| The world Internet industry emerged in the middle of 1990 s,with the increasing popularity of Internet applications and the rapid development of the Internet economy,the Internet industry in China is in a booming trend.Internet companies’ influence played in the financial market is also growing.At present,most Internet companies is in the rapid growth stage.They have advanced technology and a new profit model,as well as high growth,high risk,which has a tremendous impact on the traditional enterprise and traditional economy.Moreover,because of the revenue characteristics and the driving factors of value,the traditional value evaluation model have can not be completely applicable to assessment the value of Internet enterprise.And the value evaluation method of the existing Internet companies also have many limitations.With the rapid development of the Internet industry environment and Internet enterprise unique,how to carry out a reasonable valuation of Internet enterprise,and how to determine a reasonable and effective enterprise value evaluation system,is very important and urgent for the continuous development of the Internet industry and enterprise’s investment decision.This paper based on the related theory of the value assessment of enterprises,and chose typical companies in the Internet industry of M company as the research object.Firstly,in order to understand the current situation of the Internet enterprise value assessment,the paper has reviewed the domestic and foreign related literature on the evaluation of traditional industries and the Internet industry enterprise value.Secondly,the paper has studyed and analyzed the method of enterprise valuation system as well as their applicability and limitations,They were the theoretical foundation of the selection suitable value evaluation model for M.Then,starting from the M company,the paper analyzed the characteristics and value of M company revenue drivers,and selected suitable model to assess the value of M company.Finally,the paper used the valuation model which has been selected to assess the value of M company.It used the discounted cash flow model to evaluate the valuation of M company,and then adjusted the coefficient according to non financial factors.The paper get the evaluation results and analyzed the concluded.This paper analyzed the revenue characteristics to determint the value driven factors of the Internet business,and then found the importance of non-financial factors to enterprise value assessment.The paper used the discounted cash flow model andnon-financial factor coefficient adjustment to get the final value of Internet companies.The paper enriched the Internet enterprise value assessment methods,and provide reference for Internet companies listed IPO pricing,financing personnel,enterprise mergers and acquisitions Internet Pricing equity trading. |
