基于修正DEVA模型的数字阅读企业价值估值——以阅文集团为例
Digital Reading Enterprise Value Valuation Based on Modified DEVA Model—Taking China Literature Group as an Example

数字阅读是IP产业链的源头，具有无形资产占比高的特点，运用传统方法进行估值容易失真。文章以阅文集团为例，通过对传统DEVA模型进行改进，修正用户数量、引入市场占有率和付费渗透率，进一步对模型估值的准确性进行分析。结论显示修正DEVA模型与市值更加贴近，也更能反映价值变动的成因。
Digital reading is the source of the IP industrial chain, with a high proportion of intangible assets, the use of traditional methods for valuation is easy to distort. Taking China Literature Group as an example, this paper further analyzes the accuracy of model valuation by improving the traditional DEVA model, modifying the number of users, introducing market share, and paying penetration. The conclusion shows that the modified DEVA model is closer to the market value and can better reflect the causes of value changes.