Research On Value Evaluation Of Yilian Network Enterprise Based On Residual Income Model

The development of the communication industry and the progress of related technologies are related to national security,economic growth and the well-being of the people.Therefore,China has continuously increased its support for this emerging strategic industry.The promulgation of the "Fourteenth Five-Year Plan" marks a new round of accelerated development of China’s communications industry.It can be seen that the current communication technology iteration in China is changing with each passing day,the construction scale is very large,the internal business is continuously subdivided,and the number of asset transactions has increased significantly,which puts forward higher requirements for the rationality of evaluating the internal value of communication enterprises.However,at present,there is a lack of research in this field in the academic community,so this paper will deeply study the enterprise valuation in this field.In addition,the residual income model,which focuses on the quality of enterprise value growth,has been mature after long-term development and widely used in valuation practice abroad,but the application of this method in China is obviously lagging behind and needs to be further promoted.Therefore,this paper will use the residual income model to evaluate the value of communication enterprises in order to enrich and expand the application research of this method in the evaluation.This paper first combs the relevant literature of traditional valuation methods,residual income method and valuation research of communication enterprises.On the one hand,it mainly clarifies the historical evolution and application status of the residual income model;On the other hand,it combs the research results of the value evaluation of communication enterprises.Through literature review,it is believed that the evaluation application of the residual income model in this context is worthy of further study.At the same time,in view of the limitations of the residual income model itself and the resulting valuation errors,it introduces the DuPont analysis system and the three-stage model to correct it.Thirdly,on the basis of analyzing the feature of Yilian network enterprises,this paper compares the principles,characteristics and applicability of various valuation models.Then it is concluded that the residual income model is most suitable for the value evaluation of Yilian network enterprises.Finally,in the specific valuation process,we followed the requirements of the evaluation criteria,made clear the basic items of the evaluation,and according to a certain evaluation procedure,made a reasonable prediction of the parameters of the model,finally calculated the evaluation conclusion,and analyzed,compared and explained it.At the same time,we used the sensitivity analysis method to quantify the various factors affecting the enterprise value.The conclusion shows that the difference between the value of the communication enterprise evaluated by the residual income method and the market value on the benchmark date is small,and the evaluation result is reasonable,which can better reflect the internal value of the communication enterprise Yilian network,and also verify the validity of the revised residual income model.In a word,the application research of this paper can provide meaningful reference for the research of communication enterprise value evaluation and the behavior decision of enterprise managers and investors.