Research On Value Evaluation Of Internet Video Enterprise Based On Users’ Value Theory

Since the rise of the Internet in the 1990 s,technological advances have provided great convenience to people’s daily lives.By 2021,Internet companies have accounted for 70% of the global top 10 companies by market capitalization,and Internet video companies have seen the most rapid growth rate.In 2018,a number of domestic Internet video companies,including i QIYI and Huya Live,listed oversea.Due to their own characteristics,Internet video companies have certain difficulties in valuation,so that they cannot evaluate or price through traditional valuation methods.Therefore,it is necessary to study and explore the valuation methods of Internet video enterprises.This thesis took user value as the research object and adopts the user lifetime value model for Internet video enterprise evaluation.The main research contents of this thesis included,firstly,by analyzing the main value driving factors of Internet video companies,this thesis evaluated Internet video companies from the perspective of user value,combining Metcalfe’s law and user value theory.Secondly,by improving the customer lifetime value model,this thesis built a valuation model for evaluating the overall value of Internet video companies and the intrinsic value of Internet video enterprises.Thirdly,the US-listed company Bilibili was taken as an example and was evaluated by the improved customer lifetime value model and the Guotai Junan model respectively.Through comparing the results,this thesis tried to prove the applicability of the improved model.The conclusions of this thesis also included three points.Firstly,user resource is an important driving force of the value of Internet video companies,and both the activeness and stickiness of users will directly affect the value of these companies.Secondly,the combination of financial and non-financial data can improve traditional valuation methods and combine traditional ones with new valuation ones,obtaining a valuation method that is more in line with the actual situation of Internet video companies.Thirdly,the improved model is applicable to assess both the user traffic and the total value of an Internet company which is relatively more complex but user-based.The main contribution of this thesis is that basing on the perspective of user resources and the idea of discounted cash flow method,it combined Metcalfe’s law with user value theory.Then according to the characteristics of Internet video companies,an improved valuation model was used to evaluate Internet video companies.By constructing a user value model and comparing results with another model,the applicability of the user value assessment model of Internet companies was verified.This model not only reflected the importance of user resource in the value of video companies,but also quantified the uncertainty in the dynamic decision-making process of video companies.Thus it can avoid uncertainties of companies ignored by the traditional valuation methods and provides a more accurate evaluation of the intrinsic value,which is also an innovative application of Metcalfe’s law.