1、摘 要支付体系是为社会提供资金支付清算和结算服务的金融基础体系，它支撑着整个社会经济活动中资金的流动与转移。在电子商务和电子支付出现之前，社会上的支付活动一般有银行和专业的支付机构来完成，随着电子商务和电子支付的发展，大量分散的、零星小额的线上支付业务开始出现，但金融机构此时并没有及时的给广大的需求者提供资金支付的平台，这个时候互联网金融企业就应运而生了。互联网金融平台的出现是对国际支付体系的一种有效补充。互联网金融企业刚开始主要为电子支付提供交易平台，但是随着行业的发展，互联网金融企业开始逐渐进入线下支付领域，互联网金融企业与传统的支付企业的差距正在变得越来越小。伴随着电子商务在我国的快速发
2、展，国内的互联网金融企业也进入到一个发展高峰，互联网金融企业的数量也急速增长，截止到年，国内的互联网金融企业达到了300多家。伴随着市场蛋糕的做大以及互联网金融企业的身份得到金融监管机构的认同，互联网金融企业在国内上市的预期也越来越热。同时随着行业竞争的愈发激烈，互联网金融行业内已经出现收购与并购的现象，而这一现象将在未来一段时间内继续存在。不管是并购、兼并或者是未来的上市，都需要对互联网金融企业进行价值评估。文章首先对研究目的、意义进行阐述，说明本文的研究内容以及使用的方法。其次，介绍互联网金融企业价值评估理基础，对互联网金融企业的基本理论知识进行阐述，然后对适合互联网金融企业的价值评估方法
3、进行探讨，得出改进的市销率法，主要用来评估互联网金融企业的价值。第三，着重介绍改进市销率法的基本原理，即模糊综合评判法、层次分析法与市销率法结合的基本原理，并说明改进市销率法在互联网金融企业中的具体应用步骤。第四，选择上市互联网金融企业中国支付通进行案例分析，采用改进市销率法对互联网金融企业价值评估的具体步骤对中国支付通公司进行评估，确定企业的价值，与中国支付通2015年的市场价值进行对比，验证新建模型的合理性。最后对改进市销率法在中国支付通中的运用作总结分析，进一步突出改进市销率法在互联网金融企业价值评估中的适用性。最后，研究结论及展望，对全文分析内容进行总结，指出本文在对互联网金融价值评估
4、研究中存在的不足，对进一步可能的研究方向进行初步探讨。关键词：互联网金融企业 价值评估方法 改进的市销率法AbstractPayment system is the basic financial system to provide financial services for the payment and settlement of the society. It supports the flow and transfer of funds in the whole social economic activities. Before the emergence of electroni
5、c commerce and electronic payment, social payment activities generally have payment institutions and professional bank to complete, with the development of electronic commerce and electronic payment, a large number of scattered and sporadic small online payment business began to appear, but the fina
6、ncial institutions at this time and not timely to the need to provide funds to pay the this platform, when the Internet financial enterprises came into being. The emergence of Internet financial platform is an effective supplement to the international payment system. The Internet financial enterpris
7、es started mainly for electronic payment trading platform, but with the development of the industry, the Internet financial enterprises began to enter the payments under the line, the Internet financial enterprises and traditional enterprises pay the gap is getting smaller.Along with the electronic
8、commerce in Chinas rapid development, the domestic Internet financial enterprises also entered into a development peak, the number of Internet financial enterprises are growing rapidly, up to the year, the domestic Internet financial enterprises reached more than and 300. Along with the market cake
9、bigger and the identity of the Internet financial companies are recognized by financial regulators, Internet Banking Companies in the domestic market is expected to become increasingly hot. At the same time, with the increasingly fierce competition in the industry, the Internet has emerged in the fi
10、nancial sector acquisitions and mergers and acquisitions, and this phenomenon will continue to exist in the next period of time. Whether mergers and acquisitions or mergers and acquisitions in the future, we need to assess the value of Internet banking companies.Firstly, the purpose and significance
11、 of the research are explained in this paper. Secondly, the Internet financial enterprise value evaluation theory foundation, the basic theoretical knowledge of Internet financial enterprises is elaborated, then the value evaluation method for Internet financial enterprises is discussed, the improve
12、d rate of sales, mainly used to assess the value of Internet financial enterprises. Third, this paper mainly introduces basic principle of improved sales ratio method, fuzzy comprehensive evaluation method, AHP and sales ratio method combined with the basic principle, and the concrete application st
13、eps of improved sales ratio method in financial companies in the internet. Fourth, choose the financial companies listed on the Internet Chinese payment through case analysis, the specific steps to improve sales ratio evaluation method for Internet financial enterprise value assessment of Chinese pa
14、yment through the company, determining the value of enterprise value, compared with China on 2015 market price to pay, verify the rationality of the new model. Finally, the paper makes a summary analysis of the application of the improvement of the market rate method in China, and further highlights
15、 the applicability of the improvement of the market rate method in the evaluation of Internet financial enterprises. Finally, the conclusions and prospects of the full text of the analysis of the contents of the article, pointing out that the article in the study of the financial value of the Intern
16、et, the lack of further research on the direction of the preliminary study.Key words: Internet financial enterprise, value evaluation method, improved price-sales ratio approach目 录摘 要IAbstractII第1章 导论11.1研究目的与意义11.1.1研究目的11.1.2研究意义11.2国内外研究现状21.2.1国外研究现状21.2.2国内研究现状41.2.3研究文献评述与展望91.3研究内容与方法111.3.1研究内容111.3.2研究方法12第2章 互联网金融企业价值评估理论基础132.1互联网金融企业的定义及特点132.1.1互联网金融的定义132.1.1互联网金