Research On The Evaluation Of InternetEnterprise Value

With the continuous development of China's Internet industry,the total output value of China's digital economy reached 31.3 trillion yuan in 2018,and the output value of China's top 100 Internet industry enterprises reached 2.75 trillion yuan in2019,and the number of Internet users exceeded 800 million.However,due to the differences between the Internet industry and traditional industries,the inapplicability of traditional enterprise value assessment models,the immaturity of China's financing system,and the inapplicability of traditional financing channels,it has caused difficulties in financing the Internet industry in China,which is not conducive to The healthy development of the Internet industry.From the perspective of financing methods,due to the high threshold of debt financing,China's Internet companies use equity financing as the main financing method.But whether it is equity financing or debt financing,companies need to provide new shareholders or investors with true and comprehensive corporate information.In view of the fact that the traditional value evaluation model is not applicable to the Internet industry,which causes information asymmetry between investors and operators to affect financing,it is imperative to study the enterprise value evaluation model applicable to the Internet industry.This article is based on the existing research on the financing plight of the Internet industry,starting from the perspective of digital asset reporting,combined with the balanced scorecard theory,and the "fourth financial report" released by Deloitte as the starting point of the basic value evaluation system of this article.Innovatively integrate enterprise innovation capability indicators into the "Fourth Report" to construct a simple and practical Internet enterprise value evaluation system to solve the problem of information asymmetry between investment institutions and enterprises.First,based on the basic framework of the "Fourth Report",an Internet enterprise value evaluation system with users as the core,covering users,products,and channels is constructed.Secondly,in the use of the model,the subjective factors of the mutation technology model caused the error of the experimental results and the neglect of the index weight to improve the two problems,and the Spearman rank correlation coefficient method was used to test the validity of the established evaluation system.The following conclusions can be obtained by analyzing the empirical results of this article:(1)The Internet enterprise value evaluation system established based on the "Fourth" financial report can effectively reflect the actual ranking of the sample companies in the Internet industry,and the operation is simpleand practical Strong;(2)After improving the weighting method of the catastrophe series model,it can more accurately reflect the true status of each enterprise;(3)Investment institutions should pay attention to the non-financial data of Internet companies,and the setting of financing threshold should be more Targeted;(4)From the ranking results,the three companies 360,Xinhuanet and Ctrip are in the top three,but Xinhuanet 's ranking is far from the ranking of the China Internet Association.It is worth noting that Xinhuanet 's daily average in 2019 With the surge in independent access users,investors can follow Xinhuanet's operating conditions and invest cautiously.This article also summarizes the development of China's Internet industry,Internet industry financing difficulties and other contents.Finally,combined with the results of empirical analysis,some suggestions for investors,operators and market managers are put forward.