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- Schneider Robin
- Graduate School of Science and Technology, Keio University
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- Imai Junichi
- Graduate School of Science and Technology, Keio University
抄録
<p>Motivated by recent market developments, this study presents a stochastic user-based corporate valuation model, that is able to forecast user base development, estimate customer equity values for any contractual digital business and link it to the firm value of such companies. As no theory is as good as hard facts, we further venture to provide evidence for the accuracy of our model, by applying it to three real-world business cases.As a consequence of the increasing importance and exponential growth of digital technologies, a new class of digital business models has emerged. These powerful new business models and their implementation in the modern economy have substantially different characteristics from traditional business models, which is why traditional company valuation techniques often fall short in explaining the high market valuation of these companies. The purpose of this study is to develop a quantitative framework to value such companies based on user data rather than traditional financial performance measures.The study shows that the suggested customer equity estimates track the market capitalization of the investigated companies remarkably well. The study further provides some strategic insights for value-based management for these firms derived from comprehensive sensitivity analyses for the most crucial input parameters of the suggested model. </p>
収録刊行物
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- International Journal of Real Options and Strategy
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International Journal of Real Options and Strategy 8 (0), 1-26, 2020
日本リアルオプション学会
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キーワード
詳細情報 詳細情報について
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- CRID
- 1391975831221457408
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- NII論文ID
- 130007958714
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- ISSN
- 21864667
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- 本文言語コード
- en
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- データソース種別
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- JaLC
- Crossref
- CiNii Articles
- KAKEN
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- 抄録ライセンスフラグ
- 使用不可