Study On The Value Assessment Of Webcasting Enterprises

As emerging and high-risk enterprises,Internet companies are now more and more frequently seen in mergers and acquisitions,introductions of venture capital,as well as listing and financing.Therefore,it is of great significance to reasonably and accurately assess the value of Internet companies.In the Internet industry,webcasting companies experienced explosive growth in recent years.This paper selects webcast companies as research objects for they are novel in the evaluation of practices.As typical asset-light enterprises,webcasting companies have strong innovative capabilities and considerable practitioner diversity.They are highly dependent on the innovation and influence of contents,as well as the satisfaction and loyalty of users.Also,they are highly competitive and risky.most of the current studies on the valuation of Internet companies focus on financial aspects and ignore non-financial factors.In such a context,the “finance plus non-financial” valuation method is adopted,and financial factors as well as non-financial factors are both taken into consideration to access the value of a webcast company.From the financial perspective,a EVA assessment model is used to assess the basic value of the enterprise;from a non-financial perspective,a non-financial indicator system is established,and the basic value of a company is corrected according the index.The first step of this paper is to describe the current characteristics and profit models of webcast companies,as well as factors influencing their value assessment.In the second step,the applicability of various evaluation methods is analyzed by comparing the current Internet companies' value evaluation methods and the characteristics of Internet companies.an EVA model is more in line with the value characteristics of webcasting companies,and to evaluate the company's basic value from a financial perspective.In the third step,it proposes a revised EVA assessment approach that considers non-financial factors,draws on the theory of balanced scorecards,and figures out the non-financial factors of corporate value from the four perspectives,namely,the customers,internal operations,learning and growth.Then,a non-financial indicator system based on analytic hierarchy process and expert scoring method is established,and a consistency testing is conducted afterwards.In the forth step,a new webcasting enterprise evaluation model is established,Finally,a new positive EVA assessment model,which is corrected by the non-financial index correction coefficient S,is applied to a specific case,i.e.the YY Inc.,a typical webcast enterprise.This paper provide new perspectives to evaluate the value of webcast enterprises and even Internet companies.