An Investigation of Internet Enterprise Value Assessment Based on Comprehensive Evaluation Method

摘要

According to the overall asset status, the profitability and the economic environment, enterprise value evaluation is a comprehensive assessment of the overall fair market of the enterprise. Different enterprises have different nature and assessment targets, a suitable method should be chosen for assessment of different enterprise characteristics. The traditional methods of enterprise value evaluation can be summarized as three basic types: the cost methods, the marketing method and the revenue method. Different from traditional enterprise, internet enterprise is defined as the knowledge-intensive enterprise, whose enterprise value has a very typical light asset structure. A new enterprise value evaluation method should be raised for internet enterprises. In this paper, a complete and comprehensive assessment system based on fuzzy mathematics and analytic hierarchy process (AHP) has been raised for internet listed enterprise value. The assessment system put forward five general indicators to assess the overall value of target enterprise, including the own value of enterprise, strategic core, product design and service, financial status and potential value. All indicators are divided into two classes: quantitative group and qualitative group. The weight coefficients of quantitative group are determined by data collection and the qualitative group weight coefficients are determined by expert scoring method. Considering all the indicators having different units, extreme method has been used for non-dimension and the indicators can be compared between each other. Every enterprise has a score which can re-present one’s own status in the whole internet industry which depends on the whole value of the five different indictors. The stock value of every internet enterprise can be estimated by the comprehensive score and the otherness between the different results from different value methods can be compared.