Research On Internet Enterprise Value Evaluation Based On Improved Ohlson Model

In the past few decades,the Internet has gradually developed from a military application tool at its birth to an important role that widely affects human life,bringing great changes to people’s lives.With the upgrading of Internet technology,various types of Internet enterprises are also emerging.As of June 2021,China’s listed Internet enterprises had a total market value of 18.80 trillion yuan according to data from the China Academy of Information and Communications Technology.Due to the continuous growth of the volume of Internet enterprises,the significance of the value evaluation of Internet enterprises has become more and more obviously.However,it is often difficult to assess the value of Internet enterprises accurately by traditional valuation models.First,Internet enterprises usually have a history of continuous losses at the beginning of their establishment,so it is difficult to accurately predict future data from the current data of the enterprise.Second,factors such as talent cultivation and technology research and development,have a crucial impact on the value of Internet enterprises,but these factors cannot be adequately reflected in the enterprises’ financial statements,and traditional valuation models are difficult to accurately evaluate them.Third,the Internet industry has a variety of business types,and it is difficult to find two Internet enterprises with exactly the same business.The lack of other references has led to the incompatibility of traditional valuation methods.Firstly,by analyzing Internet enterprises,this thesis clarifies the profit model,valuation characteristics and valuation difficulties of Internet enterprises,and clarifies the view that intangible assets and technology research and development have an important impact on the value of Internet enterprises.Secondly,this thesis uses the Ohlson model as the basic valuation model and the data of 42 A-share listed Internet enterprises from 2017 to 2020 as the research sample.Then,improves the model according to the value influencing factors of Internet enterprises.R&D expenditure,intangible assets,the proportion of technical personnel and intercept were selected to improve other information factors in the model,and the weighted values of multiple variables were used to improve the other information.At the same time,the Du Pont analysis system and the net profit index were used in turn to improve the calculation method of residual income,and the linear dynamic assumption results of panel data were tested by SPSS22.0.An improved Ohlson model suitable for evaluating the value of Internet enterprises was constructed.Finally,the improved Ohlson model and the FCFF model were used to estimate the three case enterprises of Perfect World,Xinhuanet,and 360 Technology,and compared with the actual market value.The results show that the improved Ohlson model estimates The Value Difference Rate is smaller,which verifies the feasibility of the improved Ohlson model in the evaluation of Internet enterprise value.In the research process,this thesis draws the following conclusions.First,in the improvement of the residual income calculation method,the Du Pont analysis system improvement method has more choices in improving other information factors,but the application of the net profit index improvement method is relatively few.Second,when improving residual income through the Du Pont analysis system,selecting R&D expenditure or the weighted value of R&D expenditure and the value of intangible assets to improve other information in the Ohlson model can pass the test of the linear research hypothesis in the Ohlson model.When improving residual income by the net profit indicator,only the intercept term improves the other information method can pass the test of the linear research hypothesis in the Ohlson model.Third,the improved Ohlson model can combine the value influencing factors of Internet enterprises to evaluate the value of Internet enterprises accurately,which enriches the method system of Internet enterprise value evaluation.However,due to the huge scale of the Internet industry,it is necessary to distinguish the characteristics of different main business structures and different development stages in the future,and to further study the elements in the Ohlson model in order to make better use of it.