| Driven by the country’s industrial restructuring and the rise of scientific information technology,the artificial intelligence industry,manifested in areas such as computer vision,voice recognition,driverlessness and artificial intelligence chips,is developing rapidly.At the same time,a large number of AI start-ups are emerging frequently.The accompanying economic activities such as corporate acquisitions,mergers,investments and loans are on the rise.With a high level of interest from market participants,the demand for AI business valuation is on the rise.However,the relatively short development time of the AI industry and the high proportion of light assets and diversified business models of AI companies make their valuation by conventional means difficult.Therefore,it is of great theoretical and practical importance to find a scientific and efficient method to value AI companies.This paper aims to construct a more scientific and effective AI enterprise valuation model to promote the development of AI industry and enterprise valuation.This paper first compares the national and international literature on enterprise valuation and residual income models,and then develops and compares the residual income method of enterprise valuation with the traditional method.It is then argued that the residual profit method is superior for valuing AI companies,taking into account the current situation and characteristics of AI companies.Further a residual income value assessment model is constructed and the traditional model is improved for the characteristics of AI enterprises.Finally,the improved residual income method is applied to the valuation of the KDDI of a leading listed AI company,and the valuation results are compared with those of the conventional residual income model and the market value at the valuation date to test the reasonableness of the residual income method in valuing AI companies.The results were compared with the results of the conventional residual income model and the market value at the valuation reference date.On the one hand,the advanced residual income model makes complete use of the enterprises’ financial information,reduces the complexity of forecasting and ensures the impartiality of the valuation process,and on the other hand,it provides a new way of thinking for the valuation of AI enterprises,enlightening the management and investors of enterprises to make investment decisions and identify enterprises with high intrinsic value that are truly worth investing in from a value creation standpoint.It also hopes to provide some comparative value for the research of value assessment and residual income model of artificial intelligence enterprises in China. |
