Evaluation Of The Content Payment Company Based On AEG Valuation Model

The depth development of the Internet economy has produced a "content payment" business model,which has led to the emergence of a special Internet company based on the "content payment" business model that is the content payment company.In the incipient stage of development,in order to satisfy the need of the gaining user traffic,Internet companies created a public impression of free content.However,after the initial goal of attracting traffic was achieved,the ultimate goal of profitability can be achieved only by realizing the realization of user traffic.Changes such as the exploration of content monetization methods by paid content companies,the users’ pursuit of content products is changing from the quantity to the quality,consumers’ copyright awareness and increased willingness of paying for high-quality content have made content payment gradually enter the public.Content payment has developed rapidly,new habits of users consuming content have gradually formed,and content payment has become a new outlet for the content industry.Looking at the development of content payment,from the initial "paywall" of the newspaper industry to today’s video payment,audio payment,etc.,the personalized development of audience needs has promoted the generation of various content vertical services and content payment companies,and various types of content have appeared in the market.The content industry has shown a positive development trend,among which digital audio-visual,online games,digital publishing and other fields have grown rapidly.Content payment companies are still in the evolution period,and the exploration of their value assessment is beneficial for the company to understand the source of its own value and for investors to obtain investment returns.Content payment companies are developing rapidly,and many content payment companies are still in the stage of vigorous expansion and development,but they have not yet been listed,and their accounting information has not been disclosed.Therefore,so it is difficult to evaluate the value of content payment companies,but it is necessary.In terms of valuation difficulty,the source of value of content payment companies is mainly intangible resources such as content products and content platforms.Therefore,it is difficult to use the cost method reflecting book value to value them,which is difficult to reflect their intrinsic value;Updates are fast,and the emergence of big IP will bring a lot of cash flow.Therefore,the cash flow of content payment companies tends to fluctuate greatly and it is difficult to predict.The instability of cash flow makes it difficult to implement valuation methods based on cash flow;Due to the diversity of paid products,the main business of different content payment companies is quite different,the comparability of financial indicators is poor,and some content payment companies have not yet been listed,and their financial information is difficult to get,so the comparison method is not appropriate for valuation.In terms of the necessity of valuing content payment companies,on the one hand,the process of value evaluation can help them discover the source of value and amplify the value advantage in the business process;on the other hand,in the subsequent possibility of listing and mergers,it can also better judge its own stock price and the value of the acquired party;for market investors,the valuation of content payment companies in the market can discover high-quality content payment companies,which can bring investment income for investors.In this thesis,among the content payment companies,Zhangyue Technology is selected as a case company for analysis,during the process of analysis,its value creation factors are analyzed,and its income,investment and financing are forecasted,and the AEG valuation results are obtained,and make an example for other content payment companies.Valuation is demonstrated firstly.This thesis first expounds the research background and research significance,after reading and summarizing the relevant literature on value evaluation,content payment,and content payment company valuation,it forms research ideas and basic frameworks.Then,this thesis sorts out the concept of content payment business model,the characteristics and mechanism of value creation,the basic theory of AEG valuation model,the framework of AEG valuation implementation of content payment companies,and the theoretical background for research needs.Then,from the aspects of development history,corporate governance,growth trends,etc.,it introduces the basic situation of Zhangyue Technology,and then reveals the strategic form of the content payment business model of Zhangyue Technology from the three aspects of goals,paths and results,and evaluates AEG.The feasibility and necessity of applying the model to the content payment companies are explained.In the case analysis part,in order to clearly show the process of AEG valuation,we first identified the value influencing factors of Zhangyue Technology which reflected the AEG value creation factors at the content resource level,user resource level,and platform operation level,as well as business risks.The AEG value hindering factor at the level;secondly,establish the operating assumptions of Zhangyue Technology,select the value evaluation parameters and build the AEG valuation model under the sustainable asset/income view of the company value of the Zhangyue Technology,so as to complete the entire model construction of AEG valuation;Then,reorganize the historical reports of Zhangyue Technology,and through the financial analysis of the financial statements for management,understand the AEG value driving points of Zhangyue Technology,and make prediction assumptions about financial data;then,implement the AEG valuation model.Process and get the overall value of Zhangyue Technology under the AEG valuation model,and carry out robustness test;finally,get the value diagnosis and improvement strategy of Zhangyue Technology ’s AEG valuation.In the research conclusion and research enlightenment,the significance of applying the AEG valuation model to content payment companies is drawn,that is,the AEG valuation model can clarify the value creation path for content payment companies,assist the managers of content payment companies in making investment decisions,and help The role of investors in discovering the investment value of content payment companies,and the enlightenment obtained by content payment companies in the AEG value evaluation process,that is,content payment companies should correctly understand the value creation method,pay attention to their own growth path and pay attention to investment.the rationality of the decision.