P Enterprise Value Evaluation Research

With the policy of innovation-driven development,Premier Li Keqiang proposed the concept of "Internet +" at the Third Plenary Session of the 12 th Central Committee,and then domestic enterprises set off a wave of "Internet +".As an important part of people’s livelihood projects,the medical industry,coupled with the urgent needs of consumers for the health management of the whole life cycle,the emergence of "Internet + medical" enterprises has attracted attention from all walks of life,attracting capital to gather,resulting in the high valuation of related enterprises.high.However,so far,many "Internet + medical" companies have announced the closure of services due to consecutive losses,which contradicts the high market value.Therefore,it is of great significance to discuss how to correctly evaluate the value of "Internet + medical" enterprises,whether it is to promote the development of valuation theory,to broaden the research ideas of the value of the same type of enterprises,and to enrich the application in the practical field.This paper uses literature research method,case study method,and comparative analysis method.Through sorting out domestic and foreign literature,it is found that most scholars’ research on the value evaluation of "Internet +" enterprises is still based on traditional methods,which do not have a global perspective.In view of this,this paper starts with the life cycle theory,hoping to combine the life cycle of the enterprise with the valuation model,so as to establish a systematic value evaluation system.On this basis,this paper analyzes in detail the characteristics of finance,operation,and R&D in the four development stages of "Internet+ medical" enterprises,and proposes a valuation method for each stage that fits the characteristics of that stage.Finally,the representative enterprise in the "Internet + medical" industry,P Company,is selected as the case study object.After finding that the basis for its valuation cannot be obtained by using the discounted cash flow model,it is determined as a successful company through the cash flow and sales income curves.For long-term enterprises,the traditional DEVA model and the revised DEVA model are respectively used for valuation,and a comparative analysis of the valuation results is carried out.Through the research,this paper draws the following conclusions:(1)The traditional valuation method has certain limitations on the valuation of "Internet +" enterprises,and its scope of application needs to be considered when using the traditional valuation method.(2)The valuation of "Internet + medical" enterprises can be combined with the life cycle theory to establish a systematic valuation system.Specifically,the real option method is suitable for the initial stage,the revised DEVA valuation model is suitable for the growth stage,and the second stage of EVA is suitable for the mature stage.Valuation method,the recession period is suitable for asset liquidation method.(3)By comparing the revised DEVA valuation with other traditional valuation methods,it is found that the revised DEVA valuation method has more reasonable value feedback.(4)The revised DEVA valuation model emphasizes user value and can be applied to other companies based on user value for value assessment.