Valuation Study Of Vipshop Company Based On Improved CVBC Model

Since the emergence of the internet,it has brought people an informational life,it also changed people's way of life,work and entertainment.Although the development of China's internet industry is later than foreign internet industry,but the development of China's internet industry is very fast.Now,many Chinese internet companies choose to list in domestic or foreign stock markets,such as JD,Alibaba,VIPs etc.After VIPs list in the U.S,Its businesses have grown steadily and leading the Chinese e-commerce industry with a record of 20 consecutive quarters of earnings.Chinese internet companies have achieved good results in a short period of time.However,the life cycle of internet enterprises is obviously different from that of traditional enterprises,which means that the evaluation method of traditional enterprises is not necessarily applicable to internet enterprises.Therefore,it is very important to find a suitable method to evaluate the value of internet enterprises.This paper first summarizes the current situation and characteristics of Internet enterprises,and expounds the characteristics of vip.com enterprises.Secondly,it introduces the basic situation of vip.com,including the company profile of vip.com,the development history of vip.com and the unique business model of vip.com,and analyses the business capability and financial capability of vip.com.Then,it analyzes the applicability of traditional evaluation methods to evaluate the value of Internet enterprises,and elaborates on the CVBC Model and its advantages and disadvantages.Then,based on the characteristics of Internet enterprises,the CVBC Model is improved by setting life weight in different stages of its life cycle,using only active customers to adjust the customer retention rate,and then apply it to the CVBC Model,and then apply the improved CVBC Model to the enterprise value evaluation of vip.com.The results are compared with the market value of vip.com.Finally,according to the results calculated in this paper,the improved CVBC Model is analyzed and summarized,and the applicability of the future CVBC Model is prospected,hoping to promote the application of CVBC Model in the field of Chinese Internet enterprise value evaluation.