会计学院知识库

    2016年，中国知识付费飞速发展，共享经济理念日益兴起，在二者共同作用下，在线问答平台商业模式得以创新，付费知识问答模式应运而生。随着海量用户的注册，在线问答正在成为资本市场上的风口，借此机会，知乎开始了商业化进程，加上之前数年的经营和铺垫，知乎成为当之无愧的业内领跑者。虽然针对在线问答企业商业模式的探讨愈加频繁，但其估值领域几乎无人涉及，为了提高在线问答企业价值评估的合理性和准确性，本文立足于用户价值视角，选取并改进CVBC模型，使其更好的适用于在线问答行业内最具代表性的企业——知乎的企业价值评估。
    首先，论文研究了相关文献资料，认为用户在在线问答平上发挥了至关重要的作用，新的商业模式下，价值围绕用户产生；其次，阐述了本文的理论基础，探讨了企业价值评估的多种方法，认为基于用户价值视角的评估方法CVBC能更好地适用于在线问答平台的价值评估，但也存在不足之处，于是对其做出以下改进：提出按照业务收入划分用户类型和用户贡献，利用S模型预测用户数据并利用市场数据进行调整，确定新用户取得成本，确定WACC作为折现率与本文评估口径一致；再次，基于顾客价值理论，用价值创造和价值获取阐述顾客感知价值（顾客）和顾客资产价值（企业）的关系，深入分析知乎价值，总结其核心价值影响因素；最后，使用经改进的CVBC模型对上市在线问答企业知乎股份有限公司的价值进行了评估。经研究发现，基于用户价值视角改进后的CVBC模型能更好的适用于在线问答平台知乎的企业价值评估，估值具有合理性。
关键词：用户价值视角 改进CVBC模型 企业价值评估 在线问答平台 知乎

    In 2016, the rapid development of China's knowledge payment and the rise of the concept of sharing economy promoted the innovation of the business model and operating mechanism of the online question and answer community. A series of new paid knowledge question and answer models came into being. With the registration of a large number of users, online question and answer become an opportunity in the capital market. Taking this chance, Zhihu has begun the commercialization process, coupled with the operation of previous years and foreshadowing, Zhihu has become a well-deserved leader in the industry. Although discussions on the business model of online Q&A companies become more frequent, few people are involved in the field of valuation. In order to improve the rationality and accuracy of online question and answer enterprise value evaluation, this paper selectes and improves the CVBC model based on the perspective of user value, to make it better applicable to the enterprise value assessment of Zhihu, the most representative enterprise in the online question answering industry.

    First of all, the paper researches the relevant literature and believes that users play a crucial role in the online Q&A. Value is generated around users under the new business model. Secondly, the theoretical basis of this paper is elaborated. Then various methods of enterprise value assessment are discussed, it is considered that CVBC , the assessment method based on user value perspective, can be better applied to the value assessment of online question-answering platform, but it also has some shortcomings, so the following improvements are made: It is proposed to divide user types and user contributions according to business income, forecast user data by using S model and make adjustments by using market data, determine the acquisition cost of new users, and determine WACC as the discount rate; Thirdly, the value of Zhihu is deeply analyzed based on the theory of customer value, the relationship between customer perceived value (customer) and customer asset value (enterprise) is explained by value creation and value acquisition, and the influencing factors of its core value are summarized. Finally, the improved CVBC model is used to evaluate the value of Zhihu Co., Ltd., a listed online Q&A company. The research found that the improved CVBC model based on the perspective of user value can be better applied to the enterprise value assessment of online question and answer platform Zhihu, and the valuation is reasonable.

keywords: The perspective of user value; Improved CVBC model; Enterprise value evaluation; Online Q&A platform; Zhihu