Value Evaluation Of Digital Reading Enterprise In The Internet Context

Digital reading is developed under the background of "Internet +",and the genres and contents of digital reading are rich and diverse.Besides,their forms can adapt to the reading needs of users in different scenarios.At present,the digital reading field has entered a comprehensive copyright operation period,and enterprises use high-quality original literary content to dig deeper into the IP derivative value,so that literature,comics,film and television and other multi-industry integration development.More and more people are browsing information and acquiring knowledge online through their mobile phones,and people’s reading habits are changing,which brings unprecedented opportunities for digital reading.Digital reading companies are eager to complete investment and financing in the industry to further expand their user base and promote sustainable growth.In order to adequately reflect the uniqueness of the digital reading industry when evaluating such companies,a reasonable model for valuing digital reading companies is needed.This thesis takes Internet digital reading enterprises as the research object and introduces the case study China Literature for enterprise value assessment.First of all,the thesis introduces the concept,classification and profitability model of digital reading enterprises to provide a basis for the selection of the valuation method.Secondly,the characteristics of digital reading businesses prove that the income approach,market approach and asset-based approach are not suitable for the valuation of such businesses.This paper focuses on the valuation characteristics of digital reading companies,using the EVA model to assess the value of existing profitability of digital reading companies and the B-S model to analyse potential profitability.Finally,taking China Literature Limited as an example,the EVA model can objectively evaluate the existing value of digital reading by adding the analysis of marketing expense and deferred income tax through the adjustment of some accounting items,and capitalization treatment of marketing expense.At the same time,it is more reasonable to use the B-S model to evaluate the potential value by introducing the correction of user penetration in the same domain.Therefore,a combined model of the revised EVA and B-S is more suitable for such enterprises,which can better evaluate the intrinsic value of digital reading enterprises.By evaluating the sum of the existing value and potential value of digital reading enterprises,and employing the B-S model with the correction of user penetration in the same field,the present analysis can effectively avoid the revenue reduction caused by non-exclusivity,and enable the potential value to include influence from non-financial factors.Overall,this thesis may present a valuable exploration for the evaluation of digital reading enterprises.