The Application Research Of The User Value Method In Internet Enterprise Value Evaluation

In the 21st century,Internet enterprises like spring shoots are emerging.The Internet companies are facing the main problem that is the huge amount of money and short-term funds to return to the issue.Many companies in the start-up period can not continue to maintain because of the break of money chain.But some Internet companies survive because of the accumulation of a large number of value users.Although the profit is still in a loss state,because of the rich resources of Internet users, it will attract investors to join, to complete corporate finance, to solve the problem of capital investment,to help enterprises smooth through the start-up crisis.By this way,Internet companies will transition from start-up period to the growth period and then to a stable development period.Internet companies have their own feature, such as having more light assets and less fixed assets.The Internet companies’ business model is to divert the amount of users to attract advertisers to advertise,thus increasing revenue, or through the distribution of copyright, the development of online games.Some Internet company, such as Leshi,having its broad business,develop their own end products, such as Leshi televisions, set-top boxes to achieve their own closed industry chain development.The value of the assets in the financial statements of such Internet companies is only part of their overall value.More intrinsic value can not be fully reflected in the data in the statements. The assessors should take full account of the characteristics of the Internet business and make a careful selection about the assessment method.Only with the appropriate assessment method to assess, the valuation results will closer to the true value of the enterprise.If only in accordance with the traditional assessment method, mechanically,ignoring the network economic effects, can not fully consider the development of Internet enterprises and the source of the value of the Internet enterprises,the assessors can not calculate the true result.The deviation result can not be good for investors’strategic decision for the enterprise. Therefore, the selection of appropriate assessment methods for enterprises is very important for the assessment of the industry and social-economic development.This article mainly explores the value evaluation methods suitable for the Internet enterprises of platform,and selects the typical video website of YK to evaluate the value.This paper analyzes the theory of the user value on the Internet enterprise and analyzes the limitations of traditional assessment methods.This paper mainly introduces the evaluation method applicable to the enterprises, namely, the user value method, thus integrating into the idea of marketing to establish the user value model.Then the paper introduce the situation of the case enterprise, such as the stage of company user’s life cycle,the business model of development,the financial situation.The paper selects the comparable company and uses the financial data to quantify parameter in the model,then evaluating the total value of the case company.In the process of analysis, the advantages of user value method are gradually realized,which is more suitable for enterprises such as YK that has concentration of business and a large stable user base. Finally, compared with the acquisition market value of YK, it further validates the feasibility of the user value evaluation model. The article provides a reference for assessment industry.