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題名 網路股評價－雅虎個案研究
Valuation of Internet Companies -- A Case Study of Yahoo!
作者 林連彬
Lin, Steven
貢獻者 周行一<br>林炯垚
Edward Chow, H<br>Lin, Joung-Yol
林連彬
Steven Lin
關鍵詞 入口網站
評價
網際網路
網路內容
現金流量法
相對評價法
portal
valuation
internet
content
discount free cash flow
PE-adjusted free cash flow
日期 2000
上傳時間 31-Mar-2016 15:33:27 (UTC+8)
摘要 In this article, the author is trying (1) to know more about the Internet industry, theoretically and practically, (2) to know the strengths and weaknesses of Internet companies with different business models, and the criteria that can be used to tell a winner from a would-be loser, and (3) to arrive fundamental approaches that could be used or that would be suitable to the valuation of a given Internet stock.
參考文獻 1、Arthur, W. Brain (1996),"Increasing Returns and the New World Business," Harvard Business Reviews, July-August 1996 P100-P111.
2、 Aswath Damodaran(1999),"Value Creation and Enhancement :Back to the Future," FMA International / CIBC World Markets, p5-p57
3、Bane, P. William. And Bradley, Stephen P. and Collis, David J. (1997),"The Converging Worlds of Telecommunication, Computing, and Entertainment, Sense and Response—Capturing Value in the Network Era ", Boston: Harvard Business School Press, p31-p61.
4、Charron, Chris (1999), "The Content-Commerce Collision", The Forrester Report, March 3, 1999
5、Damodaran, Aswath (1996)," Investment Valuation—Tools and Techniques for Determining the value of any asset," John Wiley & Sons, Inc (1996)
6、Danielson, Morris G. (1998),"A Simple Valuation Model and Growth Expectations," Financial Analyst Journal, May/June 1998, P50-P57.
7、Driek Desmet (2000),"Valuing Dot-coms, " The McKinsey Quarterly 2000 number 1
8、Erik Brynjolfsson & Michael D. Smith (1999),"Frictionless Commerce: A comparison of Internet and conventional Retailers," Management Science, April 2000
9、Erik Brynjolfsson, Michael D. Smith (1999)& Joseph Bailey," Understanding Digital Markets: Review and Assessment," MIT Press, July 1999
10、Goldman Sachs Research Teams,"E-Commerce/Internet:B2B," Goldman Sachs, Nov.1999
11、Goldman Sachs Research Teams, " Internet Portals In Europe ," Goldman Sachs, March 1999
12、Goldman Sachs Research Teams," Internet Retailing ," Goldman Sachs, June 2000
13、Hagel, John and Armstrong, Arthur (1997),"Net Gain—Expanding markets through virtual communities," McKinsey & Company, 1997
14、Hagel, John and Singer, Marc (1999),"Net Worth—Shaping Markets When Customers Make the Rules," Harvard Business School Press, 1999.
15、Harmon, Steve (1999),"The Metrics for Evaluating Internet Companies," Morning Report of Internet.com, Feb 23, 1999.
16、Hirshey, Mark (1998)," How much is a Tulip Worth? " Financial Analysts Journal, July-August 1998, p11-P17
17、James L. Grant (1996),"Foundations of EVA for Investment Mangers," Journal of Portfolio Management, Fall 1996,P41-P47
18、Liberman, Marvin B. and Montgomery, David B (1988),"First-Mover Advantage," Strategic Management Journal, Vol.9, 1988 p41-p58
19、Martin L. Leibowitz,"Franchise Margins and the Sales-Driven Franchise Value," Financial Analysts Journal, Nov/Dec 1997,P43-P53
20、Merrill Lynch Research Teams," E-Commerce :Virtually Here, " Merrill Lynch, April 1999
21、Morgan Stanley Dean Witter Research Teams,” The Internet Data Services Report, " Morgan Stanley, Aug 1999
22、Nicholas Economides (1996),"The Economics of Network," International Journal of Industrial Organization, vol. 14, no. 2, March 1996.
23、Sandeep Dayal(2000),"Building digital brands ," The McKinsey Quarterly, 2000 Number 2
24、Shapiro, Carl and Varian, Hal R. (1999),"Information Rule: A Strategic Guide to the Network Economy," Harvard Business School Press, 1999.
