Research On The Value Theory And Valuation Methods Of The Internet Companies

The fast development of internet economic drives increasingly frequent economical activities related to internet including merging and recombination, listing to finance and seeking risk investment, etc. And the valuation of internet is just the key precondition of the realization of property right changes and inner value management. But compared with rapidly growing economy the current research on value theory and valuation methods of internet is still inadequacy.Firstly this paper surveys the researches on value theory and valuation methods of internet companies both domestic and abroad. After that the thesis find that the value source of internet companies is just the customer resource it holds by following the guidance of customer value theories. Meanwhile the ways of customer resource to lift value of internet are summed up. This will offer the theoretical base for the foundation of valuation functions. Whereafter this paper analyses the challenges which the traditional valuation methods face when it comes to the valuation of internet. The findings are that it is not the basic theory but the unilateralism caused by only considering financial dates makes them invalid. Based on the above studies the CBCV model which realizes the combination of non-financial value driving factors and the traditional valuation methods is chosen as the valuing tool. This paper modifies the original model from three aspects. They are the collection of the customer-related cash flows, quantity of future customers and the cost of equity. Finally we investigated an internet company of Hefei area for case analysis.