The Evaluation Of Internet Enterprise Value Based On Modified Cash Flow Discount Model

Since 2012,the Internet industry entered a stage of rapid development,especially the "proposed Internet plus" concept,has attracted many enterprises to join the cross-border competition in the Internet industry.The merger and acquisition is an important means for many enterprises to quickly form the competitiveness of the industry,and the value evaluation of the Internet enterprises is the key link of the merger and acquisition.In this upsurge,it has become the focus of the two aspects of practical operation and academic research.Because of the unique operation of Internet companies,it is difficult for appraisers to simply evaluate the value of Internet companies simply by using the traditional enterprise valuation models.Therefore,the discussion of the value assessment model suitable for Internet companies has become the focus of current research.This paper first analyzes the operation characteristics of Internet companies,and finds that the uniqueness of Internet companies is mainly reflected in the following aspects: profit mode tilt to customers,high industry risk,knowledge management and light assets.Based on the above analysis,this paper analyzes the value structure of Internet companies by using the framework of knowledge capital,and finds that the overall value of Internet enterprises can be divided into four parts: financial capital value,human capital value,customer capital value and brand value.Besides,this paper also selects and compares the mainstream evaluation models,and finds that the cash flow discount model is more suitable for the Internet enterprise evaluation.However,the Internet business valuation is often confronted with the problem of poor historical data in the actual operation process.Therefore,the metabolic GM(1,1)model is introduced to correct the traditional cash flow discount model in order to improve the accuracy of the model.Finally,in this paper,Talkweb Information(002261.SZ),Benz Information(300571.SZ)and Simei Media(002712.SZ)for a sample of three companies at the same time using the modified discounted cash flow model and the traditional discounted cash flow model is evaluated by comparing the two models to assess the results of the real market value of the enterprise,to further prove correct cash assess the accuracy of the results and the modified model of necessity.