| In recent few years,the live online industry has been rapidly developed depend on massive fans and widely spread topics.Now it can be called “blossom everywhere”.Huya,Yingke and some other well-known live online enterprises have successively accomplished IPO on major stock exchange;Douyu is also making active preparations for the listing on New York Stock Exchange.Each of the above mentioned companies is valued over 10 billion yuan.Such a rapid development would make people wonder how much these companies’ value exactly is? And how to assess live online enterprises’ value reasonable?This paper first analyzes the particularity of live online enterprises from four aspects: definition,business model,development potential and difficulty of valuation.Then,the paper introduces theories and analyzes applicability of the current commonly used valuation methods: discounted cash flow method,PE ratio method,PB ratio method,PS ratio method,real option method and the DEVA method.Combined with the particularity of live online enterprises,it is concluded through comparison that the modified DEVA model based on the traditional DEVA method will be more suitable for the valuation of live online enterprises.In this paper,Tian Ge Interactive Holdings Ltd.,a listed company,is selected as the case company to estimate its corporate value at the end of 2017 based on modified DEVA model.The valuation result is compared with the total market value of Tian Ge Interactive on December 31,2017 to verify the validity of the modified DEVA model.Finally,this paper will make an error analysis and give some suggestions.This paper hopes to provide new ideas for the valuation assessment of other kind of Internet enterprises through the exploration of the valuation method for live online enterprises. |
PDF Full Text Request