Valuation Study Of Sina Based On EVA Model

With the gradual development of the Internet era,the Internet has been popular to all aspects of people's lives,the Internet platform has become a new generation of entrepreneurs to enter the market opportunity.At present,with the development of the Internet industry continues to deepen,through its listing financing,horizontal mergers and acquisitions and other activities are increasing.Internet enterprises,as a new form of organization,its characteristics and traditional enterprises are not the same,but the market for the new form of the Internet,the value of the organization is relatively vague assessment.EVA valuation method is just to make up for this deficiency,this method measures the equity capital of enterprises,but also measure the debt of the enterprise capital,its more consider the value of shareholders,concerned about the growth of its wealth.Therefore,EVA valuation method can not only improve the accuracy of enterprise value calculation,but also for the daily business activities of enterprises to provide strategic reference.First of all,the second chapter of this article first elaborated the basic theory,including the enterprise value evaluation theory and EVA value evaluation method.The third chapter is based on the definition of Internet enterprises,the source of its value,and the characteristics of cost and income of Internet enterprises in the process of development.It is concluded that it is feasible and superior to evaluate the use of EVA value evaluation method.The fourth chapter of this article through the basic situation of Sina enterprises to understand the overall business situation,analyze the internal business environment and external business environment,not only to confirm Sina is a well-developed Internet companies,and qualitative way for the fifth chapter Sina financial and operating results to lay the foundation for the forecast.In the fifth chapter of this article,based on the financial and operating results of Sina.com2013-2016,the financial and operating results of Sina.com in 2017-2021 are forecasted and the accounting adjustment of related projects in EVA formula is carried out.The average cost of capital to discount the future forecast value,which iscalculated on the EVA,Sina in early 2017 the value of the enterprise.Finally,through the comparison of Sina valuation and market value,the conclusion is drawn that the effectiveness of EVA enterprise value evaluation method is used.This article mainly uses the literature analysis method,the theory analysis method,the comparative analysis method,and combines the case to select a representative Internet enterprise-Sina.com to carry on the value appraisa.