Research On The Valuation Of Domestic Online Education Companies

Accompanied by the strengthening of online consumption habits,the trend of educational technology,the support of domestic policies for private education,and the favor of capital,the domestic online education market has developed rapidly and many online education companies have appeared in the capital market.However,when investors are investing in these online education companies with relatively little history but great potential in the capital market,how to determine the valuation method of the company and invest in the appropriate valuation will be a practical research issue.The valuation theory of corporate value originated from Elvin Fisher's capital value theory.In 1906,Fisher first proposed the relationship between capital and income,and proposed that the size of the asset value depends on the future cash flow,which laid the foundation for the modern enterprise valuation theory.Afterwards,with the increasing number of targeted academic researches by scholars at home and abroad,both the research of new valuation methods and the revision of old valuation methods have been studied.These studies have resulted in a continuous system of modern valuation theory.Rich and perfect.Therefore,this article also has a solid theoretical basis for studying the valuation of online education companies.At present,there are few studies on valuation of online education companies in China.Since most online education companies are in the new OTC market,and China's new OTC market is not yet fully mature,the applicability of traditional valuation methods to online education companies is also There is some doubt.The case company of this article,New Oriental.com,is a leading company in the online education market.Its time to market on the New Third Board is relatively short,historical data is traceable,performance growth is fast,and monetary funds are abundant,with almost no external debt.Based on the above particularities,when using the valuation method,this paper first compares several traditional valuation methods,and then uses a variety of valuation methods to evaluate the value of the company.Through comparative analysis,this paper finds that the value of EVA assessed by the EVA method is more reasonable.Finally,the paper concludes by drawing conclusions that it hopes to provide methods and ideas for companies with similar patterns in the online education industry,and promote the value evaluation methods of effective online education companies in the industry.