网络公司LS的价值评估研究

发布时间：2018-10-30 13:00

【摘要】：网络视频行业是互联网技术发展到一定阶段的必然产物,也是行业公认的互联网技术未来的发展趋势。艾瑞咨询的研究证明,中国的网络视频行业在未来5年内将从爆发增长期进入快速稳定增长期,虽然同行之间的竞争依然会很激烈,公司之间的兼并重组也会出现,但行业格局初步成形。LS公司是我国网络视频行业内首家IPO上市的公司,在整个网络公司行业内具有代表性,因此本文选择对LS公司进行价值评估。通过对传统价值评估方法的介绍,分别指出成本法和市场法在对网络公司价值评估中的局限。在此基础上,引出EVA价值评估方法在网络公司价值评估中应用的必要性。再结合LS公司宏观经济运行情况和公司经营预测,对LS公司的EVA进行预测,运用EVA两阶段模型,得出LS公司的价值,再选用一种传统价值评估方法-FCFF法进行对比计算,并把这两个结果与第三方权威评估机构提供的数据进行对比分析,得到了EVA价值评估方法应用在网络公司价值评估中的适用性,并对评估结果的差异做出了分析。通过分析,发现EVA价值评估方法是从与经营活动有关的资产未来收益的角度来评估企业的价值,而传统方法却没有剔除与经营活动无关的资产对价值评估结果的影响,EVA价值评估方法也是更多的站在投资者的角度来评估公司的价值,因而运用EVA价值评估方法能够更准确的预测LS公司的价值。
[Abstract]:Network video industry is the inevitable outcome of the development of Internet technology to a certain stage, and it is also recognized as the future development trend of Internet technology. The research by Erie Consulting has proved that in the next five years, China's network video industry will move from a period of explosive growth to a period of rapid and stable growth. Although competition among peers will remain fierce, mergers and acquisitions among companies will also appear. LS Company is the first IPO listed company in China's network video industry, which is representative in the whole network company industry. Therefore, this paper chooses to evaluate the value of LS Company. Through the introduction of traditional valuation methods, the limitations of cost method and market method in valuation of network companies are pointed out. On this basis, the necessity of the application of EVA value evaluation method in network company value evaluation is introduced. Combined with the macroeconomic operation of LS Company and the forecast of the company's operation, this paper forecasts the EVA of LS Company, obtains the value of LS Company by using the EVA two-stage model, and then selects a traditional value evaluation method-FCFF method to carry on the comparative calculation. By comparing the two results with the data provided by the third party authority, the applicability of the EVA valuation method to the valuation of network companies is obtained, and the differences of the evaluation results are analyzed. Through the analysis, it is found that the EVA valuation method is to evaluate the value of the enterprise from the perspective of the future income of the assets related to the business activities, but the traditional method does not exclude the impact of the assets unrelated to the business activities on the value evaluation results. EVA valuation method is also more stand in the perspective of investors to evaluate the value of the company, so the use of EVA value evaluation method can more accurately predict the value of LS companies.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F49

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