| According to the new era,people’s material level continues to improve,people have higher requirements for the way,content and quality of shopping.Meanwhile,platform companies in China’s fast-growing online retail enterprises are highly valued by the capital market,the classification of the industry continues to be refined,industry giants are laying out multiple markets,small-scale companies are also undergoing transformation and using a reconfigured business landscape.The ever changing market becomes and potential business risks in operations make the financial metrics of companies not fully reflect their enterprise value.Simultaneously,in the start up phase many companies operating online retail platforms have negative net profits and net cash flows,lacking the prerequisites for the use of financial valuation models.Therefore,the construction of an enterprise value assessment model for online retail platforms from the user value perspective is conducive to obtaining more scientific and objective enterprise assessment results,facilitating the focus on user stickiness and satisfaction,promoting the development of the industry,and building a new development pattern for online retail.Past research has mainly focused on estimating the value of Internet enterprises using historical financial data,and there is a lack of targeted research on the valuation methods of online retail platform enterprise companies.On this basis,this thesis first composes and summarises the research of domestic and foreign scholars on user value and online retail platform enterprise value assessment,and analyses and compares the applicability of three traditional asset valuation methods to online retail platform enterprise value assessment by analysing the characteristics of online retail platform enterprises and the factors influencing enterprise value.The thesis discusses the rationality of the user value model,predicts user size using a grey prediction model,redefines user stickiness,and introduces market size adjustment factors and business adjustment factors to make improved adjustments to the model to suit the characteristics of online retail platform enterprises.In the case study,the thesis analyses the business characteristics and financial situation of the Vipshop enterprise and uses the improved model to estimate its enterprise value,which is shown to be RMB 44.023 billion.In terms of long-term planning,Vipshop must take full advantage of its innovative vertical e-commerce model and high-end brand discounting features to drive the transformation of inactive users into active users and increase the conversion of regular active users into repeat users.At the same time,it can also improve product quality by strengthening the supervision of supply chain links,enriching marketing content to enhance brand image,optimising logistics links to enhance delivery efficiency,and improving users’ experience and satisfaction in using the service.By enriching the assessment methods of online retail platform enterprises and quantifying user value,it is conducive to investors who target online retail platform enterprises to make more accurate decision deployment and select investment objects,and also provides scientific basis and data support for online platform enterprises to expand market scale,layout transformation refinement,avoid business risks or complete enterprise mergers and acquisitions,reminding the whole industry of online retail platform to expand the number of users in multiple initiatives It also reminds the entire online retail platform industry to pay attention to user retention and repurchase rates while expanding the number of users through multiple initiatives,and to pay attention to users’ willingness to pay,forcing the platform to accelerate technological innovation,improve service awareness and safeguard users’ rights and interests,which is conducive to the long-term planning and prosperous development of enterprises. |
