| In the Internet age,Information Technology has been integrated into people’s life.At the same time,various new industries have emerged,among which the development of e-commerce industry is obvious.In the Internet Age,the traditional market structure has been changed in the change of science and technology,the distance between enterprises and customers and suppliers has been gradually drawn closer,and the innovation of transaction mode has changed the traditional economic transaction form.In the macro-economic environment of change,enterprises rely on traditional value creation model has been difficult to enhance market competitiveness,so enterprises need to explore a new model of value creation.China’s e-commerce market is highly competitive,with the two e-commerce giants--Alibaba and JD.com--holding most of the e-commerce market share.In this situation,Pinduoduo pioneered the "Social ecommerce",in the highly competitive e-commerce market to stand out in three years to achieve success on the stock market.Based on relevant theories,this paper sorted out relevant literature on business model and value creation through literature analysis.Case analysis was used to focus on Pinduoduo,and comparative analysis was integrated into the analysis process.Firstly,the nine-factor business model is used to explore the characteristics of Pinduoduo social e-commerce model.Secondly,according to the three stages of value creation experienced by the business model,the value creation process of Pinduoduo under the social e-commerce model is analyzed.Thirdly,the value creation effect of Pinduoduo is evaluated from the financial and non-financial perspectives.From the financial perspective,financial indicators are selected to calculate economic added value,and it is compared and analyzed with similar e-commerce enterprises,so as to evaluate the value creation effect of Pinduoduo more objectively.Then,from the nonfinancial perspective,it analyzes Pinduoduo’s active users and website turnover in recent years.In order to comprehensively and quantitatively analyze Pinduoduo’s enterprise value creation,the revised DEVA model is used to combine financial and non-financial perspectives to estimate its enterprise value.It is concluded that under the social e-commerce model,Pinduoduo has strong debt paying ability,good operation ability,poor profitability but optimistic growth ability,fast growth rate of enterprise value and good market prospects.In general,Pinduoduo’s value creation under the social e-commerce model is positively affected.Combined with the analysis of the process of value creation,to spell,many social electricity business model still exist the following problems:the value proposition of a single value creation stage,value transmission channel pathway is not sound,value acquisition phase cost and income imbalances,aiming at these deficiencies to spell,and a lot of social electricity business model optimization provides Suggestions in the future.Finally,the conclusions are drawn:(1)From a financial perspective,Pinduoduo’s profitability is poor under the social e-commerce model,and its value creation ability needs to be improved;(2)From a non-financial perspective,Pinduoduo has an optimistic market prospect and good value creation ability;(3)To evaluate the value creation ability of enterprises under the emerging business model,financial and non-financial perspectives should be combined. |
