Performance Evaluation And Risk Analysis Of Reform On Value Chain Perspective

As the trend of globalization is accelerating year by year,many industries in my country are beginning to prosper.Since my country's Internet business has developed vigorously,e-commerce as a product of its development has begun to infiltrate into all walks of life.The development of e-commerce has become more mature,and the competition in the retail industry has become more intense.The traditional offline retail supply chain system is difficult to adapt to market standards.It has been unable to fully meet the expanding consumer demand and is on the verge of danger.At this time,the concept of new retail has caught the attention of all retail industry participants.In the new retail market,Yonghui Supermarket has many excellent conditions,such as excellent fresh food business,strong traditional supermarket business,and JD.com and Tencent have successively invested in strategic investment.At the end of 2018,Yonghui Supermarket,which launched new retail business for less than three years,broke out a conflict of partners,divested the new retail business by transferring shares,and stated in the annual report that the new retail transformation failed.This article takes Yonghui Supermarket as a case enterprise,first introduces the theoretical basis,and summarizes the research status and development trend of value chain theory and value chain reform at home and abroad through literature review.Then introduced the institutional background,industry background and Yonghui supermarket and its reform measures and motivations.Then it analyzes the effects of various reform measures,the overall performance of reform,and the risks of reform.The four reform measures are equity binding,new retail business,data technology cooperation,and provision of financial services.Among them,the two measures of equity bundling and provision of financial services have been relatively successful,with good results.The two measures of new retail business and data technology cooperation were unsuccessful and did not achieve good results.When evaluating the overall performance of the reform through the EVA value,it was found that the increase in the EVA value in 2016 and 2017 was larger,indicating that the reform has played a greater role in enhancing the value of Yonghui Supermarket's enterprise.Affected by the new retail business in 2018,although the EVA value is still positive,it has fallen sharply.The positive effect of the reform on the enterprise value of Yonghui Supermarket has been greatly weakened.The operating risk of Yonghui Supermarket showed a downward trend and then increased,while financial risk showed an overall upward trend.The main reason for the failure of Yonghui Supermarket's new retail is improper financial planning.In the case where the new retail business is in a lot of “burning money” to seize market share,Yonghui Supermarket not only has not carried out long-term financing,but has also paid dividends for several consecutive years.Finally,for the case of Yonghui Supermarket,relevant conclusions and suggestions are given.