Application Of Ohlson Model In The Internet Business Value Evaluation

Internet companies as the main force in the economic development,the economic scale of Internet in 2016 has reached $4 trillion and 200 billion.So whether it is for the Internet business investment,financing,or Internet companies between the purchase and the purchase and demand for the Internet enterprise value evaluation is more and more big,however the traditional evaluation methods have been unable to adapt to the rapid development of the Internet enterprises.How to obtain the reasonable value of Internet enterprises has become the assets assessment problems need to be solved.Therefore,this paper try to use the stock of foreign mature stock price model—Ohlson model.The model of Internet enterprise value evaluation research,and further research on Ohlson model improved is applicable to the Internet enterprise value assessment.The Ohlson model is a widely used in foreign stock price model,the evaluation of accounting information and corporate annual report the value of combination,greatly enhance the enterprise value assessment of the reliability and objectivity of the.Ohlson model is the biggest contribution to combine enterprise internal value and accounting system organically,using on behalf of value creation activities of profit distribution activities instead of the representative value of the dividend,basis of enterprise value based on value creation rather than value distribution activities,in addition,according to the residual income model in Ohlson,the managers should beThe attention of enterprises to create abnormal returns,namely residual income.This paper consists of six chapters,divided into theoretical research and case analysis of two parts.In the theoretical study,first of all,through the Internet enterprise value evaluation method and Study on Application of Ohlson model to assess the value of enterprises in the two aspects,the relevant literature review and review.Secondly,summarize for enterprise value evaluation theory.Respectively expounds three traditional evaluation methods theory and the theory of Ohlson model,and Ohlson model in the traditional evaluation methods are compared and analyzed.Finally,the particularity of the evaluation of the Internet enterprise value analysis,summarizes the situation of Internet companies,The Internet companies collected data was summarized,and on this basis,the difficulty for the assessment of the value of Internet companies to analyze the limited applicability of which leads to the analysis of Ohlson model in evaluating the value of Internet companies and the applicable scope.In the case analysis,because of the particularity of the Internet business,according to the literature for study on Ohlson model theory as the research basis,through research,model background model,research on the application of two stage model in evaluating the value of Internet companies in the research of model parameters calculation,the final construction of the improved Ohlson model,and will be changed Ohlson model after further analysis of applicability.The focus of this paper is the analysis of the music business case,the difficulty lies in the prediction of the operating income.Cash flow forecast should be consistent with the Internet Co's own law of development trend analysis,the rational forecast of the future profits of the enterprise,so as to improve the accuracy of the results in this paper.In revenue forecasting by exponential smoothing method SPSS model of time series analysis,so as to improve the objectivity and accuracy of the prediction results.At the same time in order to improve the accuracy of the evaluation results and the empirical reliability,according to the particularity of the target enterprise,the Black-Scholes pricing model of real option method in the evaluation of the same target enterprises,in the final results,the error of the Ohlson model to evaluate the results of rate of only 3.92%,far below the Black-Scholes pricing model evaluation results,results and the market value of the most close.Finally based on the theoretical research and empirical analysis of the results obtained.The application of Ohlson model in the evaluation of the Internet enterprise value which is applicable.