基于修正收益法的互联网企业价值评估研究

发布时间：2018-06-17 01:50

本文选题：互联网 + 企业价值　；参考：《河北大学》2017年硕士论文

【摘要】：互联网企业是一种典型的轻资产型企业,无论是企业的经营模式还是盈利模式,都使互联网企业与传统企业具有很大差别。互联网具有用户至上、颠覆式创新、低成本、高效率、高风险性等特点。这些特点使互联网企业价值不仅受盈利能力、偿债能力、营运能力等财务因素的影响,其价值很大一部分还受市场竞争力、人才竞争力、技术创新竞争力和企业管理水平等非财务因素的影响。因此,无论是互联网企业并购、重组、融资,还是互联网企业IPO,我们对互联网企业价值进行评估时都要综合考虑财务因素与非财务因素。目前现有的企业价值评估方法基本都只考虑了财务因素,面对越来越繁荣的互联网企业,发展出一套切实可行、精确有效的互联网企业价值评估方法十分迫切。本文意在综合考虑互联网企业价值驱动因素的基础上,重新构建互联网企业价值评估指标体系,将非财务评估指标纳入评估指标体系中,对收益法进行修正,从而为互联网企业价值评估提供新的研宄思路。本论文首先通过对互联网企业特点的梳理,对互联网企业价值进行了重新定义;然后基于价值管理理论对互联网企业价值驱动因素进行总结,在此基础上重新构建了互联网企业价值评估指标体系,该体系的特点是将非财务指标纳入互联网企业价值评估指标中;接着对互联网企业价值评估的模型的修正、应用步骤、相关参数的确定进行详细地分析。本文主要懫用层次分析法、专家打分法对互联网企业价值评估方法进行修正。提出新的评估方法在互联网企业价值评估中需要注意的事项。本文在最后将修正后的评估方法应用到具体的案例中,对灵娱网络的企业价值进行评估,通过案例析,总结出该新的评估方法在互联网企业价值评估中的适用性。从而为互联网企业上市发行定价、互联网企业并购定价提供评估依据。
[Abstract]:Internet enterprise is a typical enterprise with light assets. Whether it is a business model or a profit model, it makes the Internet enterprise and the traditional enterprise have a very big difference. Internet has the characteristics of user first, subversive innovation, low cost, high efficiency, high risk and so on. These characteristics make the value of Internet enterprises not only affected by financial factors, such as profitability, solvency, operating capacity, etc., but also a large part of their value is also affected by market competitiveness and talent competitiveness. The influence of non-financial factors such as technological innovation competitiveness and enterprise management level. Therefore, whether it is mergers and acquisitions, reorganization, financing or IPO, we should consider both financial and non-financial factors when evaluating the value of Internet enterprises. At present, the existing methods of enterprise value evaluation only consider the financial factors, and it is very urgent to develop a set of feasible, accurate and effective valuation methods for Internet enterprises in the face of more and more prosperous Internet enterprises. On the basis of synthetically considering the driving factors of Internet enterprise value, this paper reconstructs the index system of Internet enterprise value evaluation, brings the non-financial evaluation index into the evaluation index system, and modifies the income method. So as to provide a new research ideas for the value evaluation of Internet enterprises. This paper firstly redefines the value of Internet enterprises by combing the characteristics of Internet enterprises, and then summarizes the driving factors of value of Internet enterprises based on the theory of value management. On this basis, this paper reconstructs the value evaluation index system of Internet enterprise, which is characterized by the incorporation of non-financial index into the value evaluation index of Internet enterprise, and then the revision and application of the model of value evaluation of Internet enterprise. The determination of relevant parameters is analyzed in detail. This article mainly uses the analytic hierarchy process, the expert scoring method carries on the revision to the Internet enterprise value appraisal method. Put forward the new evaluation method in the Internet enterprise value evaluation matters needing attention. In the end, this paper applies the revised evaluation method to the concrete cases, and evaluates the enterprise value of the spiritual entertainment network. Through the case analysis, the applicability of the new evaluation method in the Internet enterprise value evaluation is summarized. Thus, it provides the evaluation basis for the pricing of Internet enterprises' listing and issuance and the pricing of Internet enterprises' mergers and acquisitions.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

【参考文献】