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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 31-三月-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-p573、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, 19995、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 18、Erik Brynjolfsson & Michael D. Smith (1999),"Frictionless Commerce: A comparison of Internet and conventional Retailers," Management Science, April 20009、Erik Brynjolfsson, Michael D. Smith (1999)& Joseph Bailey," Understanding Digital Markets: Review and Assessment," MIT Press, July 199910、Goldman Sachs Research Teams,"E-Commerce/Internet:B2B," Goldman Sachs, Nov.199911、Goldman Sachs Research Teams, " Internet Portals In Europe ," Goldman Sachs, March 199912、Goldman Sachs Research Teams," Internet Retailing ," Goldman Sachs, June 200013、Hagel, John and Armstrong, Arthur (1997),"Net Gain—Expanding markets through virtual communities," McKinsey & Company, 199714、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-P1717、James L. Grant (1996),"Foundations of EVA for Investment Mangers," Journal of Portfolio Management, Fall 1996,P41-P4718、Liberman, Marvin B. and Montgomery, David B (1988),"First-Mover Advantage," Strategic Management Journal, Vol.9, 1988 p41-p5819、Martin L. Leibowitz,"Franchise Margins and the Sales-Driven Franchise Value," Financial Analysts Journal, Nov/Dec 1997,P43-P5320、Merrill Lynch Research Teams," E-Commerce :Virtually Here, " Merrill Lynch, April 199921、Morgan Stanley Dean Witter Research Teams,” The Internet Data Services Report, " Morgan Stanley, Aug 199922、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 224、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 1998t26、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-Yol en_US dc.contributor.author (作者) 林連彬 zh_TW dc.contributor.author (作者) Steven Lin en_US dc.creator (作者) 林連彬 zh_TW dc.creator (作者) Lin, Steven en_US dc.date (日期) 2000 en_US dc.date.accessioned 31-三月-2016 15:33:27 (UTC+8) - dc.date.available 31-三月-2016 15:33:27 (UTC+8) - dc.date.issued (上傳時間) 31-三月-2016 15:33:27 (UTC+8) - dc.identifier (其他 識別碼) A2002002095 en_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) 86357011 zh_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 Introduction1.1 Research Motivation1.2 Research Objectives1.3 Research Framework1.4 Limitations of ResearchChapter 2 Valuation Model and Literature Reviews2.1 Traditional Valuation ModelsA、Dividend Discount ModelB、Free Cash Free Discount ModelC、Economic Value Added MethodD、Price/Earning MultiplesE、Price/Book value MultiplesF、Price/Sales Multiples2.2 Practical Valuation Models for Internet CompaniesA、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 Markets3.1 Some Theories in the E-commerce marketA、Network ExternalitiesB、The Law of Increasing ReturnC、Loops to Increasing ReturnD、Switching cost and Lock-in EffectE、Services Provided by InformediariesF、Markets Suitable for E-commerceG、The Advantages of E-commerce3.2 Introduction to E-Commerce MarketsA、Categories of Internet CompaniesB、Traffic(Customers)C、AdvertisingD、Criteria for a Successful Internet CompanyF、the Future of E-commerce Companies3.3 Industry of Portals and Yahoo!A、What is a portal?B、Introduction to Yahoo!C、Competitive Forces on Yahoo! in the portal industryD、Revenues and Costs of Yahoo!Chapter 4 Valuation of Yahoo!4.1 Valuation Process4.2 Business Model AnalysisA、US and World-wide Online Advertising MarketsB、Market Shares of Top Five Leading Portals in the US Online Advertising market4.3 Industry Analysis and Company AnalysisA、Industry AnalysisB、Strengths and Weaknesses of Yahoo!4.4 Financial ForecastingA、Assumptions of Income StatementB、The Rationales of AssumptionsC、Forecasted Income Statement4.5 Valuation Model SelectionChapter 5 Valuation of Yahoo!5.1 Discount Free Cash Flow to Equity5.2 Adjusted Free Cash Flow to Equity5.3 Comparative Valuation MethodsA、Valuation of Yahoo! by Using Industry Average MultiplesB、Valuation of Yahoo! by Using adjusted Multiples of Itself5.4 Model Price of Different Valuation Methods5.5 Scenario Analysis of Stock PriceChapter 6 ConclusionsReferenceAppendix zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002002095 en_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) portal en_US dc.subject (關鍵詞) valuation en_US dc.subject (關鍵詞) internet en_US dc.subject (關鍵詞) content en_US dc.subject (關鍵詞) discount free cash flow en_US dc.subject (關鍵詞) PE-adjusted free cash flow en_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) thesis en_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-p573、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, 19995、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 18、Erik Brynjolfsson & Michael D. Smith (1999),"Frictionless Commerce: A comparison of Internet and conventional Retailers," Management Science, April 20009、Erik Brynjolfsson, Michael D. Smith (1999)& Joseph Bailey," Understanding Digital Markets: Review and Assessment," MIT Press, July 199910、Goldman Sachs Research Teams,"E-Commerce/Internet:B2B," Goldman Sachs, Nov.199911、Goldman Sachs Research Teams, " Internet Portals In Europe ," Goldman Sachs, March 199912、Goldman Sachs Research Teams," Internet Retailing ," Goldman Sachs, June 200013、Hagel, John and Armstrong, Arthur (1997),"Net Gain—Expanding markets through virtual communities," McKinsey & Company, 199714、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-P1717、James L. Grant (1996),"Foundations of EVA for Investment Mangers," Journal of Portfolio Management, Fall 1996,P41-P4718、Liberman, Marvin B. and Montgomery, David B (1988),"First-Mover Advantage," Strategic Management Journal, Vol.9, 1988 p41-p5819、Martin L. Leibowitz,"Franchise Margins and the Sales-Driven Franchise Value," Financial Analysts Journal, Nov/Dec 1997,P43-P5320、Merrill Lynch Research Teams," E-Commerce :Virtually Here, " Merrill Lynch, April 199921、Morgan Stanley Dean Witter Research Teams,” The Internet Data Services Report, " Morgan Stanley, Aug 199922、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 224、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 1998t26、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
