| With the advent of the information age,the Internet plays an indispensable role in people’s lives,reshaping the trend of social development.On February 25,2022,the China Internet Network Information Center(CNNIC)released the 49th Statistical Report on the Development of China’s Internet.The report shows that the number of Internet users and Internet penetration in China have greatly improved compared to previous years,and the Internet is closely related to China’s social development.The popularity of the Internet has also greatly stimulated the development of Internet companies.Many Internet companies have gradually stepped onto the stage of the capital market,and the market’s demand for value evaluation of Internet companies is also increasing.However,the development characteristics and models of rapidly rising Internet companies and traditional enterprises have many differences,which makes some traditional enterprise value evaluation methods have unsatisfactory results in Internet value evaluation.Based on the above,the paper introduces the relevant concepts and theoretical basis of Internet enterprise value evaluation based on the collation and analysis of relevant literature at home and abroad.After that,it analyzes the limitations of traditional evaluation methods.Combining the characteristics of Internet enterprises such as short development time,large impact of non-financial factors,and a large proportion of intangible assets,it proposes the possibility and applicability of using the real option method for evaluation,It is believed that Internet companies have the conditions for real option evaluation.In the case study,taking the listed company Bilibili as an example,the paper first used the traditional real option method to evaluate it,and found that it had problems such as ignoring the impact of non-financial factors on enterprise value and low valuation.Subsequently,it drew on the catastrophe progression theory in mathematical science to construct an Internet enterprise value evaluation index system,incorporating numerous non-financial factors into the index system,and using multiple representative enterprises as a reference,Calculate the correction factor.The error between the estimated result and the market value has decreased from 36.6%to 12.14%.It can be considered that the revised evaluation result is more suitable for the value evaluation of Internet enterprises.Suggestions are proposed to strengthen the construction of enterprise value evaluation data,strengthen the interdisciplinary integration of evaluation methods,and improve the non-financial indicator system of Internet enterprises,thereby providing an evaluation basis for economic activities such as issuance pricing and corporate financing of Internet enterprises. |
