| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 89 === In this article, the author is trying to answer all the following questions. 1). Why Net Stocks have grown frenzy since last year? 2). Are Internet stocks bubbles? 3). What are the cost structures, investment patterns, and revenue types and prospect of those Internet buinesses? 4). Are there any fundemental approaches applicable to the valuation of those stocks? 5).What is the essential financial and economic analysis for us to understand paradigm shift and new business models of those internet-based companies?
The author finds turning back to the economics can best depict the relative competitiveness of those Internet stocks. Thus, the author bases the foundation of the game of increasing return, and then proposes the different non-financial parameters to explain the stock behavior of each Internet players by the framework of Hagel and Singer (1999). The result is relatively satisfactory.
We find that, based on our proposed non-financial indicators, each category leaders─Yahoo (Portal), Amazon (Transaction Aggregator), GeoCities (Virtual Communities), DoubleClick (Advertising Networks)─are possibly capturing more value than any other second-tier players, and thus enjoying higher market caps, which is the essence of the “Relative Valuation Method”. In addition, that stock phenomenon has revealed the virtue of the increasing return of the Internet games and “Winner-Take-Most” (in terms of market share and Market Cap for each category).
Finally, the author finds one more interesting result is that B-C auction players (like Onsale.com) should be treated as transaction aggregators to evaluate their business models. Whereas, C-C auction players (like eBay.com) should be solely categorized as another infomediary model, which was not mentioned in the framework of Hagel and Singer (1999). Because revenue inflow of these two categories differ totally.
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