Jingdong Group's Stock Value Evaluation Research

With the advent of the Internet,it can be seen as a human being entering the fourth revolution.This revolution not only changed people's way of life,but also changed the way companies operate,and gave birth to e-commerce companies.As a product of Internet development,e-commerce enterprises are different from traditional enterprises.In the early stage of development,e-commerce enterprises have the characteristics of large capital expenditure,high risk and fierce competition.These characteristics have also become the reason for the difficulty in evaluating enterprise value.Accurate assessment results not only help to maximize the value of the company itself,but also provide a valuable reference for investors and managers.This paper adopts the case analysis method,taking Jingdong enterprises as a case,and the evaluation base point on December 31,2015,combined with financial indicators to evaluate the enterprise stock value.The research ideas of this paper are divided into three steps: Firstly,the development history of e-commerce industry,the development characteristics of e-commerce enterprises and the specific evaluation characteristics are summarized.Secondly,it introduces the theory and applicability of five methods of market value active user model,price-to-book ratio,market-to-sales ratio,EVA model and DEVA model,perfects the evaluation principle and tries to evaluate the value of Jingdong enterprise stock through five methods.Finally,this paper introduces the Jingdong case,applies five valuation methods,compares the results,and analyzes the reasons for the differences in the valuation results of different methods.The research results of this paper show that the valuation result of the market value active user model is the most accurate and reasonable,and the difference between the real stock value and the the valuation is 2.33%.Compared with other valuation methods,the valuation of the market-value active user model can better reflect the true value of Jingdong.This model combines the number of non-financial indicators active users with the market value of financial indicators,which is closer to the characteristics of e-commerce enterprises.At the same time,according to the valuation results,the limitations of other methods are analyzed,and different methods are applied to different characteristics of different enterprises.Therefore,this paper believes that the market value active user model can be extended to the value evaluation of China's e-commerce enterprises,but it cannot be denied the applicability of other evaluation methods,and should be analyzed in specific situations.