Research On The Value Evaluation Of Knowledge Paying Enterprises Based On The Modified DEVA Model

With the development and progress of the Internet,the exchange of information and the acquisition of knowledge have become simple and fast.However,in the complex and irregular information explosion,some Internet users have generated a demand for better knowledge content.The rise of "split answer" and "know live" in2016 has made knowledge payment popular,reflecting that people are willing to pay for their own learning and entertainment needs.In order to strengthen infrastructure construction,expand market share and better provide users with high-quality content,knowledge-based payment enterprises have begun to explore the way of commercialization.The development of enterprises is accompanied by the rapid growth of the number of users,and the business opportunities behind it also attract many investors.Reasonably estimating the value of knowledge-paying enterprises can provide reference for capital investment decisions and help enterprises formulate reasonable development strategies.Therefore,accurate valuation of such enterprises becomes particularly important.From the theoretical development process of enterprise valuation methods at home and abroad,this paper finds that the concept of knowledge payment in China appeared relatively late and has not been widely used in actual valuation.However,due to its unique profit model and value accumulation mode,the traditional enterprise valuation methods are not applicable.Through studying the domestic literature related to knowledge payment,this paper analyzes the concept and value source of knowledge payment enterprises,and believes that knowledge payment belongs to Internet enterprises,and the value of Internet enterprises is closely related to user value.Therefore,this paper chooses the original DEVA model as the basis.Through analyzing the development status of the knowledge-based payment industry and the factors affecting the value,it modifies the traditional DEVA model with the relationship between user value and enterprise value,user value parameters and initial investment cost parameters,and also adds the correction of market share factors to build a new DEVA model suitable for the value evaluation of knowledge-based payment enterprises.This paper selects Zhihu,the top enterprise in the knowledge payment industry,as a case,and substitutes the modified specific parameters of Zhihu into the constructed model to explore the effectiveness of the modified model in the value evaluation of knowledge payment enterprises.In addition,on the basis of the research on the valuation of Zhihu enterprises by using the DEVA model,this paper further analyzes the current situation and development potential of Zhihu’s current business operations,and estimates their respective business values by using the market method,which to a certain extent has expanded the research on the value of existing knowledge-paying enterprises.Through comparison with the market value of Zhihu on the base date of evaluation,this paper finds that the deviation rate of the estimated results of the modified DEVA model is within the effective range and can be applied to the evaluation of the value of knowledge-based enterprises.The value of knowledge-based enterprises mainly comes from the value of active users.Reasonable quantification of the value of active users is the key to estimate the value of enterprises.In addition,the addition of market share also more reasonably takes into account the Matthew effect of the knowledge-based payment industry.The modified DEVA model resolves the situation that the knowledge-based payment enterprises are lack of comparable enterprises,lack of financial data or invalid financial data cannot be applied to traditional valuation methods,and can more accurately consider the relationship between enterprise value and user value,making the results more accurate.This paper believes that the current DEVA model is more suitable for the valuation of single-business enterprises,while China’s enterprises tend to diversify,and it is an inevitable trend to further develop and improve the DEVA model so that it can be applied to multi-service enterprises.