金融学院知识库

    随着互联网的快速发展以及5G、大数据等相关条件的成熟，互联网+教育的模式也就应运而生。2020年爆发的新冠疫情，助推了互联网+教育模式的落地。随着国家政策的扶持，在线教育行业迎来发展良机。2020年3月教育部提出要推进中小学在线开放课程建设。加之互联网的发展突破了时空的限制，在不断上升的升学压力下，K12赛道的建设如火如荼。但是各种问题随之显现，行业恶性竞争、虚假宣传等问题频发，2021年以来，国家出台“双减”政策，使K12赛道迅速降温。而作为另一细分赛道的职业教育领域，由于国家政策号召“专业的高素质人才”等理念的不断深入人心，以及各种相关职业技能考试的客观需求，加之个人提升专业技能等主观需求，使得职业教育领域迎来新的机遇与发展空间。

    在这种背景下，本文先对在线职业教育的发展现状进行了概述，依据创业板上市的在线职业教育企业特点以及行业发展的方向，分析了应用传统估值方法的固有限制，进而提出依据互联网企业的自身特点，将企业收入按来源不同拆分成线上、线下两部分。本文研究了EVA模型的基础概念和适用范围，发现 EVA 模型与其他常用的估值方法相比更适用于互联网企业的估值研究。而其线上收入的部分，则与其他的同类在线教育企业的收入来源一致，因此，适用梅卡洛夫定律的DEVA模型进行研究，并结合用户付费率、单用户创造的价值和市场占有率等相关指标来改进DEVA 模型。最后用改进的EVA模型对线下估值，梅卡洛夫定律DEVA进行线上估值，得到一个复合的估值模型结果。将模型计算的公司估值与评估基准日的公司市值进行对比，比较结果与结果之间的差异，在综合分析比较的基础上，指出模型的实际适用性价值和局限性，并针对这些局限性提出改进建议。

     深入分析可知，修正后的DEVA 模型和EVA模型对同时具有线上、线下业务的互联网教育企业的估值研究具有可操作性。这对未来互联网教育行业的发展，以及未来的估值模型的建立，具有一定的参考意义。但是不能忽视的是，该模型对企业的营业利润要求较高，适用于稳定盈利的企业，对于在创业板上市的企业，以及处于转型后处理商誉阶段的企业而言，计算结果可能会存在偏差。

         With the rapid development of the Internet and the maturity of 5G, big data and other related conditions, the Model of Internet + education has emerged. The outbreak of COVID-19 in 2020 boosted the adoption of the Internet + education model. With the support of national policies, online education industry ushered in a good opportunity for development. In March 2020, the Ministry of Education proposed to promote the construction of online open courses for primary and secondary schools. In addition, the development of the Internet has broken through the limitations of time and space, and the construction of K12 track is in full swing under the increasing pressure of college entrance. However, various problems have emerged, such as vicious competition and false publicity. Since 2021, the state has introduced the policy of "double reduction", which rapidly cools down THE K12 track. As another subdivision of the track, the field of vocational education has ushered in new opportunities and development space due to the national policy calling for "professional and high-quality talents" and other ideas, as well as the objective needs of various relevant vocational skills exams, and subjective needs such as personal improvement of professional skills.

In this context, this article first to online vocational education development present situation were summarized, on the basis of the gem listing online vocational education enterprise characteristic and the direction of the industry development, analyzes the application of the inherent limitation of the traditional valuation method, put forward on the basis of the characteristics of Internet enterprises, the enterprise income according to different sources of online and offline split into two parts. This paper studies the basic concepts and application scope of EVA model and finds that EVA model is more suitable for Internet enterprise valuation research compared with other commonly used valuation methods. The part of its online income is the same as that of other similar online education enterprises. Therefore, the DEVA model based on Mekaroff's law is applied to study, and the DEVA model is improved by combining user payment rate, value created by single user and market share. Finally, the improved EVA model is used to carry out online valuation based on Mekaroff's law DEVA, and a composite valuation model result is obtained. The company valuation calculated by the model is compared with the company market value on the base date of evaluation, and the differences between the results and results are compared. On the basis of comprehensive analysis and comparison, the practical applicability value and limitations of the model are pointed out, and improvement suggestions are put forward for these limitations.

In-depth analysis shows that the revised DEVA model and EVA model are operable for the valuation research of Internet education enterprises with both online and offline business. This has certain reference significance for the future development of the Internet education industry and the establishment of the valuation model in the future. However, it should not be ignored that this model has a high requirement on the operating profit of enterprises and is suitable for enterprises with stable profits. For enterprises listed on gem and enterprises in the post-transformation process of goodwill, there may be deviations in the calculation results.