基于剩余收益模型的互联网公司价值评估研究——以腾讯控股为例

Research on valuation of internet company based on Residual Income Evaluation Model- Tencent, for example

互联网作为高新技术产业,具有高风险高增长的特点,市场融资渠道狭窄。如何对互联网企业进行价值评估成为互联网企业融资面临的核心问题。我国目前亟需要建立一套针对于互联网公司的科学价值评估体系,指导互联网企业的融资活动。基于剩余收益模型对腾讯控股价值评估进行研究：系统地梳理企业价值评估理论,详细介绍主要价值评估方法的优缺点,结合相关理论分析对剩余收益模型进行改进,使模型更具有优势,腾讯控股为研究案例,运用案例分析和定量分析相结合的方法对腾讯公司进行价值评估。

As a high-tech industry, the internet has characteristics of high risk and high growth, and market financing channel is narrow. How to evaluate the internet company value becomes the core is problem in the internet financing market. Therefore, it is an urgent need to establish a scientific evaluation system of the internet company guiding the financing activities.This paper is to study the research on evaluation of Tencent based on the Residual Income Model. First of all, I systematically tease the theory of company value evaluation and describe the advantages and disadvantages of the main valuation methods in detail. Then combined with relevant theory analysis, I evaluate the value of Tencent by combining the case analysis and the quantitative analysis.