Research On Enterprise Value Evaluation Of Huya Live Broadcast Based On Double Models

With the continuous progress of information technology,the new industry relying on the Internet for a living has developed rapidly.As of end of 2021,the number of live broadcast enterprise users has continued to grow,the number of online live broadcast users reached 703 million,and the number of game live broadcast users accounting for nearly one-third of the total netizens.The popularity of the game,coupled with the huge user scale and value,has made game live broadcast enterprises an important part of the Internet economy.Game live broadcasting enterprises are developing rapidly,and with the advent of the 5G era,the recommendation of VR technology and AI technology,and the layout of the "live broadcast +" era,live broadcast enterprises will not only attract more users,but also attract more economic behaviors such as investment and financing.Therefore,in order to objectively reflect the intrinsic value of game live broadcasting enterprises and provide reasonable decision-making basis,it is particularly important to evaluate the value of game live broadcasting enterprises.This paper selects Huya Live Broadcast,a leading enterprise in the game live broadcast industry,as the case object.By combing the domestic and foreign literature,the enterprise value is studied from the qualitative and quantitative levels.At the qualitative level,analyze the factors affecting the value of game live broadcast companies from three aspects: macro,medium,and micro.At the quantitative level,combined with the characteristics of game live broadcast enterprises and analyzed the advantages and disadvantages of traditional valuation methods,this paper will apply two models for valuation.The first model combines FCFF and B-S real options,FCFF model is applied to evaluate the free cash flow income created by existing assets of the company,B-S model is applied to evaluate the potential value of the enterprise.Another model is the revised DEVA model,which focuses on user value.The model introduces average active users,average revenue per paying user and user payment rate,which eliminates the dependence of enterprise valuation on financial data and earnings forecast.Finally,the two models were applied to the case company Huya Live,and the value of Huya Live was estimated and compared with the actual market value.This article is a case study and model application,the results show that although the current investor market is not optimistic about game live broadcast enterprises,there is still a lot of room for development of game live broadcast companies in the fiercely competitive market due to the growth of entertainment demand and technological progress.In the long run,Huya Live is worth investing in.The rationality and applicability of the modified DEVA model in the valuation of game broadcasting enterprises are verified,it can provide reference for the evaluation of other game broadcast enterprises.