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      由于资本的催化及互联网的迅速发展所带来的人口红利，直播企业在2016年迎来了持续两年爆发式的增长，头部企业如斗鱼、虎牙、映客等直播企业开始率先实现盈利并实现了上市。2019年对于直播行业的投资归于理性，2020年上半年，直播电商的投资数量和投资金额达到新高，同时“直播+”的概念正在兴起。在这样的背景下，直播行业洗牌加剧，投资方对于大型直播企业的投资活动愈发频繁，中小直播企业为扩大影响力寻求融资，对于直播企业的兼并收购活动也愈发频繁。不管是直播企业的上市，还是对直播企业的投资、兼并收购都会涉及到估值的问题，但目前对于直播企业价值评估的研究较为有限。

  基于以上背景，本文首先介绍了研究背景及意义，梳理了直播企业估值的相关文献，并简要明晰地阐述了相关的理论基础，形成了本文的理论基石。其次，从价值视角分析直播企业的商业模式及其与传统企业的区别，分析了这类企业在估值中存在的难点。在充分分析了直播企业的估值特点后，通过对现有估值方法进行分析，发现其存在着一些局限性。针对其存在的局限性，在预测直播企业的现金流量时，本文结合动态现金流量理论的原理引入用户价值的概念分阶段构建了用户动态现金流量视角下的估值模型。最后，以老牌泛娱乐直播企业映客为例，在分析了直播行业的状况以及公司的基本情况后，运用构建的估值方法对其进行价值评估研究。通过与市场法的对比分析，说明了该方法应用于直播企业的适用性。该方法将直播企业现金流量的预测转化为用户相关现金流量的预测和用户不相关现金流量的预测，考虑到了用户及行业趋势对直播企业价值的影响，不管是对于平台内部管理，还是外部投资者对其投资都具有借鉴意义。同时也指出了该模型在应用中尚存在的不足和日后仍有待于解决的难题。

     Due to the catalyst of capital and the demographic dividend brought by the rapid development of the Internet, the live broadcast enterprise experienced two years of explosive growth in 2016, head enterprises such as fighting fish, Tiger Tooth, Yingke and other live broadcast enterprises began to realize profits and realized the listing. In 2019, the investment in the live broadcasting industry is rational. In the first half of 2020, the investment amount and investment amount of the live broadcasters reached a new high, and the concept of "Live +" is rising. In such a background, the live broadcast industry reshuffle intensified, the investment activities of investors for large live broadcast enterprises became more and more frequent, and small and medium-sized live broadcast enterprises sought financing to expand their influence, mergers and acquisitions of live broadcast companies are also becoming more frequent. Whether it is the listing of the live broadcast enterprise, or the investment of the live broadcast enterprise, M & A will involve the problem of valuation, but the research on the valuation of the live broadcast enterprise is limited at present.

    Based on the above background, first, the background and importance of the research is presented and relevant literature of the valuation of live companies is addressed. and briefly and clearly set out the relevant theoretical basis, forming the theoretical cornerstone of this paper. Secondly, from the perspective of value, this paper analyzes the business model of the live broadcast enterprise and its differences from the traditional enterprise, and analyzes the difficulties in the valuation of such enterprises. After fully analyzing the valuation characteristics of live broadcast enterprises, through the analysis of the existing valuation methods, we found that there are some limitations. In view of its limitations, when forecasting the cash flow of live broadcast enterprises, based on the theory of dynamic cash flow, this paper introduces the concept of user value and constructs a valuation model from the perspective of user dynamic cash flow. Finally, take the old pan-entertainment live broadcast enterprise Yingke as an example, after analyzing the situation of the live broadcast industry and the basic situation of the company, we use the valuation method to evaluate its value. Compared with the market method, the applicability of this method in the live broadcast enterprise is illustrated. This method transforms the prediction of the cash flow of the live broadcast enterprise into the prediction of the cash flow directly related to the users and the prediction of the cash flow directly related to the non-users, taking into account the influence of the users and industry trends on the value of the live broadcast enterprise, whether it is for the internal management of the platform, or external investors to its investment are of reference significance. At the same time, the shortcomings of the model in application and the problems to be solved in the future are also pointed out.