Evaluation Of Internet Platform Enterprise Value Based On ModifiedCash Flow Method

With the continuous advancement of Internet technology,China's Internet enterprises are developing at a high speed,and new business models and new industries are emerging.People's life production methods have also undergone tremendous changes,and traditional industries continue to innovate under the application of Internet technology.Among the many Internet companies that have emerged,most companies have adopted a platform-based model,and the evaluation of the value of Internet platform enterprises has become a hot topic.Internet companies have shown many different characteristics from traditional enterprises,such as a large number of intangible assets,and the company has lost money through continuous investment in the market.Therefore,if the traditional enterprise valuation method is applied,the value of the Internet platform enterprise cannot be effectively described.Based on the theory and empirical evidence,this paper uses the improved cash flow method to evaluate the value of Internet platform enterprises,and then establishes the coefficient of the revised enterprise value by establishing a non-financial influence factor system.Then Jingdong is selected as the target enterprise for value evaluation to test whether the model is feasible and reasonable in practice.Firstly,this paper studies the domestic and international literature on the value of the Internet platform enterprise,combines some characteristics of the Internet platform enterprise and the assessment difficulties,and concludes that the gold flow method is still applicable to the evaluation of the value of the Internet platform enterprise,but it needs to be revised and improve.The shortage of cash flow forecast by analyzing the existing cash flow method,in addition,the use of cash flow method cannot reflect the value of non-financial factors of Internet platform enterprises.Therefore,this paper first introduces the gray prediction model to predict the first stage free cash flow.The value of the sustainable stage of an enterprise has a great influence on the overall value.Most of the methods empirically estimate this part of the cash flow.This paper uses Monte Carlo simulation to consider the future fluctuations of cash flow,and makes a reasonable estimate of the enterprise value in the sustainable stage.Then summarize and analyze the non-financial factors affecting the Internet platform enterprises,use the balanced scorecard to determine the non-financial factors affecting the value,and combine the analytic hierarchy process and the expert scoring method to determine the weights and coefficients of the impact factor indicators.Then,the correction factor of the impact indicator is used to correct the cash flow.Finally,the above method is used to compare the estimated value with the actual value of the enterprise.After comparative analysis,it is found that the model can better evaluate the value of Internet platform enterprises.The method has certain rationality and applicability,and provides a certain analytical reference value for enterprise value research of Internet platform.