Research On Valuation Method Of User-Driven Company

There are many valuation methods at present.For traditional enterprises,the main valuation methods include cost method,discounted cash flow method and market method;for start-ups,the real option method and risk asset method can also be used.However,in the Internet era,there is a new type of company-these companies pay more attention to the accumulation of users and the increase of user stickiness,in order to sell products and services to these users for a long time,which is defined as UserDriven Company in this paper.The traditional valuation method seems to be difficult to adapt to the nature of "User Is King" of user driven companies.Therefore,in this paper,we use these two models to evaluate them from two aspects of modification and innovation.We hope that we can analyze and compare the advantages and disadvantages of the two models in this process,and provide some reference for better solving the valuation problem of User-Driven Companies.This paper mainly adopts the method of literature analysis and case analysis.First,through literature analysis,the basic theory and main steps of User-Based Valuation Model and Metcalfe Valuation Model are sorted out;then,through case analysis,the applicability of User-Based Valuation Model and Metcalfe Valuation Model to UserDriven Company is tested and evaluated.The valuation result is that,in the face of the same case company-Meituan Dianping,the User-Based Valuation Model gives a lower value closer to the real market value than the Metcalfe Valuation Model.In other words,the Metcalfe Valuation Model overestimates the company's value compared with the User-Based Valuation Model.This result is also in line with the performance that Metcalfe Valuation Model overestimates the company's value in other studies.However,there are also many problems in the valuation process.Among them,the internal factors of the valuation model,such as the setting of key parameters,and the external factors of the valuation model,such as the professional level.But generally speaking,these problems do not affect the significance of the valuation itself,nor do they affect people's inspiration and help from this paper.