發(fā)布時間：2018-03-11 21:03

  本文選題：互聯(lián)網(wǎng)企業(yè)　切入點：企業(yè)價值評估　出處：《杭州電子科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著互聯(lián)網(wǎng)行業(yè)的迅速發(fā)展,互聯(lián)網(wǎng)企業(yè)的競爭越來越激烈。行業(yè)間的并購重組現(xiàn)象也是屢見不鮮,更多做大的互聯(lián)網(wǎng)企業(yè)在謀求上市的機會,這些使得互聯(lián)網(wǎng)企業(yè)價值評估成為社會關(guān)注的焦點�；ヂ�(lián)網(wǎng)企業(yè)獨有的特點使得傳統(tǒng)方法的應(yīng)用受到局限,我國對評估互聯(lián)網(wǎng)企業(yè)價值的研究多停留在理論基礎(chǔ)上,且存在多種評估方法,沒有形成一個統(tǒng)一的關(guān)于評估互聯(lián)網(wǎng)企業(yè)價值的理論。鑒于此種情況,本文從研究角度創(chuàng)新,引入企業(yè)生命周期理論,運用主成分分析法判斷出企業(yè)處于成長期這一階段,主要研究處于成長期的互聯(lián)網(wǎng)企業(yè)。并且改變以往的案例分析模式從行業(yè)面出發(fā)選取A股市場上具有代表性的正處于成長期的30家企業(yè)互聯(lián)網(wǎng)企業(yè)分別運用貼現(xiàn)現(xiàn)金流量法、EVA法、相對估價法以及實物期權(quán)法來評估互聯(lián)網(wǎng)企業(yè)價值,將這些評估方法計算出的結(jié)果采用統(tǒng)計分析軟件同各企業(yè)的市場價值進行相關(guān)性分析,依據(jù)分析結(jié)果得出處于成長期這一階段的互聯(lián)網(wǎng)企業(yè)相對適宜采用實物期權(quán)法這一創(chuàng)新結(jié)論。最后再通過現(xiàn)實中的并購交易案例驗證了這一結(jié)論,具有極強的現(xiàn)實指導(dǎo)意義。
[Abstract]:With the rapid development of the Internet industry, the competition of Internet enterprises is becoming more and more intense. These make the value evaluation of Internet enterprises become the focus of attention of the society. The unique characteristics of Internet enterprises limit the application of traditional methods. The research on evaluating the value of Internet enterprises in our country mostly stays on the theoretical basis. There are many kinds of evaluation methods, and there is not a unified theory on evaluating the value of Internet enterprises. In view of this situation, this paper innovates from the perspective of research and introduces the theory of enterprise life cycle. The principal component analysis method is used to determine that the enterprise is in the stage of growth. This paper mainly studies the Internet enterprises in the growth period. And changes the past case analysis model from the industry aspect to select the representative 30 enterprises in the growth stage of the A-share market to use discount respectively. Cash flow method and EVA method, The relative valuation method and real option method are used to evaluate the value of Internet enterprises. The results calculated by these methods are analyzed by using statistical analysis software and the market value of each enterprise. According to the analysis results, it is concluded that the Internet enterprises at the stage of growth are relatively suitable to adopt the real option method. Finally, the conclusion is verified by the real M & A cases, which is of great practical significance.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F49

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