Research On The Value Assessment Of Multi-Business Internet Enterprises

In recent years,Internet companies,which emerged along with the Internet revolution,the fourth industrial revolution in human history,have become increasingly sought after by the international capital market,opening up new frontiers of investment and financing for Internet companies at home and abroad one after another.Against this backdrop,the demand for valuation of Internet enterprises has been increasing.However,due to the increasing importance of the Internet and its derivatives in people’s daily lives,enterprises are placing more and more emphasis on "Internet+" in order to meet users’ needs,increase their market share and gain excess revenue,and have started to shift from a single business operation model to a multi-business segment synergistic development model,which makes the use of a single valuation method to assess the overall value of This makes the idea of using a single valuation method to assess the overall value of Internet companies no longer applicable.Accurate valuation can effectively help stakeholders to accurately position the company in the market environment,so that they can take the initiative in decision-making and choose the best strategic role and development plan to maximize the value of the company.This paper attempts to apply the idea of segment valuation to assess the value of multi-business Internet enterprises.Firstly,the paper reviews the theoretical foundations related to the valuation theories and methods of Internet enterprises,and then analyses the characteristics,business types,profitability models and valuation difficulties of multi-business Internet enterprises,and proposes that the idea of segment valuation can be adopted to value different business segments and finally sum up to obtain the overall value of the enterprise.This paper takes a typical multi-business Internet enterprise,Mango Super Media,as the valuation object to verify the applicability of the segment valuation method,and concludes that: firstly,the business segments of Internet enterprises can be divided into sales business and user traffic realization business according to their profitability channels,and the two are valued using the price-to-sales ratio model and the DEVA model respectively.Among them,the DEVA model was amended considering that there were problems with the user growth method and user scope definition.Secondly,the improved model was applied to the case study of Mango Super media to verify the applicability of the model.Finally,by comparing it with the discounted cash flow method,it is concluded that the discounted cash flow method overestimates the value of the enterprise because it does not take into account the instability of the enterprise’s later development,while the segmental valuation results can more objectively reflect the enterprise value.