised CVBC model.Compared with the traditional market method,the revised CVBC model overcomes the problem that the traditional market method takes fewer reference enterprises due to the lack of historical data and the limited industry cross-section data,and is more practical in reality.This thesis believes that for specific Internet enterprises driven by user value,the revised CVBC model combined with the customer cycle value theory and discounted cash flow method can reflect the value of such enterprises more objectively and fairly,and the revised CVBC model provides a new idea for the evaluation of social network platform enterprises.The modified CVBC model constructed in this thesis effectively combines the traditional discounted cash flow method and customer value correlation theory,and has some innovation in the method.This paper puts forward some suggestions on the applicability of CVBC model in the future,it help CVBC model can be better used in the field of social network value evaluation...