本文選題：中國互聯(lián)網(wǎng)企業(yè)　切入點：DEA方法　出處：《北京外國語大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：互聯(lián)網(wǎng)行業(yè),自21世紀于我國興起以來發(fā)展迅猛,行內(nèi)的收購、兼并、上市、重組活動也日趨頻繁,引起了社會的高度重視,也成為資本市場最為關(guān)注的領(lǐng)域。但由于該行業(yè)技術(shù)更新?lián)Q代頻繁,巨大的升值空間背后往往伴隨著虧損,傳統(tǒng)的估值方法或?qū)⒉辉龠m用。合理地為互聯(lián)網(wǎng)企業(yè)估值,成為了重要且迫切的問題。本文針對互聯(lián)網(wǎng)企業(yè)的發(fā)展現(xiàn)狀和經(jīng)濟特點,比較傳統(tǒng)估值方法的適用性與局限性,并介紹和分析一種比較適用于互聯(lián)網(wǎng)企業(yè)的混合估值方法,即DEA(數(shù)據(jù)包絡(luò)分析)乘數(shù)估值模型。本文首先分析了國內(nèi)互聯(lián)網(wǎng)企業(yè)的現(xiàn)狀,梳理了互聯(lián)網(wǎng)企業(yè)不同于傳統(tǒng)企業(yè)的發(fā)展特點和商業(yè)模式。其次,本文將幾種常用的傳統(tǒng)估值方法分為絕對估值技術(shù)和相對估值技術(shù)進行討論,并針對其在互聯(lián)網(wǎng)企業(yè)估值時的適用性和局限性進行分析。最后,基于傳統(tǒng)估值模型和互聯(lián)網(wǎng)企業(yè)的特點,本文提出結(jié)合DEA模型和相對估值法中的市銷率和市毛率乘數(shù),以及非財務(wù)指標乘數(shù)——市值比活躍用戶數(shù)平方作為對樣本互聯(lián)網(wǎng)企業(yè)進行估值。本文以在納斯達克上市的中國互聯(lián)網(wǎng)企業(yè)為樣本,以2015年為估值期限,測試了不同輸入變量(DEA)、不同可比企業(yè)選擇方式及不同財務(wù)和非財務(wù)指標乘數(shù)對于估值準確度的影響。本文針對十二種估值結(jié)果與該企業(yè)實際市場價值進行比較分析,并證明該估值模型對于估值以及股價趨勢的判斷存在一定合理性和實用性,為中國互聯(lián)網(wǎng)企業(yè)的價值評估提供一定的參考作用。
[Abstract]:The Internet industry has developed rapidly since the rise of our country in the 21st century. The acquisition, merger, listing and reorganization activities in the industry are becoming more and more frequent, which has aroused the high attention of the society. But because of the frequent technological changes in the industry, the huge room for appreciation is often accompanied by losses, and traditional valuation methods may no longer be applicable. This paper compares the applicability and limitation of traditional valuation methods, and introduces and analyzes a hybrid valuation method which is more suitable for Internet enterprises. This paper first analyzes the current situation of domestic Internet enterprises, combs the development characteristics and business models of Internet enterprises different from traditional enterprises. In this paper, several traditional valuation methods are divided into absolute valuation technique and relative valuation technique, and their applicability and limitation in Internet enterprise valuation are analyzed. Based on the traditional valuation model and the characteristics of Internet enterprises, this paper proposes a combination of the DEA model and the relative valuation method of the market sales rate and market gross rate multiplier. And the non-financial index multiplier-market value values the sample Internet companies as compared to the square of active users. This paper takes the NASDAQ listed Chinese Internet companies as the sample and 2015 as the valuation period. The effects of different input variables, different selection methods of comparable enterprises and different financial and non-financial index multipliers on the accuracy of valuation are tested. This paper compares twelve valuation results with the actual market value of the enterprise. It is proved that the valuation model has some rationality and practicability to judge the valuation and stock price trend, which provides a certain reference for the value evaluation of Chinese Internet enterprises.
【學(xué)位授予單位】：北京外國語大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F49;F275

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本文編號：1649957