Valuation Of Internet Business A Case Study On Shengyibao

With the growing Internet industry in China,the investing and financing activities have become more active.The international and domestic experts and scholars on the enterprise valuation model research has been in constant development.Both in academic research and in the field of capital investment,for the enterprise valuation model of research and application are of urgent needs and very significant significance.At present,the mainstream methods about the valuation of listed companies are cash discount method,comparing company method,real option valuation method.This paper focuses on the most active and difficult part of the valuation of listed companies-for the evaluation of the value of Internet enterprises.By the researching and application of the valuation model,and comparing their respective advantages and disadvantages,we can find the disadvantages of each valuation model.And then by using an Internet company’s real case,collecting the relevant data for analyzing,we try to improve an existing valuation model,hoping to provide a certain value for the valuation of Internet companies Reference and bring some new ideas.The theoretical basis of the case study is the theory of DCF cash flow discounting,the relative valuation theory represented by price-earnings ratio and book value,and according to the current Metcalfe rule which has significant influence and significance to the valuation of Internet enterprises(Metcalfe’s Law),the key factor of choosing the number of active users of the Internet is improved by the relative valuation model of the traditional marketing rate,and a multi-factor relative valuation model based on market sales and customer numbers is obtained.This paper uses the cash flow discount model,the price-earnings ratio valuation model and the improved multi-factor relative valuation model to evaluate the "business treasure" of listed companies,compare the results of the three valuation models,and obtain the valuation of the Internet enterprises,The new model with the number of active users as the valuation parameter has the valuation result which is more practical than the traditional model.However,in the practical application of the model,the improved model is the relative market price The valuation model itself,as the valuation parameter,has implied the value of the customer,so the number of active users should be given the number of active users rather than the square of the number of customers who use the Metcalfe law Value is more accurate.According to the theoretical analysis,the new valuation model not only retains the advantages of the relative valuation method,but also takes into account the endogenous variables that affect the valuation,so the result of the evaluation is more ideal.