Research On Valuation Of Internet Unicorn Enterprises Based On Modified DEVA Model

With the development of the new economy,a large number of unicorn enterprises have emerged in China since 2014,and their total value has been increasing,gradually becoming an important part of China’s market economy.In the development process of unicorn enterprises,two types of unicorn enterprises,innovative business model and science and technology,are gradually formed.The development of these two types of unicorns is inseparable from the development of the Internet.In particular,unicorns relying on the development of the Internet for business model innovation account for a large proportion of the number and value of all unicorns.A reasonable evaluation of the enterprise value of Internet unicorns is made.It is helpful for them to make business decisions such as acquisition,merger,financing and listing,but there are relatively few studies on the valuation of such enterprises.Therefore,this paper selects Kuaishou Technology,a representative enterprise,as the research object to study the valuation method more suitable for Internet unicorns.Through literature analysis and case study,this paper explores the reasonable methods for the value evaluation of Internet unicorns.Firstly,the relevant research on the value evaluation of Internet unicorns by experts and scholars is sorted out and summarized.After analyzing the development status and characteristics of Internet unicorns,it is found that the traditional valuation method has certain limitations,and the user value has a great impact on the value of this kind of enterprises.Therefore,this paper selects the DEVA model based on the user’s perspective to evaluate it.Because the traditional DEVA model has some defects,the DEVA model is modified by introducing non-financial indicators based on the analysis of the factors affecting the value of such enterprises.This paper introduces user contribution,market share,user viscosity and other indicators,redefines user value and corrects its functional relationship with enterprise value,and uses the revised DEVA model in the valuation of Kuaishou Technology enterprises.Finally,compared with the valuation results of the traditional DEVA model and the relative valuation method,it is found that the revised DEVA model is more suitable for Kuaishou Technology.Through the value evaluation of Kuaishou Technology,it is found that the value source of Internet unicorns is no longer the traditional on-balance sheet information,while many off-balance sheet resources,especially customer value,have a great impact on enterprise value.However,the traditional valuation method cannot obtain objective and accurate results for the value evaluation of this enterprise.Therefore,from the perspective of user value,this paper modifies the DEVA model to evaluate such enterprises,providing a valuation idea for user-led Internet enterprise value evaluation.