The Business Model Evolution Of Express Delivery Industry And Its Impact On Enterprise Value

At present,China’s express delivery industry is developing rapidly.From 2018 to2021,the annual business volume of China’s express delivery has doubled.In 2021,China’s express delivery business volume has reached 100 billion pieces.However,the development of China’s express delivery industry started relatively late.The entire industry is still in the stage of transformation and upgrading.Most companies in the industry do not have their own characteristics and can only strive for market share by reducing costs and prices.To this end,this paper selects SF Express,which has relatively good profitability and a large volume in the express delivery industry,as the research object.This paper divides the business model elements of the express industry into auxiliary and basic elements through the value chain model.Starting from the internal and external factors that drive the growth of SF Express,it analyzes how the internal and external driving factors affect the layout of SF Express’ s freight hubs,and how changes in the hub layout affect the auxiliary elements of SF Express’ s business model.Four development periods of SF Express.Finally,through the qualitative and quantitative analysis of the enterprise value of SF Express,the influence of the business model on the enterprise value is verified.In terms of specific content,this article first introduces the current situation of China’s express delivery industry,starts with the analysis of external driving factors in the express delivery industry,and summarizes the main driving factors driving the development of SF Express in stages.Afterwards,it analyzes how SF Express chooses different freight network hub layouts,and introduces the characteristics of different hub layouts.According to the characteristics of the hub layout,analyze the differences in the elements of SF’s business model in different periods.The four development periods of SF Express are divided by driving factors,hub layout and business model,and the corresponding business models are summarized.Finally,EVA,price-earnings ratio and price-to-book ratio combined with qualitative analysis are used to evaluate the corporate value of SF Express.This paper summarizes how SF Express changes and develops its freight hub layout in the face of the driving factors of enterprise development,and how the change in freight hub layout affects the choice of the enterprise’s business model,which in turn affects the value of the enterprise.It is concluded that if express companies want to pursue their own development,they must grasp the driving factors keenly and adjust their own freight hub layout and business model.It has played a certain reference and reference role for other express delivery companies to study business model choices and pursue corporate value.