Research On Value Evaluation Of Xiaomi Corporation

Since the 1990s,the tremendous changes brought by the rapid development of the Internet industry revolution have changed the habits of people's lives and work.With the growth of the Internet economy,the activities of Internet enterprises in the capital market are also increasing frequently.At present,China's capital market reform has implemented,the CDR has piloted,preparing for the launch of the science and technology board,and impose reform of Innovation board,The time for Internet companies to return to the Chinese capital market is gradually maturing.How to value Internet companies becomes new challenges for companies,investors and regulators.After the establishment of the modern enterprise value assessment theory system,the research on enterprise value assessment theory is increasingly perfect and the practice is gradually improved.However,the traditional valuation model cannot directly explain the value of Internet enterprises.Most Internet companies have unique business models,high growth and high risk,and valuations are different from traditional companies.This paper takes Xiaomi Group as the research object.Firstly,it clarifies the research problems and significance of this paper,summarizes the related literatures of enterprise value evaluation in recent years,and reviews the existing valuation theory and method specific application.Introduce Xiaomi Group's profit model and management model,as well as the difficulty of valuation,explain the necessity of segment valuation and the advantages of customer value method,use the equity cash flow valuation for the mobile phone business,IoT and the daily necessities business use the market-to-sales valuation,and the Internet business is valued by the customer value method,and the market method is used to assist the verification.According to the analysis of this paper,the paper draws enlightenment from the three levels of business operation,investment valuation and capital market supervision.Based on the analysis of the full text,it concludes that the segment valuation and customer value method have reference value for the valuation of Internet companies,and gives Xiaomi Group Investment advice at this stage.Finally,I hope that the research in this paper can play a certain reference role in the valuation of Internet companies.