| The development of China's live streaming industry has undergone a rapid development from the end of 2015 to 2016.The number of live streaming enterprises and live audience has increased sharply,and it has also become a popular area of the investments.Although the introduction of venture capital and mergers and acquisitions is becoming more frequent,the valuation field of live streaming enterprises is almost blank.In order to make up for this gap and improve the accuracy of live streaming enterprise's value assessment,this paper adopts the way of combining theoretical analysis and case analysis,and constructs the framework of the evaluation of live streaming enterprises based on the existing research both at home and abroad.This paper first reviews the related concepts of live streaming,defines the live streaming enterprises,summarizes the existing types of live streaming enterprises,analyzes the source of income of live streaming enterprises,and analyzes the influence of customers on the value of live video streaming enterprises.Next,this paper demonstrates that the three traditional evaluation methods are not applicable to the evaluation of live streaming enterprises,and therefore the CVBC model is introduced,and the limitations of the model are analyzed.In view of the limitations,this paper modifies the calculation of the marginal value of customers,improves the scope of the cash flow collection of the model,and proposes a prediction for the advertising revenue as a future revenue generator of live streaming enterprises based on the S model in theory.Finally,this paper uses the modified CVBC model to analyze the valuation of the Tian Ge Interactive Holdings Limited of the listed companies and to verify the validity of the model.This paper provides a theoretical basis for the evaluation circle to study the value of live streaming enterprise.Moreover,in practice,the modified CVBC model has better applicability and can improve the accuracy of the evaluation of live streaming enterprises. |
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