Study On The Valuation Of The Listed E-commerce Enterprises

With the popularity of computers and networks, the development of Secure Electronic Transaction protocol and Government support and promotion, e-commerce developed quickly since the mid1990of the20th century. After the The dot-com bubble burst in2000,which had serious influence on the industry Electronic commerce has gradually stepped into the stage of steady development. Now, it has become an indispensable part of modern business. Just in this period, more and more e-commerce enterprises come into being and grow quite quickly. Along with the extensive development of e-commerce in the world and our country,e-business valuation becomes the focus of attention. Because of the short history of this kind of company, the significant difference on model of the enterprise and profit-making mode from traditional business mode, traditional valuation methods will no longer applicable. Besides, although there are many research on e-commerce business valuation, it has not yet formed a perfect and feasible system. In addition, China’s e-commerce enterprises gradually developed in recent years, listed e-commerce companies continue to increase and the scale is also increasing. In the first half of2014alone, JD.com, Tuniu.com, Jumei.com, Alibaba.com and some other e-commerce enterprises submit IPO or officially listed. These events not only draw more attention to the business industry, but also make it possible to study the value assessment of listed e-commerce enterprises.This thesis is composed of five chapters:The first part of the introduction, introduced a paper on background, meaning and significance of research.The second part introduces the current development of e-commerce enterprise and the characteristics of this kind of company, including the electronic commerce enterprise definition, classification, characteristics of enterprise, the three stage theory etc. At the end of this part, the characteristics of evaluation of e-commerce enterprise value and the most difficult factors to overcome are recommended.The third part introduces the main method of business valuation at present, such as the market assessment method, the discounted free cash flow method, the method based on EVA, the residual income model assessment, the real option evaluation method and the method of vague Mathematics. Carry on the comparative analysis of the various methods and discusses its characteristics, application range and limitation. It also introduces the calculation method of the forecast period.The forth part select the SINA Corporation as the research object, use logical positivism method to make a detailed list of the application of the residual income model, achieve the value prediction and evaluation of the SINA Corporation by the model above, verified the feasibility and effectiveness of the residual income model for the value evaluation of e-commerce listed companies. Then the thesis focus on the method of the sales ratio method, the discounted free cash flow, residual income model assessment,by empirical comparative analysis for the sixty sample enterprise data to prove that the residual income model assessment is more suitable for the evaluation of listed e-commerce enterprises’value.The fifth part is the conclusion and prospect of the research of this paper, it summarizes general mind of the article,points out the shortcomings of the research and the problems need to be studied further.This article’s findings indicates that the residual income model and the earnings model has more explanatory power on price than the other three models. Besides, combining evaluation results and price earnings ratio can effectively explain the electronic commerce enterprise’s stock value. Last, residual income model can not only make a reasonable evaluation of e-commerce listed company, but also help managers explore the driving factor of company valuation.The writing of this thesis is mainly used two research methods, the analysis and logical empirical specification (including case analysis and empirical test). It introduces and analyses the properties of e-commerce enterprise value evaluation, traditional value assessment method and basic principle of residual income in theory. Select the residual income model assessment to design for the evaluation of listed e-commerce enterprises. Then use logical positivism method to show the validity of the model.The core of this study is that by basing on characteristic of evaluation of e-commerce enterprise value and the applicability of various evaluation methods, draw the conclusion that the residual income model assessment is more suitable for the evaluation of listed e-commerce enterprises’value through qualitative analysis and empirical study. This innovation is reflected in two aspects. First, make it clear what the characteristics of evaluation of e-commerce enterprise value are, select the residual income model assessment to design for the evaluation of listed e-commerce enterprises. Second, this thesis focus on the method of the sales ratio method, the discounted free cash flow, residual income model assessment,by empirical comparative analysis for the sixty sample enterprise data to prove that the residual income model assessment is more suitable for the evaluation of listed e-commerce enterprises’value.