| After the blowout development of the online live,and with the decline of the amount of Internet users,the online live industry has begun to mature,the industry will accelerate the reshuffle,and the industry concentration will further increase.For the head online live enterprises such as HUYA and DOU YU,have been accomplished IPO overseas,while smaller and medium online live enterprises are also facing a crisis of closure.At the same time,it also brings opportunities for mergers and acquisitions.For these online live enterprises,which are often asset-light and non-technologically intensive,are always in a state of negative profit loss and negative cash flow in the early stages of development.Why could they have such a high valuation and how can they be reasonably valued?Firstly,the article summarizes the characteristics,profit models of Internet enterprises and the online live industry,and finds related metrics of market capacity and growth trends,business operating characteristics and user value.Secondly,based on the operating characteristics and related metrics of the online live industry,the original DEVA model based on the user value was improved.The main ideas for improvement are three points.The first is to modify the function between the number of users and the value of the enterprise,because the value of the company does not grow infinitely with the increase number of users in practice.This article uses Zipf's law to modify the functional relationship to a logarithmic relationship.The second is the introduction of a profit difference coefficient,the market share ratio and paying users ratio,explaining why the value of the two enterprises which the business indicators related to user value are close in the same online live industry is different,and it also better reflects the market position and paying users of the conversion situation on the value of online live enterprises.The third is to define the index of user contribution to enterprises revenue,that is average revenue per paying user,which can better reflect the fundamental source of enterprises revenue and also reflect the impact on enterprises value.Thirdly,this article takes the head enterprise of game online live HUYA as a case,and uses the improved DEVA model to evaluate it,and compares and analyzes the valuation results with the actual market value of the enterprise and using traditional market valuation methods,and then it is verified that the improved DEVA model has better applicability and effectiveness for the online live industry.Finally,the research conclusions and research limitations of this article are summarized,and it is expected to be further verified and appliedin other Internet enterprises. |
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