eBay Valuation

Let's take a look at some details about these different methods. Here's eBay's balance sheet for December 31, 2015:

eBay, Inc. Consolidated Balance Sheet (in millions, except par value amounts)
	YEAR ENDED DECEMBER 31,
	2015		2014
ASSETS
Current assets:
Cash and cash equivalents	$1,832		$4,105
Short-term investments	4,299		3,730
Accounts receivable, net	619		600
Other current assets	1,154		1,048
Current assets of discontinued operations	___		17,048
Total current assets	7,904		26,531
Long-term investments	3,391		5,736
Property and equipment, net	1,554		1,486
Goodwill	4,451		4,671
Intangible assets, net	90		133
Other assets	395		207
Long-term assets of discontinued operations	___		6,368
Total assets	17,785		45,132
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt	___		850
Accounts payable	349		107
Accrued expenses and other current liabilities	1,736		3,830
Deferred revenue	106		108
Income taxes payable	72		125
Current liabilities of discontinued operations	___		12,511
Total current liabilities	2,263		17,531
Deferred and other tax liabilities, net	2,092		522
Long-term debt	6,779		6,777
Other liabilities	75		79
Long-term liabilities of discontinued operations	___		317
Total liabilities	11,209		25,226
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.001 par value; 3,580 shares authorized: 1,184 and 1,224 shares outstanding	2		2
Additional paid-in capital	14,538		13,887
Treasury stock at cost, 443 and 384 shares	(16,203)		(14,054)
Retained earnings	7,713		18,900
Accumulated other comprehensive income	526		1,171
Total stockholders' equity	6,576		19,906
Total liabilities and stockholders' equity	$17,785		$45,132

In this balance sheet, the assets of eBay are listed as having a value of $17.8 billion and the total equity of eBay is listed as $6.6 billion.

Alternatively, we could look at the market price for eBay's equity. On December 31, 2015, eBay's stock finished the day trading at $27.14 per share and there were 1.184 billion shares outstanding. Those values suggest that the market is valuing eBay's equity at around $32.1 billion.

What's wrong with these two methods - balance sheets and market prices - for assessing value? Why might these depictions of value not correspond to the value that an acquirer could place on eBay?