基于人工神经网络的互联网公司估值方法研究

Study on Valuation Model of Internet Companies Basedon Artificial Neural Network

资本市场认为互联网公司市值的驱动因素应包括盈利因子、运营因子、流量因子和协同因子。将协同效应指标考虑到公司估值体系中,意图构造互联网公司优化估值模型。使用美股上市的互联网企业数据建立了评价指标体系,通过因子分析实现了二级指标降维,通过实证分析确认了四个因子与公司市值的相关关系,最后构建了基于人工神经网络BP算法的互联网公司估值模型,通过预测数据的检验发现模型的准确度较高。随着2018年互联网公司美股上市潮的持续,该模型能有效为资本市场估值提供参考。

The capital market believes that the value drivers of Internet company includes profit,operation,flow and synergy.In this paper,taking the synergy into corporation valuation system,we intends to construct an ptimized Internet company valuation model.The evaluation system was established by using the Internet stock data listed on the US stock market.The factor analysis was used to achieve the dimension reduction of the second-level index.Empirical analysis was used to confirm the correlation between the four factors and the company's value.Finally,the artificial neural network BP model was constructed to predict the market value.Through the test of the forecast data,we found that the model has higher accuracy.With the continuation of the IPO of Internet companies in 2018,the model effectively provides a reference for capital market valuation.