基于价值创造视角的互联网企业价值评估体系研究  

Research on the Value Assessment of Internet Enterprises Based on the Value Creation Perspective

作　　者：段文奇[1] 宣晓 DUAN WenQi;XUAN Xiao(School of Economics and Management,Zhejiang Normal University,Jinhua 321004;School of Business Administration,Ningbo University of Finance ＆ Economics,Ningbo 315175)

机构地区：[1]浙江师范大学经济与管理学院,浙江金华321004 [2]宁波财经学院工商管理学院,浙江宁波315175

出　　处：《财贸研究》2018年第9期85-97,共13页Finance and Trade Research

基　　金：国家自然科学基金面上项目"价值管理视角下平台型互联网企业的价值创造机理及评估方法研究"(71571165);浙江省自然科学基金重点项目"基于复杂网络的双边平台系统建模;参数估计和调控策略研究"(LZ14G010001)

摘　　要：资本在互联网企业成长和发展的每个阶段都发挥着重要作用,天使投资、风险投资、股权投资和IPO公开上市等投资活动均离不开对互联网企业的价值进行评估。已有实践和理论研究均表明,应用收益现值法、市场比较法及成本加和法等主流方法评估互联网企业的价值时普遍面临方法是否适用的挑战。基于此,首先,对互联网企业价值评估理论进行系统梳理,指出推进互联网企业价值评估研究的三个重要方向;然后,基于价值创造视角,从整体价值的形成过程、影响价值的关键机理、企业价值的评估方法三个层面进行了体系构建;最后,运用前述理论,分析典型的互联网企业阿里巴巴,以阐释和验证理论研究的应用过程及价值。Capital has played an important role in each stage of growth and development of internet companies. Investment activities,such as angel investment,venture investment,equity investment and IPO could not carry on smoothly without value assessment towards internet companies. Practice and research have shown that,challenges of applicability exist when applying common value assessment methods,such as discounted cash flowmethod,dynamic market comparison,and cost approach to assess the internet companies. In viewof this,this paper firstly traces the internet enterprise value evaluation theory systematically and points out three important research directions to promote the research of internet enterprise valuation.Then from the perspective of value creation,we construct a system of value assessment for internet companies from three aspects： the formation process of the whole value,the mechanism of key driving forces affecting the enterprise value and valuation method. Eventually we apply it to a typical internet enterprise BABA,in order to explain and verify application process and practical value of the theoretical research.

关 键 词：互联网企业 价值创造 整体价值形成 价值驱动因素 价值评估方法 

分 类 号：F270[经济管理—企业管理]