Research On Value Evaluation Of Internet Life Service Platform Based On User Value Model

With the progress of Internet technology,Internet life service platforms have emerged,covering different business contents such as clothing,food,housing,transportation,travel,shopping and entertainment.Meituan,Ele.me,Ctrip and Didi are all changing people’s lives in a new way.The Internet life service platforms are developing,and economic activities such as financing and mergers and acquisitions among enterprises continues to increase.As a result,the demand for enterprise value evaluation is increasing.However,due to the Internet life service platform has the characteristics of a large proportion of user resources and few comparable companies,it is difficult to accurately evaluate the enterprise value using traditional evaluation methods.Therefore,how to correctly evaluate the Internet life service platform is particularly important.This thesis elaborates the connotation,characteristics and relevant theoretical basis of Internet life service platform,analyzes the influencing factors and evaluation difficulties of value evaluation.Considering the inapplicability of the existing traditional evaluation methods,this thesis finally chooses the user value model based on Metcalfe’s law to evaluate the Internet life service platform.This thesis makes some improvements mainly in the following aspects.Firstly,by introducing user lifetime value model and average revenue per user commonly used in the Internet industry to predict user value,the model is more suitable for Internet life service platform enterprises;Secondly,in terms of determining the number of users and network scale,the transaction users of the platform can more comprehensively reflect the contribution of users to enterprise value than the registered users.Therefore,Taking the number of transaction users as the number of nodes,enterprise value can be calculated more accurately,at the same time,the network scale is fine-tuned according to the actual situation.Thirdly,the number of user transactions,user conversion rate and node spacing of the Internet life service platform are introduced to further modify the user value.For the undefined node distance,this thesis adopts user comprehensive evaluation to quantify the node spacing.Finally,this thesis selects Meituan as the evaluation object and uses the improved valuation model to calculate the enterprise value.The evaluation results of this model are compared with the market value of Meituan on September 30,2021 and the evaluation results of the traditional Metcalfe valuation model,respectively,to verify the rationality of the improved parameters and the effectiveness of the model.The conclusions of this thesis are as follows: Firstly,user value is the core driving factor of the value of Internet life service platform.Due to the weak applicability of traditional evaluation methods,it is necessary to improve the Internet enterprise value evaluation model and determine the valuation parameters according to its own characteristics.Secondly,the user lifetime value model and node spacing parameters are introduced to make the evaluation model more reasonable and applicable.Finally,the evaluation results of selected cases are close to the market value.Compared with the traditional Metcalfe valuation model,the improved model has certain validity.Through the sensitivity analysis of parameters,this thesis believes that the user contribution income is the guarantee of Internet life service platform profit source,so the Internet life service platform must constantly improve the application innovation ability,timely introduce products and services in accordance with user requirements to meet users’ personalized needs,improve user satisfaction,enhance user viscosity,optimize after-sales service,which can further increase enterprise value.In conclusion,the traditional valuation methods have some limitations,this thesis provides a new valuation idea for Internet life service platform from the perspective of user value.