【作者】 张伟；

【导师】 贾春香；

【作者基本信息】 内蒙古科技大学 ， 会计（专业学位）， 2025， 硕士

【摘要】 在数字化时代,互联网企业作为推动经济增长和社会进步的重要引擎,其价值评估至关重要,不仅关系到投资者利益,还影响企业战略决策。然而,互联网企业轻资产和高风险的特点使得传统财务评估方法,依赖财务报表和历史数据,难以全面反映其真实价值。再加上行业的快速迭代和不确定性,现有评估模型面临挑战,难以准确捕捉企业的成长潜力和市场发展空间,容易导致估值偏差,进而影响企业的长远发展战略。因此,亟需构建更加契合互联网行业特性的价值评估体系,以更有效应对其快速演化的发展趋势。本文以互联网企业小米集团作为研究对象,对其估值模型进行探索优化进而提高估值模型与互联网企业的适配度。研究内容从以下几个方面开展:首先,本文系统梳理了互联网企业价值评估领域的研究成果,界定了互联网企业和企业价值相关概念,为下文提供理论基础。其次阐述了互联网企业的发展现状、价值驱动因素以及估值难点,发现现行DEVA模型由于用户属性不明确、参数单一等问题并不适用于现阶段互联网企业估值。考虑到用户价值驱动因素为互联网企业估值的核心考量要素,进一步修正传统DEVA模型中用户价值与企业价值指数关系、明确用户属性、修正单位用户初始投入成本以及引入市场占有率和用户黏度,这些改进弥补了DEVA原模型的不足,丰富了模型的考量范围,有效解决现阶段互联网企业估值难点。最后,以评估基准日小米集团的市值为基础,将修正前后的DEVA模型应用到小米集团中,结果显示,原DEVA模型存在高估互联网企业价值的倾向,而修正后的DEVA模型误差率降低至9.68%。为检验模型的稳定性,进一步展开了参数敏感性分析,得出不会因某一参数的微小变动而导致估值结果失真,验证了采用修正DEVA模型对案例企业进行估值更具合理性与稳健性。本文最终通过理论分析以及实际案例的检验,得到经过改进后的DEVA模型在互联网企业估值方面有较强的适用性这一结论。作为一种评估方法应用于互联网企业估值中,能够为企业管理者与投资者等提供一定的参考价值。更多还原

【Abstract】 In the digital era,as an important engine to promote economic growth and social progress,Internet enterprises’value evaluation is crucial,which not only concerns the interests of investors,but also affects the strategic decisions of enterprises.However,the asset light and high-risk characteristics of Internet enterprises make it difficult for traditional financial evaluation methods to fully reflect their true value by relying on financial statements and historical data.In addition,with the rapid iteration and uncertainty of the industry,existing evaluation models face challenges in accurately capturing the growth potential and market development space of enterprises,which can easily lead to valuation bias and affect the long-term development strategy of enterprises.Therefore,it is urgent to build a value evaluation system that is more consistent with the characteristics of the Internet industry to more effectively respond to its rapid evolution trend.This thesis takes Xiaomi Group,an Internet enterprise,as the research object,to explore and optimize its valuation model to improve the suitability of the valuation model with Internet enterprises.The research content is carried out from the following aspects:First,this thesis systematically combs the research results in the field of Internet enterprise value evaluation,defines the concepts related to Internet enterprises and enterprise value,and provides a theoretical basis for the following.Secondly,it describes the development status,value drivers and valuation difficulties of Internet enterprises.It is found that the current DEVA model is not suitable for the valuation of Internet enterprises at this stage due to unclear user attributes,single parameters and other issues.Considering that the driving factor of user value is the main factor of Internet enterprise valuation,we further revised the relationship between user value and enterprise value index in the traditional DEVA model,clarified user attributes,revised the initial input cost of unit users,and introduced market share and user viscosity.These improvements made up for the shortcomings of the original DEVA model,enriched the scope of consideration of the model,and effectively solved the difficulties of Internet enterprise valuation at this stage.Finally,based on the market value of Xiaomi Group on the benchmark date of evaluation,the revised and original DEVA model was applied to Xiaomi Group.The results showed that the original DEVA model tended to overestimate the value of Internet enterprises,while the error rate of the revised DEVA model was reduced to 9.68%.In order to test the stability of the model,the parameter sensitivity analysis was further carried out,and it was concluded that the slight change of a parameter would not lead to the distortion of the valuation results,which verified that the revised DEVA model was more reasonable and robust for the valuation of case enterprises.Finally,through theoretical analysis and actual case testing,this paper draws the conclusion that the improved DEVA model has strong applicability in Internet enterprise valuation.As an evaluation method,it can provide certain reference value for enterprise managers and investors when applied to Internet enterprise valuation.更多还原