Research On The Value Evaluation Of 37 Interactive Entertainment Company

With the continuous development of the domestic economy,Internet enterprises have chosen to list in China,and the capital operation is increasing day by day,which not only promotes the development of the capital market,causes the change of the venture capital environment,but also makes the Internet industry attract more and more investors’ attention.Combing the existing research shows that at this stage,a valuation method that can accurately evaluate the internal value of Internet enterprises has not been formed in China.As the reference basis for investors’ decision-making,the market value of the enterprise cannot fully reflect its internal value.When investors expect to understand the internal value of the enterprise,they can choose an appropriate valuation method to calculate the internal value of the enterprise according to the evaluation object,collectable data and other information,and judge whether it is overestimated or underestimated by the market,so as to provide a basis for investment decision-making.This paper studies the valuation of 37 Interactive Entertainment from the following aspects:(1)From the theoretical level,this paper analyzes the advantage and disadvantage of Price Earnings Ratio method,Real Option model and EVA model,as well as their applicability in enterprise valuation;(2)Summarize the valuation difficulties of Internet enterprises,combines the correlation between the three valuation methods and the valuation difficulties of Internet enterprises,puts forward the selection basis of valuation methods after comparative analysis,and considers that EVA valuation model is suitable for the valuation of 37 Interactive Entertainment;(3)Take the enterprise operation data as the index to build the valuation model and calculate the valuation results.Take December 31,2020 as the valuation base date,compare the market value and valuation results calculated based on the average closing price of 20 trading days before and after the valuation base date,and take the enterprise valuation results calculated by Price Earnings Ratio method,Real Option model as supplementary comparison to verify whether the method is applicable.It is found that the EVA valuation model is more suitable for the enterprise value evaluation of 37 Interactive Entertainment.In the verification of valuation results,compared with the Price Earnings Ratio method,Real Option model,the enterprise value calculated by EVA is close to the market value on the benchmark date,and the view is verified.This paper holds that:(1)From the perspective of investors,the current market value of 37 Interactive Entertainment is underestimated by the market and can be used as a long-term value investment choice;(2)EVA model fits the characteristics of high equity capital and intangible asset value driven of Internet enterprises,so it has good applicability in the valuation application of Internet enterprises.