Research On The Evaluation Of The Internet Enterprise Based On The Consumers Resource Perspective

In recent years,the state has promulgated a number of policies to support innovation and entrepreneurship,which have promoted the rapid development of Internet enterprises,and a large number of Internet start-ups have emerged.Transactions such as mergers and acquisitions,the introduction of venture capital,listing and financing are becoming more frequent,and the success of these transactions is based on a reasonable valuation of the enterprise.However,compared with traditional enterprises,Internet enterprises have the characteristics of high risk,high return and high degree of uncertainty,which make traditional valuation methods less suitable for valuation of Internet enterprises.So it is imperative that looking for a objective scientific valuation system of Internet enterprise.On the one hand,a reasonable evaluation of the value of Internet enterprises can help managers to improve the efficiency of management and facilitate the smooth completion of financing,mergers and acquisitions;On the other hand,for investors,it is also conducive to improve the correct understanding of the future development of enterprises and improve the quality of investment decision-making.User resources are an important factor to measure the market position and competitiveness of Internet enterprises,and is the main source of the value of Internet enterprise.Therefore,it is scientific and reasonable to evaluate the value of Internet enterprises from the perspective of user resources,and Metcalf's law provides a theoretical basis for quantifying the value of user resources.At the same time,aiming at the high risk and uncertainty of Internet enterprises,the real option theory can effectively quantify the potential value of future investment returns.Based on this,this paper integrates Metcalf's law with real option theory,and provides a more reasonable evaluation model for Internet enterprises.On the basis of combing and analyzing the existing literature and discussing the particularity and value sources of Internet enterprises in detail,from the perspective of user resources,this paper constructs a new method for evaluating the value of Internet enterprises,and selects representative Internet enterprises for case analysis,so as to illustrate that the model constructed in this paper is efficiency.The main innovations of this paper are as follows:(1)From the perspective of user resources,this paper regards the acquisition of user resources as the main investment project of an Internet enterprise,and obtains the intrinsic value of the enterprise by evaluating the value of the project,which provides a new perspective for evaluation the value of Internet enterprises;(2)By using the idea of cash flow discount method,this paper integrates Metcalf's rule and real options effectively,which can not only reflect the importance of user resources to the value of Internet enterprises,but also quantify the uncertainty in the dynamic decision-making process of Internet enterprises,It provides an innovative application method of Metcalf's rule.(3)By forecasting the future income and cost of an enterprise,this paper uses the appropriate discount rate to discount them,and takes the present value of income and the present value of cost as the asset present value and the execution price respectively,which provides a new method for the application of real option theory in enterprise valuation.