The Research On Evaluation Methods Of Internet Company Based On The Enterprise Lifecycle

The enterprise value is the foundation of all business activities, corporate valuation isone of the means to help enterprises realize the management target, which plays anincreasingly important role in the Internet enterprises frequently recombination, merger,listing, financing and other economic activities, managers and investors pay more attention tolearn how to scientifically assess the value of enterprise.At present, domestic and foreign scholars results of enterprise valuation are mostlyconcentrated in the traditional enterprise, high-tech enterprises, software enterprises andelectronic business enterprise, the research of Internet enterprises is little, its value is aquestionable subject. In this paper, based on the enterprise lifecycle, study evaluation methodsof Internet company in theory, which try to build up a set of reasonable method system. Thework of this paper as follows:Firstly, introduce the research background and significance of Internet enterprises,domestic and foreign research status, which found that most scholars pay more attention to aassessment method, and ignore the value differences in different periods of time. Finally, drawthe theme of this study: the research of Internet enterprise evaluation method in differentstages.Secondly, from the thought logic of research, we need to think about how to determinethe stage of Internet enterprise. Internet business belong to the high profitability industry,which focus on the economy of attention. This paper chooses the market share and marketgrowth rate as index, according to the corresponding principle, comparing the initial stage, thegrowth stage, the mature stage, and the decline stage with the question mark, the star, the cashcows and the dog products in Boston matrix, then construct the combination analysis chart forsolving the problem.Thirdly, we need to study the choice of assessment method based on the stage of internetenterprise. There are high risk and the network economy positive external effect in the initialstage, establishes the index system, which think of the customer value, technical innovation,market competition ability and management ability, use the fuzzy comprehensive evaluationmethod to value. For the integration effect and the change of internet business, put forward to use discount cash flow method and the option pricing method is more suitable in the growthstage. The mature stage is the best period that emphasizing the internet company’s positivefeedback mechanism and increasing marginal benefit, make the industry appears stronglymonopoly in order to gain excess profits or get extraordinary development. Therefore, theEVA valuation model is accord with it. Finally, although financial ability, innovation abilityand marketing ability are important factors, the entire industry exists "overmatch is stronger,the weak is weaker" phenomenon in the decline stage, enterprise only try to extend the out oftime, but can’s cast off the fate of eliminated. So, it suggest directly use the liquidate valuemethod in the evaluate process.The author carry on the research, which based on the existing knowledge structure, froma theoretical perspective, the achievements of four stages have strongly logic, it provide areference value for the Internet enterprise value assessment in the future.