25、Shikhar Ghosh(1998),"Making Business Sense of the Internet, " Harvard Business Reviews, March-April 1998t
26、Stabell, Charles B. and Fjeldstad, Qystein D. (1998), "Configuration Value for Competitive Advantage: On Chains and Shops and Networks," Strategic Management Journal. Vol. 19. 413-437, 1998.
27、Stefano Siglienti(1999),"Internet Valuations: Surveying the Landscape ," Stanford University,1999
描述 碩士
國立政治大學
財務管理研究所
86357011
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002002095
資料類型 thesis
dc.contributor.advisor 周行一<br>林炯垚zh_TW
dc.contributor.advisor Edward Chow, H<br>Lin, Joung-Yolen_US
dc.contributor.author (Authors) 林連彬zh_TW
dc.contributor.author (Authors) Steven Linen_US
dc.creator (作者) 林連彬zh_TW
dc.creator (作者) Lin, Stevenen_US
dc.date (日期) 2000en_US
dc.date.accessioned 31-Mar-2016 15:33:27 (UTC+8)-
dc.date.available 31-Mar-2016 15:33:27 (UTC+8)-
dc.date.issued (上傳時間) 31-Mar-2016 15:33:27 (UTC+8)-
dc.identifier (Other Identifiers) A2002002095en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/83292-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 86357011zh_TW
dc.description.abstract (摘要) In this article, the author is trying (1) to know more about the Internet industry, theoretically and practically, (2) to know the strengths and weaknesses of Internet companies with different business models, and the criteria that can be used to tell a winner from a would-be loser, and (3) to arrive fundamental approaches that could be used or that would be suitable to the valuation of a given Internet stock.en_US
dc.description.tableofcontents 封面頁
證明書
致謝詞
論文摘要
目錄
表目錄
圖目錄
Chapter 1 Introduction
1.1 Research Motivation
1.2 Research Objectives
1.3 Research Framework
1.4 Limitations of Research
Chapter 2 Valuation Model and Literature Reviews
2.1 Traditional Valuation Models
A、Dividend Discount Model
B、Free Cash Free Discount Model
C、Economic Value Added Method
D、Price/Earning Multiples
E、Price/Book value Multiples
F、Price/Sales Multiples
2.2 Practical Valuation Models for Internet Companies
A、Mark Hirschey(1998)
B、Hiroyumi Itami(1999)
C、Steve Harmon(1999)
D、Analysts in McKinsey(2000)
E、Hagel and Singer(1999)
Chapter 3 E-commerce Markets
3.1 Some Theories in the E-commerce market
A、Network Externalities
B、The Law of Increasing Return
C、Loops to Increasing Return
D、Switching cost and Lock-in Effect
E、Services Provided by Informediaries
F、Markets Suitable for E-commerce
G、The Advantages of E-commerce
3.2 Introduction to E-Commerce Markets
A、Categories of Internet Companies
B、Traffic(Customers)
C、Advertising
D、Criteria for a Successful Internet Company
F、the Future of E-commerce Companies
3.3 Industry of Portals and Yahoo!
A、What is a portal?
B、Introduction to Yahoo!
C、Competitive Forces on Yahoo! in the portal industry
D、Revenues and Costs of Yahoo!
Chapter 4 Valuation of Yahoo!
4.1 Valuation Process
4.2 Business Model Analysis
A、US and World-wide Online Advertising Markets
B、Market Shares of Top Five Leading Portals in the US Online Advertising market
4.3 Industry Analysis and Company Analysis
A、Industry Analysis
B、Strengths and Weaknesses of Yahoo!
4.4 Financial Forecasting
A、Assumptions of Income Statement
B、The Rationales of Assumptions
C、Forecasted Income Statement
4.5 Valuation Model Selection
Chapter 5 Valuation of Yahoo!
5.1 Discount Free Cash Flow to Equity
5.2 Adjusted Free Cash Flow to Equity
5.3 Comparative Valuation Methods
A、Valuation of Yahoo! by Using Industry Average Multiples
B、Valuation of Yahoo! by Using adjusted Multiples of Itself
5.4 Model Price of Different Valuation Methods
5.5 Scenario Analysis of Stock Price
Chapter 6 Conclusions
Reference
Appendix		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002002095en_US
dc.subject (關鍵詞) 入口網站zh_TW
dc.subject (關鍵詞) 評價zh_TW
dc.subject (關鍵詞) 網際網路zh_TW
dc.subject (關鍵詞) 網路內容zh_TW
dc.subject (關鍵詞) 現金流量法zh_TW
dc.subject (關鍵詞) 相對評價法zh_TW
dc.subject (關鍵詞) portalen_US
dc.subject (關鍵詞) valuationen_US
dc.subject (關鍵詞) interneten_US
dc.subject (關鍵詞) contenten_US
dc.subject (關鍵詞) discount free cash flowen_US
dc.subject (關鍵詞) PE-adjusted free cash flowen_US
dc.title (題名) 網路股評價－雅虎個案研究zh_TW
dc.title (題名) Valuation of Internet Companies -- A Case Study of Yahoo!en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1、Arthur, W. Brain (1996),"Increasing Returns and the New World Business," Harvard Business Reviews, July-August 1996 P100-P111.
