信息时代我国互联网类企业估值模型的研究

Research on the Valuation Model of Internet Enterprises in China in the Information Age

人类社会已步入了信息时代,信息时代企业新的运营模式使传统的、以财务指标为主的估值模型(如:现金流量折现模型、市盈率、市净率以及市销率等)显得不太适用,企业亟需与之运营模式相匹配的估值模型。本文从信息时代互联网类企业的商业模式入手,剖析传统估值模型对于信息时代企业价值评估局限性,以证监会2012版行业分类选取信息传输、软件和信息技术服务业为样本进行实证研究,通过实证分析、经验分析发掘出影响企业价值的核心驱动因素,以此为基础,构建出市量率(市价/用户流量)模型、无形资产——用户流量转化系数模型以及期权估值模型,新的估值模型与企业商业模式更加匹配,可极大提高企业估值的准确性与可操作性。

Human society has entered the information age. In the information age, the new operation mode of enterprises makes the traditional valuation model based on financial indicators(such as discounted cash flow model,P/E ratio, P/B ratio and P/B ratio) are not applicable, and enterprises urgently need valuation models matching their operation modes. Starting with the business models of Internet enterprises in the information age, this paper analyzes the limitations of traditional valuation models for enterprise value evaluation in the information age, and selects information transmission and software according to the industry classification of CSRC in 2012 And information technology service industry as samples for empirical research, and find out the core driving factors affecting enterprise value through empirical analysis and empirical analysis, The market volume ratio(market price/user flow) model, intangible asset user flow conversion coefficient model and option valuation model are constructed. The new valuation model is more matched with the enterprise business model, which can greatly improve the accuracy and operability of enterprise valuation.