The Research On Enterprise Value Assessment Of Third-Party Payment Based On Improved Price-to-Sales Ratio Method

In the new century,Internet finance and e-commerce are constantly developing in our country,and the traditional means of financial payment are difficult to meet the growing needs of people.In 2018,the transaction scale of Third-Party Internet payment in China reached 29.1 trillion yuan,with the number of Third-Party Payment Enterprises gradually increasing,the competition between each other is becoming more and more fierce.First developed Third-party Payment Enterprises in order to pursue new profit growth point will choose listing,mergers and acquisitions of smaller enterprises,and this phenomenon has emerged.Whether it is reorganization,merger or future listing,the value of Third-party Payment Enterprises must be objectively evaluated.As a new thing in recent years,the current evaluation method is obviously not suitable to evaluate the value of Third-party Payment Enterprises.Based on the theory of Enterprise Value Assessment,this paper analyzes the characteristics of Third-party Payment Enterprises,and first introduces fuzzy comprehensive evaluation method and analytic hierarchy process to adjust the value ratio of Price-to-sales Ratio.In the process of evaluation,the weight of each influencing factor in the Price-to-sales Ratio is determined by issuing the questionnaire,and the relative importance between the two factors is determined.Because the traditional Enterprise Value Assessment Method is used to calculate the enterprise value,it often ignores the potential benefits that the enterprise can bring in the future,and the Third party Payment Enterprise is in the network payment industry with strong development potential,and its value will be underestimated if the future income potential of the enterprise is not considered.The characteristics of real option uncertainty and risk have strong correspondence with the uncertainty of investment return of Third-party Payment Enterprises.Considering this,this paper explores the evaluation method suitable for third-party payment enterprises——the improved Price-to-sales Ratio Method and combined with the Real Option Valuation Method to establish a new value evaluation model in theory,and takes MDJF company as an example to make an empirical analysis of the applicability of the evaluation model.The results show that when improving the Price-to-sales Ratio Method,the accuracy of the existing value evaluation results is improved by combining qualitative analysis with quantitative analysis in the process of adjusting the Price-to-sales Ratio value ratio.Compared with the Price-to-sales Ratio of the enterprise,the evaluation result of the new model is more reasonable and comprehensive in a reasonable range.The improved Price-to-sales Ratio Method combined with the Real Option Valuation Method is suitable for Third-party Payment Enterprises,which can not only broaden the research scope of the evaluation,but also make the evaluation results meet the real needs.The new evaluation model can better achieve the effect of guiding evaluation practice and promote the development of evaluation theory with the times.For enterprises,it is very important to correctly evaluate the value of enterprises,and the evaluation of the value of Third-party Payment Enterprises can provide decision basis for mergers and acquisitions among enterprises,and can also provide important reference information for investors in the process of market investment.