网络直播平台估值方法研究

发布时间：2018-04-13 18:54

本文选题：直播平台 + 估值方法　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：Twitch在2014年8月被亚马逊以9.7亿美元的天价收购,这一估值冲击了我国资本市场的传统观念,大量资本流入网络直播领域。从2014年起,我国的网络直播平台开始高速发展,短短2年间,中国在线直播平台数量超过200家,市场规模近百亿,网络直播平台用户数量已经达到3亿。与巨额资本注入和一片繁荣的直播平台市场形成鲜明对比的是,直播平台估值领域却仍属于一片空白。在这种背景下,本文先对直播平台的发展现状进行了概括总结。之后通过对直播平台的深入研究,根据其不同的核心直播内容对其进行了分类,并分别对其商业模式进行了详述。接下来,本文论证了传统估值方法难以适用于直播平台行业、传统DEVA模型的局限性,并通过对DEVA模型进行修正,引入了活跃用户数、每用户平均贡献值、付费率三个参数,得到了适用于直播平台的修正的DEVA模型。之后,作者使用传统收益法和修正的DEVA模型分别对上市直播平台公司天鸽互动进行了估值分析验证了模型的有效性。最后则通过研究结论指出了一些问题和改进意见,并给出了未来潜在的研究方向。
[Abstract]:Twitch was bought by Amazon for $970 million in August 2014, a valuation that has hit traditional Chinese capital markets and poured capital into live webcasting.Since 2014, China's webcast platform began to develop at a high speed. In a short period of two years, the number of online live broadcast platforms in China has exceeded 200, the market scale is nearly 10 billion, and the number of users of webcast platforms has reached 300 million.In sharp contrast to the huge capital injection and a booming market for live platforms, the valuation space for live platforms is still a blank.In this context, this paper summarizes the current situation of the development of the platform.Then through the in-depth study of the live broadcast platform, according to its different core live broadcast content classification, and their business models are described in detail.Then, this paper demonstrates that the traditional valuation method is difficult to be applied to the industry of direct broadcast platform, and the limitations of the traditional DEVA model. By modifying the DEVA model, the paper introduces three parameters: the number of active users, the average contribution value per user, and the payment rate.A modified DEVA model for direct broadcast platform is obtained.After that, the author uses the traditional income method and the modified DEVA model to evaluate and verify the effectiveness of the model.Finally, some problems and suggestions are pointed out, and the potential research directions in the future are given.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F275

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