摘 要
互联网欧亿·体育（中国）有限公司迅速发展，新兴企业需求快速增长，吸引了资本市场的关注。前
有互联网巨头腾讯、阿里，后有新兴互联网电商平台快手、拼多多，均被资本市
场的投资者看好。投资者看好该欧亿·体育（中国）有限公司的原因是,互联网企业符合人群的使用习惯，
欧亿·体育（中国）有限公司未来发展前景好，有投资价值；目前市场现有估值方法主要采用相对估值法，
前景被投资者看好的欧亿·体育（中国）有限公司，会被给予较高的市盈率，高市盈率也对应高市值。但
是互联网企业估值的问题是，不同于传统企业的实物资产，线上平台的资产如用
户价值不易被评估。本文将集中于同欧亿·体育（中国）有限公司企业市值的关系，估计快手科技的价值，
为其他互联网平台提供可供参考的估值方法。
为解决互联网企业估值难题，学者和欧亿·体育（中国）有限公司研究人员采取了各种修正的互联网
企业估值模型，但这些模型大多就单一角度如财务角度估计企业价值，并不能全
面的衡量企业价值，如用户价值等无形资产不能通过企业的财务报表体现的资产
价值。本文在对案例企业快手科技估值方法的选择上，结合市场法的比较思想与
互联网企业估值的梅特卡夫定律，利用可比企业市值之间的系数关系估计企业价
值。在选择估值方法时，传统企业估值常用的EVA估值法、需要对公司未来现金
流折线的DCF法，无法直接用于估计这类互联网企业。基于此选择可比公司估值
方法，通过梅特卡夫模型确定目标估值企业与其可比企业之间的系数关系。梅特
卡夫模型在应用时，关注企业的用户规模、单位用户价值等特别指标，可以用于
确定估值标的与目标企业的系数关系，进而估计企业价值。
本文在深入研究了该欧亿·体育（中国）有限公司的发展现状、商业模式、竞争格局和发展环境后，
利用因子分析法确定快手科技估值的可比企业，以梅特卡夫模型为基础确定估值
的参数和关键指标，最后比较本文估值结果与市销率法估值结果、企业实际市值
之间的偏差。将本文确定的估值方法得到的估值结果与欧亿·体育（中国）有限公司研究常用的估值方法
比较，并与快手科技的市值比较，根据估值偏差大小评价本文估值方法的可靠性。
根据比较结果，可以确定利用梅特卡夫定理和可比企业筛选确定的估值模型，与
企业真实市值的偏差更小。
关键词：互联网企业；企业价值；梅特卡夫模型；估值方法；

Abstract
The rapid development of the Internet industry and the rapid growth of the
demand of emerging enterprises have attracted the attention of the capital market. In
the past, there were Internet giants Tencent and Ali, and then there were emerging
Internet e-commerce platforms Kuaishou and Pinduoduo, all of which were favored
by investors in the capital market. The reason why investors are optimistic about this
industry is that Internet enterprises are in line with the use habits of people, and the
industry has a good future development prospect and investment value. At present, the
existing valuation method in the market mainly adopts the relative valuation method.
The industry with a promising prospect will be given a high p/E ratio, and a high P/E
ratio corresponds to a high market value. However, the problem with the valuation of
Internet enterprises is that, unlike the physical assets of traditional enterprises, the
assets of online platforms, such as the value of users, are not easily evaluated. This
paper will focus on the relationship between the market value of enterprises in the
same industry, estimate the value of Kuaishou Technology, and provide a reference
valuation method for other Internet platforms.
In order to solve the Internet enterprise valuation problem, academic and
industry researchers took a variety of Internet company valuation model of correction,
but most of these models to estimate the enterprise value is a single angles such as
financial Angle, is not a comprehensive measure of enterprise value, such as user
value intangible assets cannot through the financial statements reflect the value of the
assets of the enterprise. In this paper, the selection of kuaishui technology valuation
method for the case enterprise is combined with the comparative thought of market
method and Metcalfe's law of Internet enterprise valuation, and the coefficient
relationship between the market value of comparable enterprises is used to estimate
the enterprise value. In the selection of valuation methods, EVA valuation method
commonly used in traditional enterprise valuation and DCF method which needs to
fold the company's future cash flow cannot be directly used to estimate such Internet
enterprises. Based on this method, the coefficient relationship between the target
valuation firm and its comparable firm is determined by Metcalfe model. In the
application of Metcalfe model, special indexes such as enterprise user scale and unit
user value are paid attention to, which can be used to determine the coefficient

relationship between valuation target and target enterprise, and then estimate
enterprise value.
Was studied in this paper the development of the industry situation, business
model, competitive landscape and development environment, using the factor analysis
method to determine quickly technology valuation of comparable companies, on the
basis of metcalfe model to determine the parameters of the valuation and key
indicators, and finally compare the valuation result and price-to-sales ratio method,
enterprise valuation results deviation between the actual market value. The valuation
results obtained by the valuation method determined in this paper are compared with
the valuation methods commonly used in industry research and the market value of
Kuaishou Technology, and the reliability of the valuation method in this paper is
evaluated according to the size of the valuation deviation. According to the
comparison results, it can be determined that the valuation model determined by using
Metcalfe's theorem and the screening of comparable enterprises has less deviation
from the real market value of enterprises.
Keywords: Internet companies; corporate value; Metcalfe model; valuation
method;
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