| The market method is one of the most commonly used valuation methods for digital enterprises.However,the current traditional value multipliers fail to take the quality of data assets into account in the model.In this thesis,the data asset quality as the starting point,by defining the digital enterprise,the quality of data assets and the applicability of value multiplier,this thesis draws the conclusion that the quality of data assets is the core competitive advantage source of the digital enterprise and the guarantee of the maximization of the enterprise value,select a certain data sample to determine the factors that affect the quality of data assets and the weight of the factors,through factor analysis and linear regression method to test and construct the comprehensive factor of Data asset quality(DAQ),on the basis of measuring data asset quality of digital enterprise,we choose enterprise equity value as the numerator and data asset quality comprehensive factor(DAQ)as the denominator,build a new value multiplier-the data asset quality value multiplier(P/DAQ)for business valuation;Finally,the constructed P/DAQ is applied to the evaluation of Bytedance enterprise value.The P/DAQ value of the comparable company is determined by the ratio of the equity value of the comparable company to the DAQ of the comparable company.The enterprise value is corrected by the degree of internationalization,and then the evaluation of the equity value of the Byte Dance case enterprise is completed.Verify the applicability of the data asset quality value multiplier(P/DAQ).Based on the market substitution theory,this thesis firstly selects the full sample data of 100 platforms released by Yiguan Qianfan in June 2020,and selects eight indexes,including the number of daily active users,the industry penetration rate of the number of active users,the per capita daily start-up times,the per capita daily duration of use,the user activity,the industry penetration rate of start-up times,gross profit and operating cost.Factor analysis and significance test were used to judge the correlation of each index,and the weights of 8 indexes were obtained as 0.446,0.876,0.224,0.174,0.715,0.915,0.928 and 0.149,respectively.DAQ was formed,and the multiplier model of data asset quality value was constructed.Secondly,Byte Dance is selected as the evaluation enterprise,Alibaba,Baidu and Tencent are taken as comparable listed companies,and the value per share of the case enterprise evaluated based on the data asset quality value multiplier is 421.35 yuan per share.Finally,in order to test the applicability of market comparison method based on data asset quality value multiplier,the traditional price-earnings ratio method is selected for comparison.The results show that the difference rate between the valuation result of data asset quality value multiplier method and the actual transaction price is 1.82%.The value of each share assessed by the P/E ratio method is 166.79 yuan/share,and the difference rate with the actual transaction price is 59.7%.Therefore,the valuation result of using the data asset quality value multiplier comparison method is closer to the actual transaction price,which highlights the advantages of the data asset quality value multiplier valuation model in the logarithmic enterprise value assessment by the market comparison method. |
