| With the continuous development of mobile internet technology,the age of digital information has come.While material needs are basically met,people have gradually realized the importance of knowledge.More and more people are beginning to pay for high-quality Internet knowledge,and China’s knowledge payment industry has developed rapidly.From 2013 to present,in just a few years,the knowledge payment industry has gone through an exploratory period and an explosive period,and is now in a transitional period.It has formed a large-scale user group and a relatively stable market structure.As of 2020,the number of paying knowledge users in China has exceeded 418 million,and the market has reached 39.2 billion yuan.Knowledge payment platforms have gradually matured in terms of content production,product operations,and profit methods.The development of emerging technologies has also empowered the upgrading of the knowledge payment platform.The content and form of the platform have been continuously enriched,the knowledge dissemination scene has been continuously extended,and the platform operation models has gradually diversified,gradually evolving into the three core operation models of UGC,PGC,and PUGC.At the same time,the rapid development of the knowledge payment industry has also attracted the attention of investors.Various economic activities such as venture capital,mergers and acquisitions have occurred frequently.More and more knowledge payment companies are seeking to go public.However,research in knowledge payment platform valuation is still limited.Based on this background,it is necessary to build a valuation system for the knowledge payment platform in combination with the particularity of the knowledge payment platform in different operating models.This paper starts with the operating models of knowledge payment platforms.Firstly,it defines the definition and research scope of the knowledge payment platform based on the literature review of the meaning of knowledge-paying and business models,and divides the knowledge payment platforms into UGC platforms,PGC platforms and PUGC platforms based on the different operating models.Secondly,it analyzes the external value chain of different operating models knowledge payment enterprises and explores the internal value source and creation mechanism of the enterprise,so as to summarize the key value influencing factors of different enterprises,and lay the foundation for the establishment of the evaluation model.Then,based on the value analysis of different types of knowledge payment companies,the evaluation method is selected: DEVA model is selected to UGC platforms.And taking into account the shortcomings of the DEVA model,this article revises the model from three aspects: user value,enterprise value and user value relationship,and paid penetration rate.Market-sales rate method is selected to PGC platforms.In the process of applying the method,this article uses the fuzzy comprehensive evaluation method and the analytic hierarchy process to modify the value ratio index.Income method is selected to PUGC platforms.This article predict the income indicators considering factors such as platform scale and users’ willingness to pay.Finally,Zhihu,iget,and Himalaya are selected as typical cases of various types of knowledge payment enterprises for evaluation.This paper finds that with the gradual maturity of the knowledge payment industry,the three types of knowledge payment enterprises have obvious differences in corporate positioning,participating subjects,profit models,and key resource capabilities,which in turn make the external value chain relationships,the internal value creation mechanism and value influencing factors are quite different.In view of this,using different evaluation methods to evaluate different types of knowledge payment enterprises can fully consider the characteristics of enterprises,and evaluate the value of knowledge payment enterprises more objectively and accurately.In this thesis,knowledge payment platforms is classified into three types based on different operating modes.And the applicable evaluation methods is explored by analyzing the value creation mechanism of different types of knowledge payment platforms,so as to provide new ideas for the valuation of knowledge payment platforms,solve the problem of knowledge payment platform valuation which is going to go public,and enrich the method system of the value assessment of knowledge payment platforms. |
