Research On The Value Evaluation Of New Retail Enterprises Under The Asset-light Model

The rapid development of the Internet has led to the development of the retail industry.The new retail combining traditional retail industry with online technology and big data has become a hot spot.The new sales mode has also brought about the replacement and upgrading of the enterprise operation mode.The transformation of the operation mode means that the new retail industry operating under the asset-light mode has different financial data performance from other industries in the past,such as higher cash reserves,higher working capital and generally negative net working capital,high interest and cash flow,which is a more intuitive part of the difference compared with the traditional mode.At the same time,there are still some intangible assets of enterprises that are difficult to quantify in traditional measurement methods,such as brands,patents and proprietary technologies.Although these three are reflected in the balance sheet,most of them are difficult to represent their real expenditures.This also makes the traditional FCFF method underestimate the importance of brand value to such enterprises when facing the valuation of new retail enterprises,and the evaluation results have certain errors and lags.This thesis starts from the analysis of the factors and characteristics affecting the value of new retail enterprises under the asset-light model,analyzes and studies the significance of the asset-light operation model for the value evaluation of new retail enterprises,the construction of the comprehensive evaluation model of new retail enterprises under the asset-light model,the characteristics and limitations of the discounted cash flow method and the brand value calculation method,Finally,a comprehensive evaluation model of free cash flow and Interbrand model,which is suitable for the value evaluation of new retail enterprises,is introduced,and the principle and parameter calculation of the model are described in detail.The research object of this thesis is the new retail group company,which takes into account the user situation of the new retail enterprise,the brand value of the enterprise and the customer impact brought by the brand effect.On the basis of the FCFF method,this thesis introduces the concept of enterprise brand value calculation in the Interbrand method,carries out a comparative analysis and draws a conclusion.The research results show that the evaluation model established in this thesis according to the value characteristics of new retail enterprises is applicable and scientific.Compared with the traditional enterprise value evaluation analysis,the value obtained by the comprehensive evaluation model is very close to the real internal value which provides a new way of thinking about the quantification of the role of intangible assets in the value evaluation of the new asset-light retail enterprise.