成长期互联网企业价值评估实证研究

发布时间：2018-03-11 21:03

本文选题：互联网企业　切入点：企业价值评估　出处：《杭州电子科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着互联网行业的迅速发展,互联网企业的竞争越来越激烈。行业间的并购重组现象也是屡见不鲜,更多做大的互联网企业在谋求上市的机会,这些使得互联网企业价值评估成为社会关注的焦点。互联网企业独有的特点使得传统方法的应用受到局限,我国对评估互联网企业价值的研究多停留在理论基础上,且存在多种评估方法,没有形成一个统一的关于评估互联网企业价值的理论。鉴于此种情况,本文从研究角度创新,引入企业生命周期理论,运用主成分分析法判断出企业处于成长期这一阶段,主要研究处于成长期的互联网企业。并且改变以往的案例分析模式从行业面出发选取A股市场上具有代表性的正处于成长期的30家企业互联网企业分别运用贴现现金流量法、EVA法、相对估价法以及实物期权法来评估互联网企业价值,将这些评估方法计算出的结果采用统计分析软件同各企业的市场价值进行相关性分析,依据分析结果得出处于成长期这一阶段的互联网企业相对适宜采用实物期权法这一创新结论。最后再通过现实中的并购交易案例验证了这一结论,具有极强的现实指导意义。
[Abstract]:With the rapid development of the Internet industry, the competition of Internet enterprises is becoming more and more intense. These make the value evaluation of Internet enterprises become the focus of attention of the society. The unique characteristics of Internet enterprises limit the application of traditional methods. The research on evaluating the value of Internet enterprises in our country mostly stays on the theoretical basis. There are many kinds of evaluation methods, and there is not a unified theory on evaluating the value of Internet enterprises. In view of this situation, this paper innovates from the perspective of research and introduces the theory of enterprise life cycle. The principal component analysis method is used to determine that the enterprise is in the stage of growth. This paper mainly studies the Internet enterprises in the growth period. And changes the past case analysis model from the industry aspect to select the representative 30 enterprises in the growth stage of the A-share market to use discount respectively. Cash flow method and EVA method, The relative valuation method and real option method are used to evaluate the value of Internet enterprises. The results calculated by these methods are analyzed by using statistical analysis software and the market value of each enterprise. According to the analysis results, it is concluded that the Internet enterprises at the stage of growth are relatively suitable to adopt the real option method. Finally, the conclusion is verified by the real M & A cases, which is of great practical significance.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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