Study On Valuation Of YY Company Based On Improved Metcalfe Model

With the popularization of mobile Internet and the improvement of people’s living standards,"lazy economy" and "fast pace of life" directly promote the expansion of instant distribution logistics market,and the diversification and individuation of user demand scenarios promote the rapid development of distribution business in various fields.The rapid growth of Internet instant distribution industry is favored by all kinds of capital.In the process of capital activities of Internet instant distribution enterprises,enterprise value assessment is very important to the enterprise itself,investors and regulators.But the Internet instant delivery enterprise has different characteristics from the traditional enterprise,it is difficult to evaluate the reasonable value by the traditional valuation method.How to accurately estimate the Internet instant delivery enterprises is an important issue facing enterprises and stakeholders.Based on the research of relevant literature,this paper analyzed the characteristics of Internet instant delivery platform companies,aimed at the difficulties in the valuation process of such enterprises,compared various valuation methods and theories,took YY Company as an example,and conducted in-depth research and analysis on the company’s basic situation,industry position,business model and financial status.Traditional methods such as asset based method,absolute valuation method and relative valuation method are used for valuation.Problems existing in traditional valuation methods are analyzed,and the practical significance of user indicators for Internet instant distribution enterprise valuation is proved by comparison.Select Metcalfe model suitable for the characteristics of such enterprises,introduce a number of indicators to improve the Metcalfe model according to the factors affecting YY’s valuation,and evaluate the enterprise based on the improved Metcalfe model.Finally,the improved Metcalfe model is applied to give corresponding development suggestions from the company level,the investor level and the regulator level.The research conclusions of this paper have strong practical value,especially when the current capital market is active and YY companies with similar characteristics conduct value assessment,they can be used for reference.