Research On Value Assessment Model Of Internet Enterprise

Recently, with the rapid popularity of the network and the rise of emerging Internet business models, the Internet companies of China has a great development, many of whom are listed overseas,seeking high-quality corporate capital.Internet companies stimulate a new economic growth point, creating a wealth of myth, and its rapid expansion and high price-earnings ratio have aroused widespread concern.How to value the Internet companies reasonably has also become a hot spot of academic research.However, because of the uniqueness of the Internet companies, the traditional enterprise valuation methods can not reflect the value exactly and scientifically.This paper attempts to analyze the characteristics of the Internet business enterprise and limitations of traditional methods in order to improve and correct the traditional enterprise value approach.We propose a scientific assessment of the value of Internet business methods, and empirical studies have examined its rationality. Internet companies have a high risk and a lot of intangible features make its potential value and hidden value is not well reflected in the results of the assessment being. This article fully affirmed the discounted free cash flow method fundamental role in enterprise valuation, and that the value of a business is equal to the sum of the discounted value of the overall cash flow generated by its future, and on its basis was amended making its results more objectively true. On this basis, the paper first introduced non-financial indicators evaluation system, the enterprise value of the existing business carried coefficient adjustment, then the risk-neutral option pricing theory thinking of introducing discounted free cash flow method application framework designed to discuss how to use real options method to tap the value of flexible enterprise under conditions of uncertainty, so that the enterprise value divided into two parts, namely the value of existing business plus adjustment value of new investment projects brought profit opportunities. After proposing an improved method of valuation of Internet companies,the author put Tencent as an example and does some empirical research,and validate the results,further evidence of the reasonableness of the improved model.