Value Evaluation Of Pan Entertainment Live Broadcast Internet Enterprises From The Perspective Of User Value

In 2015,pan entertainment live broadcast officially entered the public's vision.After a great amount of capital influx and competition,the competition pattern gradually formed.The application market and the future economic benefits displayed by the pan entertainment and live broadcasting internet enterprises have been concerned by more and more investors.It is urgent to find out an accurate valuation of pan entertainment and live broadcast internet enterprises.The pan-entertainment live broadcasting internet enterprises prefers light assets rather than fixed assets such as machinery and plant.At the same time,the value of this kind of enterprise mainly gains from user side.It can be said that most of the enterprise's income comes from the value generated by users.Most of these have not entered the mature stage with advanced business model.The feature of these company is uservalue-oriented,high growth,high risk and uncertainty.The traditional valuation model based on financial statements often shows great differences with the market transaction price and cannot reasonably reflect the intrinsic value.Therefore,as for the valuation of pan-entertainment and live broadcasting internet enterprises,the traditional evaluation method is no longer applicable because it only considers the financial data.Considering that pan-entertainment and live broadcasting internet enterprises attach great importance to user value,Discounted Equity Value Analysis(DEVA)is more appropriate.DEVA model has been widely used in the case of financing.Companies such as Facebook and twitter use DEVA model for valuation when financing.The innovation of this paper can be summarized as follows: it combines the user value and characteristics of the network pan-entertainment live broadcasting company,improves the factors of user value measurement and introduces business adjustment parameters to build an effective user-value-oriented evaluation model.This paper takes Sky Pigeon Interaction as a case study.The revised DEVA model from the perspective of user value is more accurate and shows stronger applicability compared to free cash flow model.