大数据合作资产估值模型与数字经济会计信息披露  

A Valuation Model Based on Big Data Cooperative Asset Theory and Accounting Information Disclosure in Digital Economy

作　　者：韦立坚[1] 李晶晶 周芷宇 WEI Li-jian;LI Jing-jing;ZHOU Zhi-yu(School of Business,Sun Yat-sen University,Guangzhou Guangdong 510275,China;School of Economics and Management,Harbin Institute of Technology,Shenzhen,Guangdong 518000,China;JP Morgan Chase Bank.N.A.-Hong Kong,Hong Kong 999077,China)

机构地区：[1]中山大学管理学院,广东广州510275 [2]哈尔滨工业大学(深圳)经济管理学院,广东深圳518000 [3]摩根大通(香港)投资银行,中国香港999077

出　　处：《北京交通大学学报（社会科学版）》2021年第4期44-55,共12页Journal of Beijing Jiaotong University(Social Sciences Edition)

基　　金：国家自然科学基金面上项目“基于大数据与计算实验的市场流动性危机研究”(71671191);国家自然科学基金重大项目“基于大数据的地方金融安全智能预警与防控系统”(U1811462);国家社会科学基金重大项目“征信大数据与智能化信用体系构建的技术方法及应用研究”(19ZDA103);广东省“区块链与金融科技”重点领域研发计划项目“面向防范和化解金融风险监管科技的技术研究”(2020B010110004);广东省自然科学基金杰出青年项目“面向防范和化解地方金融风险的监管科技研究”(2021B1515020073);哈尔滨工业大学(深圳)引进人才科研启动经费项目“机器学习与财经应用研究:基于证券市场监管视角”(GA11409005)。

摘　　要：数字经济情境下会计财务信息的价值相关性受到挑战,基于企业财务信息的传统估值理论及模型效力降低。本文基于大数据合作资产理论,通过能够反映大数据合作资产宽度的月活跃用户量和市场占有率、反映其深度的用户变现能力和用户粘性、以及同时反映其宽度和深度的颠覆力指数等指标刻画企业大数据合作资产的价值,由此,提出基于数字经济下互联网企业的相对估值模型,并选取短视频行业的非上市独角兽公司--快手、抖音及在美国上市的对标公司陌陌作为研究对象,验证该估值模型。研究结果表明:基于大数据合作资产理论的估值模型能有效评估数字经济下互联网平台类企业的价值;数字经济中大数据合作资产等相关信息表外披露具有重要价值,有助于推动会计财务理论和财务报告体系改革。本研究可对我国资本市场注册制改革以及科创板和创业板的上市信息披露制度建设提供重要启示。In the digital economy,the value relevance of accounting information is being challenged,and the validity of traditional valuation theories and models based on financial information are weakening.Based on the theory of big data cooperative assets,this paper evaluates big data cooperative assets by constructing a series of indicators,such as the amount of monthly active users and product market share which capture the breadth of big data cooperative assets,and user monetization ability and user stickiness which capture the depth of big data cooperative assets,as well as disruption index in the digital age.We propose a relative valuation model for non-publicly listed internet firm in the digital age.To verify our valuation model,we choose two non-publicly listed companies in the short video industry as our research samples,i.e.Kuaishou and Tik Tok,and compare them to the benchmark company,Momo,which is publicly listed in the U.S.The research results show that the valuation model based on big data cooperative asset theory can effectively evaluate Internet platform enterprises in digital economy;the off-balance sheet disclosure of related information of big data cooperative assets in digital economy has important value and helps to promote the reform of accounting and financial theory and financial reporting system.This study provides important enlightenment for the reform of the registration IPO in China stock market and the improvement of the listing standards of Sci-Tech innovation board(STAR)Market.

关 键 词：数字经济 大数据合作资产 估值模型 表外信息披露. 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]