| With the prevalence of mobile Internet and the increasing popularity of mobile payment,the rise of platforms such as Himalayan FM,zhihu,dedao,hundun university and qianliao has made 2016 the first year for knowledge payment,and consumers are more and more willing to "pay" for knowledge.According to a 2018 research report on knowledge payment enterprises by iresearch consulting,the scale of knowledge payment enterprises in 2017 was about 4.91 billion,and the scale of knowledge payment industry will grow to 23.5 billion by 2020 under the influence of people’s consumption concept,talents,pricing and other comprehensive factors.And the platform that knowledge pays is like Himalayan FM,zhihu,dedao,hundun university,qianliao to wait for a head enterprise to also have financing message to come out ceaselessly these years,capital is optimistic about this knowledge to pay undoubtedly.However,since the rise of knowledge payment is not a long time,so far there is no relatively uniform and effective method for the valuation of knowledge paying enterprises.Therefore,at this time,a set of reasonable methods to evaluate the value of knowledge paying enterprises are particularly important.In this paper,the characteristics of pay for knowledge enterprises as well as the traditional valuation method,find out the knowledge pay should continue the Internet enterprise valuation method,from a host of valuation methods choice from metcalfe’s law for theory,considering the particularity of knowledge for enterprise,along the predecessors’ research,find the revised metcalfe’s law-DEVA valuation method,guotai junan model,introducing the zipf factor,again to its parameter K,P,N,R for a more detailed definition and correction,with monthly average per user contribution value of ARPU to replace parameters K,The P premium factor is defined as the enterprise’s market share in the industry,N as the monthly active users,and the distance between R nodes is defined as the propagation speed of users to the enterprise,which comes from user satisfaction.N^{2} was replaced by n In(n)after the introduction of zipf factor.Through the above research process,a valuation model suitable for knowledge paying enterprises is obtained:(?)V represents the value of knowledge paying enterprises,ARPU represents the average monthly income of each user,N represents active users,P represents premium factor(depending on the position of the enterprise in the market),and R represents node distance.By using this model,four enterprises of Himalayan FM,zhihu,dedao and qingting FM are evaluated at specific stages.The conclusion shows that:like Internet enterprises,monthly active users have a great influence on the value of knowledge paying enterprises;(1)the value of a knowledge-paying enterprise also depends on the value it can obtain from each user,including the fees paid by each user directly on the platform,as well as the advertising value and communication value generated by this customer;(2)due to the Matthew effect of Internet enterprises,the value of knowledge-paying enterprises is closely related to their position in the market.The stronger,the stronger.(3)in addition,as the usage scenarios of knowledge payment enterprises are mainly on mobile Internet and mobile phones,their transmission speed is still faster than that of ordinary enterprises,so the distance between nodes depends to a large extent on users’ satisfaction with the platform,which will also affect the value of knowledge payment enterprises.The conclusion above suggests that there is no universal model in the field of enterprise valuation.In the actual process of enterprise valuation,it is necessary to make some modifications and adjustments to obtain a more reasonable valuation for enterprises.The innovation of this paper lies in that the previous researches on knowledge paying enterprises mainly focus on the business model and profit model,and there are few researches directly on the valuation model of knowledge paying enterprises and the researches that can be verified by cases,and the research parameters and data are relatively general.Along the track of predecessors’ research to find out in this paper belongs to the enterprises knowledge pay relatively reasonable valuation models,and get and dragonflies in the Himalayas FM,zhihu,dedao,qingting FM paid four knowledge in enterprise value as a case,in a company for a stage in the data query,understanding and computing,then find the enterprise value and enterprise financing market revealed in a certain period of time for its valuation is relatively close,also pay for the subsequent knowledge enterprise valuation research to contribute a little. |
