基于商业模式的互联网初创企业价值评估研究

发布时间：2018-01-04 01:44

本文关键词：基于商业模式的互联网初创企业价值评估研究　出处：《河北大学》2015年硕士论文　论文类型：学位论文

【摘要】：自上世纪九十年代以来,随着中国互联网经济蓬勃发展,人类的生产、生活方式发生了翻天覆地的变化。尤其进入二十一世纪以来,各种新型的互联网企业雨后春笋般出现,随之出现的高估值现象引起社会各界的关注。如何评估互联网初创企业的价值已经成为越来越多的学者的研究对象。互联网初创企业与传统企业相比有其独特的特点,特别是体现在其商业模式的差异上。在分析国内外文献的基础上,本文认为传统的企业价值评估方法在评估互联网初创企业价值时存在局限性,都没有将商业模式因素考虑进去,而商业模式对于互联网初创企业价值的评估有很重要的影响作用。因此,有必要探讨一种更适用的评估方法,将商业模式因素融入到互联网初创企业价值评估中。本文首先在分析互联网初创企业的特点、商业模式理论的基础上,进一步阐明商业模式是影响互联网初创企业价值的重要因素,并对传统的价值评估方法进行分析比较,阐明其局限性。进而建立了基于商业模式的互联网初创企业价值评估模型,该模型综合运用实物期权法和模糊综合评价法将商业模式融入到企业价值评估中。最后,将模型运用到唯品会的企业价值评估中来,将结果与其市价进行对比,验证其适用性。
[Abstract]:Since -10s, with the rapid development of the Internet economy in China, the production and lifestyle of human beings have undergone earth-shaking changes, especially since 21th century. A variety of new types of Internet enterprises sprang up. How to evaluate the value of Internet start-ups has become the research object of more and more scholars. Compared with traditional enterprises, Internet start-ups have their own unique characteristics. Characteristics. On the basis of the analysis of domestic and foreign literature, this paper thinks that the traditional method of enterprise value evaluation has limitations in evaluating the value of Internet start-up enterprises. Business model factors are not taken into account, and business models have an important impact on the valuation of Internet start-ups. Therefore, it is necessary to explore a more suitable evaluation method. First of all, this paper analyzes the characteristics of Internet start-ups, business model theory on the basis of. Further clarify that the business model is an important factor affecting the value of Internet start-ups, and analyze and compare the traditional valuation methods. This paper clarifies its limitations, and then establishes an Internet start-up value evaluation model based on business model. The model uses real option method and fuzzy comprehensive evaluation method to integrate business model into enterprise value evaluation. Finally, the model is applied to VIPSHOP's enterprise value evaluation, and the results are compared with its market value. Verify its applicability.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.6

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