互联网独角兽企业估值研究  

Research on the Valuation of Internet Unicorns

作　　者：赵欣[1] ZHAO Xin(School of Management,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100

出　　处：《经济论坛》2022年第12期135-144,共10页Economic Forum

摘　　要：互联网独角兽企业是新经济发展的重要推动力,企业估值是投资决策的重要前提。文章旨在研究互联网独角兽企业的估值问题,根据我国互联网独角兽企业发展的特点和估值难点,通过梳理不同估值方法对于互联网独角兽企业估值的适用性,对互联网独角兽企业科学合理估值提出相应观点及未来展望。通过对比不同的估值方法,发现成本法、收益法等传统估值方法不适用于互联网独角兽企业估值,强调用户价值的DEVA模型适用性更强,但其中的参数并未明确。文章提出在应用DEVA模型时应该遵循的原则,以及在DEVA模型下对互联网独角兽企业估值产生重要影响的3个因素:用户价值带动作用、市场占有率、获客成本,以期为互联网独角兽企业合理估值提供参考,促进互联网独角兽行业健康发展,更好发挥对创新活力释放和新经济转型升级的促进作用。Internet unicorns are an important driving force for the development of the new economy,and enterprise valuation is an important prerequisite for investment decisions.This paper aims to research the valuation of Internet unicorn enterprises.According to the development characteristics and valuation difficulties of Internet unicorn enterprises in China,and by sorting out the applicability of different valuation methods to the valuation of Internet unicorn enterprises,this paper puts forward corresponding viewpoints and future prospects of scientific and rational valuation of Internet unicorn enterprises.By comparing different valuation methods,this paper finds that traditional valuation methods such as cost method and revenue method are not applicable to the valuation of Internet unicorn enterprises,and emphasizes that the DEVA model of user value is more applicable,but its parameters are not clear.This paper puts forward the principles that should be followed when applying DEVA model,and three factors that generate important impacts on Internet unicorn enterprise valuation under the DEVA model—the user value leading role,market share,and customer cost—to provide reference for rational valuation of Internet unicorn enterprises with a view to promoting the healthy development of the Internet unicorn industry,and better giving play to its promoting role in creativity vitality release and new economy transformation and upgrading.

关 键 词：经济转型 独角兽企业 企业价值 梅特卡夫定律 

分 类 号：F062.2[经济管理—政治经济学]