2、 Aswath Damodaran(1999),"Value Creation and Enhancement :Back to the Future," FMA International / CIBC World Markets, p5-p57
3、Bane, P. William. And Bradley, Stephen P. and Collis, David J. (1997),"The Converging Worlds of Telecommunication, Computing, and Entertainment, Sense and Response—Capturing Value in the Network Era ", Boston: Harvard Business School Press, p31-p61.
4、Charron, Chris (1999), "The Content-Commerce Collision", The Forrester Report, March 3, 1999
5、Damodaran, Aswath (1996)," Investment Valuation—Tools and Techniques for Determining the value of any asset," John Wiley & Sons, Inc (1996)
6、Danielson, Morris G. (1998),"A Simple Valuation Model and Growth Expectations," Financial Analyst Journal, May/June 1998, P50-P57.
7、Driek Desmet (2000),"Valuing Dot-coms, " The McKinsey Quarterly 2000 number 1
8、Erik Brynjolfsson & Michael D. Smith (1999),"Frictionless Commerce: A comparison of Internet and conventional Retailers," Management Science, April 2000
9、Erik Brynjolfsson, Michael D. Smith (1999)& Joseph Bailey," Understanding Digital Markets: Review and Assessment," MIT Press, July 1999
10、Goldman Sachs Research Teams,"E-Commerce/Internet:B2B," Goldman Sachs, Nov.1999
11、Goldman Sachs Research Teams, " Internet Portals In Europe ," Goldman Sachs, March 1999
12、Goldman Sachs Research Teams," Internet Retailing ," Goldman Sachs, June 2000
13、Hagel, John and Armstrong, Arthur (1997),"Net Gain—Expanding markets through virtual communities," McKinsey & Company, 1997
14、Hagel, John and Singer, Marc (1999),"Net Worth—Shaping Markets When Customers Make the Rules," Harvard Business School Press, 1999.
15、Harmon, Steve (1999),"The Metrics for Evaluating Internet Companies," Morning Report of Internet.com, Feb 23, 1999.
16、Hirshey, Mark (1998)," How much is a Tulip Worth? " Financial Analysts Journal, July-August 1998, p11-P17
17、James L. Grant (1996),"Foundations of EVA for Investment Mangers," Journal of Portfolio Management, Fall 1996,P41-P47
18、Liberman, Marvin B. and Montgomery, David B (1988),"First-Mover Advantage," Strategic Management Journal, Vol.9, 1988 p41-p58
19、Martin L. Leibowitz,"Franchise Margins and the Sales-Driven Franchise Value," Financial Analysts Journal, Nov/Dec 1997,P43-P53
20、Merrill Lynch Research Teams," E-Commerce :Virtually Here, " Merrill Lynch, April 1999
21、Morgan Stanley Dean Witter Research Teams,” The Internet Data Services Report, " Morgan Stanley, Aug 1999
22、Nicholas Economides (1996),"The Economics of Network," International Journal of Industrial Organization, vol. 14, no. 2, March 1996.
23、Sandeep Dayal(2000),"Building digital brands ," The McKinsey Quarterly, 2000 Number 2
24、Shapiro, Carl and Varian, Hal R. (1999),"Information Rule: A Strategic Guide to the Network Economy," Harvard Business School Press, 1999.
25、Shikhar Ghosh(1998),"Making Business Sense of the Internet, " Harvard Business Reviews, March-April 1998t
26、Stabell, Charles B. and Fjeldstad, Qystein D. (1998), "Configuration Value for Competitive Advantage: On Chains and Shops and Networks," Strategic Management Journal. Vol. 19. 413-437, 1998.
27、Stefano Siglienti(1999),"Internet Valuations: Surveying the Landscape ," Stanford University,1999		zh_TW