The effects of business models and market conditions on internet valuation : an empirical investigation of the US market = 비즈니스 모델과 market conditions이 Internet valuation에 미치는 영향에 관한 연구an empirical investigation of the US market

Cited 0 time in webofscience Cited 0 time in scopus
  • Hit : 429
  • Download : 0
As the Internet develops into a robust channel for commerce and communications, the importance of Internet valuations is increasing. Although Internet valuations are very important, valuing high-growth, high-uncertainty, high-loss Internet firms has been a challenge. Generally, a robust valuation consists of an in-depth analysis of a specific company and its market conditions. However, most existing studies of Internet valuations limited to the shorthand approaches, not considering a set of complex internal and external factors that affect a Internet firm and its industry. In that regard, the purpose of this study is to provide a systematic guideline for valuing Internet companies in terms of economic theory. This study especially focused on the differences in Internet firms`` business models and the market conditions at the strategic group level and on how these differences affect a firm``s value. Moreover, this study analyzed the relationship between the evolution patterns of the Internet market and valuation methods by using the business life cycle theory. First, this study divided 250 Internet companies in the US into nine strategic groups, concentrating on their business models, and analyzed whether there are differences in performance and business life cycle patterns across strategic groups. And it examined how these differences may affect valuation methods. The hypotheses were tested using mean test, ANOVA test, correlation analysis and the analysis of stock price chart. The main points of the result are: (i) there were differences in performance among strategic groups in the Internet industry, (ii) each strategic group had a different business life cycle in terms of stock price flow, (ii) the differences of the strategic groups and life cycle patterns affected valuation methods. Especially, the correlation coefficients between market capitalization and traditional valuation variables such as revenue were very high in case of the firms o...
Advisors
최선규Choi, Seon-Kyou
Description
한국정보통신대학원대학교 : 경영학부,
Publisher
한국정보통신대학교
Issue Date
2000
Identifier
391991/225023 / 000983930
Language
eng
Description

학위논문(석사) - 한국정보통신대학원대학교 : 경영학부, 2000, [ ix, 89 p. ]

Keywords

Internet; business model; 가치평가; 인터넷; valuation; 비즈니스 모델

URI
http://hdl.handle.net/10203/54310
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=391991&flag=dissertation
Appears in Collection
School of Management-Theses_Master(경영학부 석사논문)
Files in This Item
There are no files associated with this item.

qr_code

  • mendeley

    citeulike


rss_1.0 rss_2.0 atom_1.0