A Study On The Application Of Multi-period Excess Return Method In Valuing Data Assets Of Internet Enterprises

In today’s era of big data,"data" as a buzzword can be seen in various fields,and since data was classified as the fifth major factor of production in 2020,improving the allocation of data market elements and promoting the accelerated flow of data have become the primary objectives of building "Digital China".The "National People’s Congress of the People’s Republic of China" and the"Chinese People’s Political Consultative Conference"in 2023 mentioned the assessment and trading of data assets:as of the end of 2022,only six data asset assessment reports had been issued nationwide,and the number of people with data assets had been reduced to three.Only six data asset valuation reports had been issued by the end of 2022,and there are very few valuation agencies with data asset valuation qualifications.This indicates that the data market is still in a developmental stage and there are very few case studies to draw on when valuing data assets.However,at the launch of the "2022" Pazhou Digital Economy Index suggested that the data trading market would reach 300 billion to 500 billion yuan in the near future.This shows that although the data market is not fully developed,the data market has huge development potential,and asset valuation,as a tool to promote the optimal allocation of market resources,will continue to improve the data asset valuation system as the data market develops,so the study of data asset valuation will provide a professional guarantee for the development of the data market.The Internet is closely related to data assets and its contribution to the economy is enormous,so research into data assets needs to start with Internet enterprises.In the course of the research on the valuation of data assets of Internet enterprises,the unclear scope of data assets and the incomplete development of data markets are issues that need to be addressed in the practice of data asset valuation.By summarising and summarising the current state of research on data assets at home and abroad,the current state of data asset development is understood,and thus the current problems of data assets are presented.After understanding the basic situation of data asset research at home and abroad,a detailed analysis of the definition,classification,characteristics and influencing factors of data assets is provided.The applicability of traditional valuation methods is analysed in relation to the characteristics of data assets,and a comparative analysis concludes that the feasibility of applying the multi-period excess return method to assess data assets is high.By collecting information from internet companies,the analysis concluded that Tencent has a large volume of data assets and high availability,so Tencent Holdings Limited was selected as the case study subject for this research.In the process of applying the multiperiod excess return method to assess the value of Tencent Holdings Limited’s data assets,it was found that the scope of the assessment was unclear,the assessment parameters were not considered comprehensively and the assessment conclusions were not reasonable.Therefore,in the process of improving the multi-period excess return method,the hierarchical analysis method and the entropy method were used to comprehensively calculate the weights of data assets.Finally,the discount rate in the multi-period excess return method was revised by analysing the company-specific risks to optimise the discount rate,thereby estimating the value of enterprise data assets in a more reasonable manner.On the basis of the traditional asset valuation methods,the valuation methods for data assets are usefully explored and the existing relevant theories on the valuation of data assets are improved,with certain reference significance.