| With the advancement of technology and the widespread use of the Internet,ecommerce companies have been experiencing rapid growth.Domestic capital markets generally hold an optimistic attitude towards e-commerce companies,as economic activities in this sector are frequent.Therefore,it is necessary to select appropriate valuation methods that objectively reflect the value of the assessed e-commerce companies,considering their unique business models.Most e-commerce companies operate on a light-asset model with a high proportion of intangible assets.They may not have achieved profitability yet,and their future development prospects may be uncertain.How investors should make valuation judgments for such companies is an urgent problem that needs to be addressed.The present study begins by researching the development and business models of the e-commerce industry,highlighting the distinct characteristics that set it apart from traditional industries.It then analyzes the features of traditional valuation models,discussing their applicability and limitations.Subsequently,considering the user-driven nature of the e-commerce industry,the study introduces the DEVA valuation model based on Metcalfe’s Law as its theoretical foundation,suggesting that the DEVA model aligns well with e-commerce companies.However,it acknowledges that the traditional DEVA valuation model still faces the issue of overvaluation due to its outdated nature.Building upon theories such as Dunbar’s Number,Zipf’s Law,and the Matthew Effect,the study proposes modifications to the DEVA model,resulting in an adjusted DEVA valuation model.The study further employs the case of JD Health,analyzing its business model and operational situation,and quantitatively calculates the valuation results using the adjusted DEVA valuation model.A comparison with traditional valuation methods demonstrates the significant superiority of the adjusted DEVA valuation model.This paper continues the core idea of the DEVA valuation model,which measures the value of companies from the perspective of users,providing a new perspective for evaluating the value of e-commerce companies in the digital era.The modified model is more applicable to the valuation of the Internet e-commerce industry,enriching the existing valuation theory system. |
