Research On Valuation Of Webcasting Enterprise Based On Residual Income Model

In recent years,with the rapid development of Internet technology,new media forms have emerged endlessly.As a new Internet industry,webcasting has become more frequent in mergers and acquisitions,venture capital operations,and listing and financing.It is reasonable to accurately and accurately evaluate the value of webcasting companies.Evaluating the industry is significant.Based on the analysis of the characteristics of the live broadcast industry and enterprises,this article further analyzes the difficulties of valuation of live broadcast companies.Such as valuation difficulties,the applicability of traditional corporate valuation methods to evaluate online broadcast companies is limited.The principle and advantages of the residual income model are more in line with the characteristics of online broadcast companies.Therefore,this paper considers that the residual income model has certain applicability in the evaluation of online broadcast companies.In order to more fully evaluate the value of online live broadcast enterprises,this paper improves and innovates again on the basis of the existing improvements of the residual income model.First,this article combines DuPont analysis system to change the residual income model from direct estimation of residual income to evaluation from the perspective of four parameter indicators,which include operating income,net sales interest rate,asset turnover rate and equity multiplier.number.Secondly,the residual income model does not consider the impact of non-financial factors on the value evaluation of online broadcast companies,and further proposes improvement ideas.The catastrophe series method in the comprehensive evaluation method is introduced.The specific evaluation steps are: first step,data standardization In the second step,the index weight is determined by the entropy method;in the third step,the type of the mutation system is determined;in the fourth step,the normalization formula is derived.While introducing the sudden progression,this article also constructs a web live broadcast enterprise value evaluation system,combining the knowledge of the balanced scorecard,and analyzes the factors affecting web live broadcast enterprise value from the financial perspective,customer perspective,internal operation perspective,and learning and innovation perspective.In order to build a network live broadcast enterprise value evaluation system that measures financial factors with profitability,operating ability,growth ability and solvency,and measures non-financial factors with user ability,internal operating ability and learning and innovation ability.Considering the difficulty of obtaining non-financial data,the weight of financial ability was calculated by using the mutation series,and a new residual income model was obtained by combining the residual income model.In the case study,this paper takes the Happy Age as the evaluation object,and analyzes and predicts the model parameters in combination with the historical operating conditions and future development trends of the company.Among the forecasting parts of the operating income,this paper uses the mathematical index software SPSS's smooth index method to improve The rationality and objectivity of the prediction results were obtained,and the company value of the Huanju Times on December 31,2018 was obtained by using the improved residual income model.Finally,the evaluation results were compared with the market value.The error between the two was only 0.8%.The effectiveness and rationality of the improved residual model in the valuation of webcasting companies is illustrated.There are three possible innovations in this article: First,innovation from the perspective of research.Webcast companies are an emerging industry.There is a lack of research on the valuation of live broadcast companies in the existing literature.This article completes this research.Second,Innovation in evaluation methods.Based on the existing improvements in the residual income model,this paper innovatively introduces a catastrophe series method to overcome the shortcomings of the residual income model that do not consider non-financial factors.Aiming at the impact of non-financial factors on the value of online live broadcast enterprises,a value evaluation system for online live broadcast enterprises that considers both financial indicators and non-financial indicators was constructed by balancing the four dimensions of the scorecard.