Research On The Valuation Of A Internet Enterprise Under The Asset-light Operation Mode

The rapid development of Internet technology has accelerated the transformation of enterprise business models and operation methods,and the asset-light operation model has emerged.This model has further stimulated the development vitality of Internet enterprises and increased the attention of the capital market to the valuation of Internet enterprises.Due to the high proportion of intangible assets,the uncertainty of future returns,and the supremacy of user traffic in Internet enterprises under the assetlight operation mode,traditional value assessment methods cannot accurately evaluate such enterprises,which increases the difficulty of investors’ decision-making to a certain extent.Therefore,it is very urgent to accurately evaluate the value of Internet enterprises under the asset-light operation mode and build a value evaluation model suitable for the asset-light operation mode.From the perspective of theory and practice,although there are cases of value assessment of Internet enterprises under the assetlight operation mode,they are not yet systematic.Therefore,on the basis of analyzing the applicability of traditional valuation methods to the value assessment of Internet enterprises under the asset-light operation model,it has become a problem that cannot be ignored to explore how to accurately assess the true value of such enterprises.This paper uses a combination of literature research and case analysis to carry out case studies of selected Internet companies.First,the background,significance and content of the research are elaborated separately.Next,the literature and research on value assessment methods at home and abroad are summarized.Secondly,the concepts related to asset-light operation mode are expounded,and the relevant theories and methods of value valuation are analyzed.Then,taking Internet enterprise A as a case,combined with the particularity of asset-light operation mode,the applicability of traditional value assessment methods is analyzed.Furthermore,from the perspective of option value and user value,the EVA+B-S model and the DEVA correction model are introduced respectively to evaluate the value of A Internet enterprises.Through the comparative analysis of the valuation results of the two evaluation base dates,it is found that the EVA+B-S model performs well in the valuation of Internet enterprises,and the valuation results of the DEVA revised model,although there are deviations,but within a reasonable range,can play a certain reference role for the valuation of the same type of enterprises and provide reference value for investors’ investment decisions.