初创互联网企业价值评估方法研究——基于m公司的案例分析-research on value evaluation method of start - up internet enterprises —— a case study based on m company.docxVIP

万方数据 万方数据 摘 要 近年来，随着互联网创业热潮的兴起，关于互联网企业的上市、并购、分拆、融资等 经济活动在不断涌现。企业价值评估作为股权定价与交易的核心环节，由于互联网企业自 身的独特性，传统的企业价值评估理论和方法在应用中受到了极大的限制，无法真实、客 观的反映企业的价值，严重降低了初创互联网企业股权定价和交易的效率，也影响了我国 “互联网+”新经济的发展和国家经济转型的步伐。 本文以 M 公司为案例，分析初创互联网企业价值评估中的问题，通过引入德尔菲法对 市场法改进，解决传统方法在初创互联网企业价值评估中适用性不强的问题，并得出结论。 首先，通过对初创互联网企业在价值评估中的独特性研究，分析了成本法、现金流量折现 法和期权定价法的局限性较大，不适用于初创互联网企业；市场法的适用性相对较强，但 存在调整系数主观性太强的缺陷，因此很有必要引入德尔菲法对市场法中的定性部分适当 定量化，以求评估结果更公允合理。其次，选择具有代表性的初创互联网 M 公司案例，分 析了 M 公司的基本面情况，就传统价值评估方法的适用性和局限性、改进的市场法操作流 程等问题作了分析研究。最后得出以下结论： 1）对于初创互联网企业，市场法是目前适用性较强的方法； 2）引入德尔菲法对市场法的改进能使评估结果更公允化、合理化； 3）评估结果与公允结果非常接近，具有现实参考意义。 关键词：初创互联网企业；价值评估；市场法；德尔菲法 I Abstract In these years, it was emerging that the listing, merger, split, financing and other economic activities for the Internet companies, with the booming of Internet startup. The enterprise value evaluation is the core of the equity pricing and trade links. Because of the peculiarity of the Internet companies itself, there was so great constraint in the application of the traditional Enterprise value assessment theory and method that Reflecting the value of the enterprise truly, objectively, which reducing the efficiency of the pricing and trading of the start-up Internet companies seriously and hinder the development of the Internet of new economics and the transition of the economics of our country. The theme for this paper is that the study of valuing start-up Internet companies which using the case of M companies. To solve the traditional methods of valuation of start-up Internet companies in the applicability of the problem is not strong by Using the Delphi method to improve market method，and draw the conclusions. Firstly, by studying the peculiarity of the Internet companies in value evaluation, we get the result that Cost method, discounted cash flow method and option pricing method has so much limitation that does not apply to start-up Internet companies. The applicability of the market method is relatively strong, but it has the imperfection of subj