Research On The Value Assessment Of Internet Unicorn Enterprises Based On The Improved DEVA Model

In recent years,thanks to the penetration of 5G mobile communication technology,digital economy has shown a good momentum of development.Many unicorn companies have sprung up like mushrooms after a rain.As unicorn companies scramble to go public,whether it is major investment banks,numerous investors or business operators,their demand for accurate estimation of the value of Internet companies has become increasingly strong.However,under the influence of the new crown epidemic,global capital markets are facing tremendous pressure,and valuation bubbles are beginning to take shape.Therefore,it has become a hot and difficult issue in the field of asset valuation to construct a value evaluation system that is really suitable for Internet unicorn enterprises and accurately evaluate the value of Internet enterprises.This article is based on relevant domestic and foreign research,analyzes the characteristics and development status of unicorn companies and discusses the limitations of the valuation of Internet unicorn companies under the traditional valuation model based on these characteristics.Traditional enterprise value evaluation systems,such as market method and income method,are often based on the business income,net profit,assets and liabilities and other indicators reflected in the company’s statements.However,Internet companies often have unstable income,relatively small proportion of tangible assets,and long-term In a state of loss and other characteristics.For the case of Pinduoduo selected in this article,it has an innovative business model.Although it is at a loss in the initial stage,it still has a high market valuation due to its large number of active users.Obviously,traditional value evaluation methods are not applicable to Internet companies based on user value such as Pinduoduo.Accordingly,this article introduces the DEVA valuation model based on user value,combines the characteristics of Internet unicorn companies and the shortcomings of traditional valuation models,revises various indicators in the traditional DEVA valuation model,constructs a value evaluation system suitable for Internet unicorn companies.Through the analysis and comparison of the final valuation results,traditional valuation models and market value,the applicability of the revised DEVA valuation model to Pinduoduo is judged.By comparing the true value of Pinduoduo under various valuation models,this article finds that the improved DEVA valuation model has a smaller error rate between the true value of the company and the market value than the traditional valuation model,which proves The applicability of the improved DEVA valuation model to Pinduoduo also provides a reference for the valuation of other Internet unicorn companies based on user traffic.