Research On The Construction And Application Of Data Asset Valuation Model Based On Multi Period Excess Return Method

Digital economy is becoming a major driver of China’s economic growth and social development.Data has become another important factor of production after land,labor and capital,and the concept of data as an asset has been deeply rooted in people’s hearts.It is more and more urgent to confirm and evaluate the value of data assets.Clarifying the value of data assets can,on the one hand,ensure the due value of enterprise data assets in the overall enterprise assets,cause enterprises to pay attention to and use data assets,and improve the core competitiveness of enterprises.On the other hand,it will help establish a sound market for the circulation of data factors,ensure that data factor transactions are valuable and reliable,build a digital economy with data as the core factor,and help the economy shift from high-speed development to high-quality development.This thesis studies the value composition,value characteristics and influence factors of data assets,analyzes the characteristics of data assets value assessment,the necessity and feasibility of using multi-period excess return method.On the basis of this demonstration,a data asset value evaluation model based on multi-period excess return method is constructed and applied to the case enterprise,providing theoretical basis and practical reference for enterprise data asset value evaluation.In the process of generating,collecting,analyzing and trading data,it directly or indirectly brings economic benefits to enterprises,creates value and forms data assets.However,data asset value has the characteristics of timeliness,non-materiality,non-consumability,dependence and diversity of realization methods,which leads to the uncertainty,dynamic and integral characteristics of data asset value assessment,and the traditional value assessment method is not applicable.The multi-period excess return method can overcome the limitations of traditional value evaluation methods,and is more suitable for the actual situation of enterprises with strong operability,so it is suitable for the value evaluation of data assets.Combined with the characteristics of data asset value evaluation,this thesis further improves the multi-period excess return method.Firstly,economic added value is used as excess return,and secondly,analytic hierarchy process is used to separate other off-balance sheet assets,so as to improve the accuracy and scientificity of data asset value evaluation.In the selection of the case enterprise,the nature of the enterprise and the characteristics of the enterprise data assets are comprehensively considered.Hundsun Electronics Co.,Ltd.in the financial technology service industry is selected.After analyzing the value composition and influencing factors of its data assets,this model is applied to evaluate the value of its data assets.This thesis is divided into five parts.The first part is the introduction,which mainly introduces the research background and significance,literature review of data asset value assessment,research ideas and research methods,as well as the basic framework of this thesis.The second part is the overview of the theory of data asset value evaluation,mainly introduces the value analysis of data asset,the characteristics of data asset value evaluation,the selection of data asset value evaluation method,and the necessity and feasibility of using multi-period excess income method.The third part is the construction of the data asset value evaluation model based on the multi-period excess return method,mainly introduces the basic model based on the multi-period excess return method,the application of the multi-period excess return method to the data asset value evaluation model,and the determination of model parameters.The fourth part is the application of the data asset value evaluation model based on the multiperiod excess return method.It mainly introduces the basic information,financial condition and non-financial condition of the case enterprise Hundsun Electronics.It applies the model to evaluate the value of its data asset,and carries out the effectiveness evaluation and result analysis of the model application.The fifth part is the research conclusion and prospect,which mainly draws the research conclusion based on the application results of the model,summarizes the shortcomings in the research,and finally looks forward to the future research direction.The results show that the multi-period excess return method has certain applicability to the value evaluation of data assets.On the one hand,it can forecast according to the existing financial data of enterprises,and the prediction results have certain reliability.On the other hand,considering the overall excess income of the enterprise,and combined with the specific operation situation to divide,more in line with the actual situation of the enterprise.In addition,the original data required by the constructed model is easy to obtain,and compared with complex models such as neural network method and machine learning method,it is easier to use,so it has stronger operability and wider application scope.