Abstract: Based on the problem of virtual high valuation of shared economy enterprises, this paper analyzed the current situation of valuation, found out the reasons behind the chaos, tried to interpret from the perspective of stakeholders, and selected the Metcalfe model based on the number of users to value Uber, the results showed that the valuation level was much lower than the actual market value. It also shows that the number of users is not the decisive indicator of enterprise valuation, and the reasonable valuation of enterprises also need to refer to the current life cycle of the enterprise, business model, profitability, development prospects and other factors.

Key words: sharing economy, valuation, number of users, Metcalfe's law