Research On Digital Reading Enterprise Value Evaluation Based On DEVA Modified Model

The 14 th Five-Year Plan proposes to deepen the digital economy,promote the deep integration of real economy and digital economy,realize industrial digitization and digital industrialization,and create an internationally competitive industrial cluster.Nowadays our country has entered the digital 3.0 era,the rapid development of new Internet technology has accelerated the construction of digital life scenes,many Internet "new formats" enterprises spring up like bamboo shoots after a rain,digital reading industry is one of them.The application of new technology has changed people’s reading habits,and the way of reading has gradually changed from paper reading to digital reading.As the source of IP industry chain,digital reading industry directly or indirectly affects the market of animation,music and other industries.For such a big cake,BAT and other Internet giants have entered the market through equity participation,building new digital reading platforms and other ways,while the accumulation of capital is often accompanied by economic behaviors such as acquisition and merger.At present,there are still many digital reading enterprises not listed,digital reading industry is different from the traditional industry,the use of traditional valuation methods may lead to its valuation distortion,how to carry out accurate valuation of digital reading enterprises has become a problem worth thinking about.This paper first defines the relevant concepts and theoretical basis of digital reading enterprise value assessment,and mainly analyzes the industry development status and enterprise value characteristics of digital reading enterprises.After analyzing the application conditions of traditional evaluation method,it is found that it is not suitable for the evaluation of digital reading enterprises.DEVA model does not rely on the financial data of enterprises,and will not have a great impact on the feasibility of valuation due to the lack of historical data.DEVA model explores non-financial factors affecting the value of digital reading enterprises from the perspective of users,which coincides with the value characteristics of Internet enterprises.According to the driving factors of enterprise value of digital reading,the DEVA model is revised from five aspects: user contribution value,unit user initial investment cost,user acquisition cost,payment penetration rate and market share.China Literature Group,a leading enterprise in the industry,is selected as the case object,and the value is evaluated by DEVA modified model and traditional evaluation methods respectively,and then the value is compared with the market value of the base date of evaluation.The results show that the value of digital reading enterprise calculated by DEVA modified model is closer to its actual value.This method makes up for the shortcomings of traditional methods and greatly improves the accuracy of digital reading enterprise valuation and the credibility of its connotation value.To sum up,compared with traditional evaluation methods,DEVA modified model is more suitable for the evaluation of digital reading enterprises.This model can well make up for the defects of traditional evaluation methods that rely on financial indicators.Starting from the drivers of digital reading enterprises’ value,appropriate non-financial indicators are introduced.On the one hand,the introduction of a number of non-financial indicators makes the DEVA model more suitable for the growth characteristics of current digital reading enterprises,and the higher matching degree ensures the more accurate assessment value.On the other hand,the case analysis method of horizontal and vertical comparison verifies the DEVA modified model,and it is found that the DEVA modified model has certain reference value for the valuation of the case enterprises and even enterprises in the same industry.