Research On The Application Of DCF And B-S Combined Model In Digital Reading Enterprise Value Evaluation

Since the beginning of the 21st century,the rapid development of the Internet,smart phones and people’s lives are closely linked,its widespread popularity has begun to affect people’s reading behavior and habits,from the traditional paper reading to digital reading has gradually become the trend and trend of national reading.In 2021,the overall industrial scale of China’s digital reading has increased to 41.57 billion yuan,an increase of 21.8%compared to 2020.The total number of online literature users has reached 506 million,accounting for 48.6%of the total number of Internet users,and the number of readers has reached the highest level in history.Based on the trend of Internet technology and consumer demand for digital reading in the market,more and more enterprises begin to enter the field of digital reading,and the economic behaviors of digital reading enterprises such as acquisition and merger are more frequent.However,the research field of digital reading enterprise value evaluation is almost blank.Therefore,for the digital reading industry,At present,it is more urgent to make a reasonable judgment on the value of digital reading enterprises.Different from traditional book publishing enterprises,digital reading enterprises cannot be valued by traditional evaluation methods due to their significant asset-light ratio,short industry development period and flexible management.Therefore,DCF and B-S combined model is used to evaluate the existing value and potential value of digital reading enterprises.According to the general situation of digital reading industry and the influencing factors of digital reading enterprise value,combined with the domestic and foreign related DCF model,BS model and digital reading enterprise value assessment literature and digital reading enterprise value assessment core concepts,the limitations of traditional evaluation methods and modern evaluation methods are analyzed by literature analysis method and comparative analysis method.Furthermore,the selection of DCF and B-S combination model is based on the existing value and potential value of digital reading enterprises.Then,taking China Literature Group as an example,it is found that the traditional DCF and B-S combination model can not evaluate the value of digital reading enterprises well because of the short listing time of digital reading enterprises,less available data and non-exclusive resources such as copyright.Therefore,grey prediction model and fuzzy mathematics theory and permeability index of APP users in the same field are introduced into the B-S combination model to improve the revenue forecast.Finally,the paper uses the improved DCF and B-S combined model to evaluate the value of the listed digital reading enterprise China Literature Group,and compares and analyzes the enterprise value evaluation results of China Literature Group before and after the improvement,and draws the conclusion that the improved model is feasible in the evaluation of digital reading enterprise value.