Research On The Application Of EVA Evaluation Method Of Netease's Enterprise Value Evaluation

With the continuous development and upgrading of Internet technology,the Internet industry has developed rapidly.The advent of the Internet economy has led to the development of various types of Internet companies,and economic business such as equity transfer,financing,and mergers between different Internet companies and Internet companies is becoming more and more frequent.The economic activities between these enterprises have brought great benefits to the healthy development of the Internet industry.An industry with a good competitive environment is a healthy industry.Through the jungle rule of survival of the fittest,enterprises have become larger and more Strong,the enterprise has developed in the competition.In this process,how to better apply the EVA evaluation method to fair,objective and effective valuation of Internet companies has become a problem that the asset evaluation practice and academia need to overcome.Internet companies have their own particularities,and often have a large investment at the beginning of the period,but the initial economic benefits obtained by the company are very small.This characteristic leads to the fact that the funds of Internet companies are basically derived from equity financing;Internet companies have a large number of non-profits.Profitable soft indicators and intangible assets account for a relatively large amount,and the evaluation of light assets has always been a hot topic in the discussion of the evaluation community;at the same time,the growth of enterprises is difficult to estimate,and the uncertainty of future returns also has a greater impact on the evaluation value.Based on the above characteristics,we conclude that the correspondence between the book cost of Internet companies and their value is weak,and more potential intrinsic value is not reflected,which shows that the traditional method of corporate value assessment cannot be fully applied to the value of Internet companies.evaluation of.And the domestic research on the evaluation of the value of Internet companies is also in its infancy,so it is imperative to explore an evaluation method suitable for Internet companies based on the existing evaluation methods.The thesis adopts the literature research method,qualitative analysis method and case analysis method,elaborating the limitations of the traditional cost method,market method and discounted cash flow method in evaluating the value of Internet companies,and then the paper analyzes the EVA evaluation method The applicability of Internet companies shows that the EVA assessment method can more truly reflect the value of Internet companies.The paper selects NetEase as the case,and selects the EVA two-stage model to evaluate NetEase.The paper takes January 1,2019 as the evaluation base date,and calculates the NetEase EVA valueof NetEase in 2018 based on the financial data of NetEase(NTES)2015-2018 annual report,and then predicts the financial data of 2019-2022 Calculate the EVA value during the forecast period,and finally the paper obtained the enterprise value of NetEase in early 2019.The paper compares Netease's corporate value results calculated using the EVA evaluation method with NetEase's market value at the beginning of 2019.The results show that the results obtained by the EVA evaluation method are approaching reasonable.Finally,the paper analyzes the risk of EVA evaluation method in the evaluation process and proposes corresponding countermeasures.