Research On Enterprise Value Evaluation Of Internet Video Platformbased On Metcalfe’s Law

The Internet was born in the middle of the last century.After years of development,it has become a very important part of people’s life.By the end of 2020,the number of Internet users in the world had exceeded 4 billion,with 989 million of them in China.Due to the progress and vigorous development of the society,the network video enterprise has gradually entered all aspects of human life.More and more people are using short video apps like Douyin and Kuaishou in their daily lives.At the same time,bilibili,IQiyi,Huya and other enterprises have also been listed in the United States,and have gradually shown their strong momentum of development.In recent years,due to the continuous improvement of network support technology,user needs are also changing,so the business model of network companies will certainly change to varying degrees,and the contribution of user value in enterprise value is more obvious,especially the rapid development of the video industry.Internet video enterprises have their own characteristics.First,fixed assets account for a relatively small proportion,and enterprises have more asset-light;Second,as the Internet video industry is an emerging industry,due to copyright issues and other factors,the operation risk is high,and the profitability is not yet reflected.Third,enterprises are highly dependent on the quantity and quality of users.Therefore,based on the above characteristics,traditional enterprise valuation methods cannot be used for the valuation of Internet video enterprises.Therefore,the new trend of economic development urgently needs a new evaluation method suitable for network video enterprises.First of all,this paper adopts literature research and comparative analysis,combing the enterprise valuation and the Internet video,Internet enterprise valuation three aspects of the related literature at home and abroad,and explained in detail and the characteristics of Internet video is analyzed the present situation,the development of the enterprise and business model,so as to further illustrate the characteristics of Internet video enterprise valuation,It provides a theoretical basis for subsequent research.Secondly,in this paper,the Internet video the valuation method to analyze the applicability of the enterprise,suggests that the traditional valuation method was carried out on the Internet video enterprise valuation limitations,as well as to the valuation method based on Metcalfe’s law is introduced,from Internet video platform enterprise own characteristic two aspects carries on the analysis and data acquisition Angle,illustrates its applicability.Combined with the characteristics of Internet video websites,this paper optimizes two valuation models based on Metcalfe’s law.For DEVA model,based on the original model,this paper introduces market share,refines user value,redefines user attribute and user contribution,revises the relationship between platform value and user contribution,reconsiders the relationship between initial investment cost and enterprise value,and makes the DEVA model result more accurate.For Guotai Junan model,on the basis of introducing Zipf’s law,each parameter is further optimized,and the determination and adjustment of some parameters in the model are introduced in detail,and by introducing user payment rate,an effective valuation model of Internet video platform enterprises is constructed.Thirdly,the case study method is adopted to verify the evaluation model constructed in this paper.Select us-listed bilibili Internet video platform enterprise as an example,based on the profit model and user status two perspective,through the analysis of the results,online to find public information using data on value evaluation,and use the two revised model to estimate bilibili enterprise value,verify the validity of the model,applicability and scientificity.Finally,the analysis and research in this paper can enrich the application of the valuation model based on Metcalfe’s law.In practice,if the economic behavior involves the valuation of the video industry,the results will be more accurate,which is of great significance to the future development of the Internet video industry.