Research On The Value Of Apparel Listed Enterprises Under New Retail Model

China’s retail market and retail models are changing in the context of the digital economy,The Digital Economy Development Plan proposes to use data as a key element and the deep integration of digital technology with the real economy as the main line to transform and upgrade traditional industries and cultivate new industries,new business models and new modes.Along with the application of big data technology,the digitalisation of business methods and the new operating model of intelligent shops have given garment companies greater scope for development.There are many elements and difficulties in assessing the value of enterprises in transition,and the current valuation methods tend to overlook their potential value.Therefore,it is relevant to study the overall value assessment of apparel companies under the new retail model.This paper applies enterprise value and real options theory to collect and collate the relevant financial data of 18 listed companies in the new retail apparel market,including "Taiping Bird" and "Helan Home",for the past 10 years.Taking into account the valuation characteristics of apparel companies in the new retail model,this paper adopts the SchwartzMoon model to assess the overall value of listed apparel companies in the new retail model in China.Chapter 2 is the theoretical foundation,mainly introducing the enterprise value theory,real options theory enterprise value assessment methods in enterprise value assessment;Chapter 3 is an analysis of the valuation issues of apparel enterprises under the new retail model.It systematically describes the current development status and valuation characteristics of apparel enterprises under the new retail model,and discusses the applicability of the Schwartz-moon model in the real options approach to the valuation of apparel enterprises under the new retail model by making a comparative analysis of existing valuation methods and taking into account the characteristics of the enterprises themselves;Chapter 4 deals with the construction of a valuation model for apparel enterprises under the new retail model,covering the assumptions of the Schwartz-moon valuation model and the model building process,and detailing the selection of the parameters of the model;Chapter 5 is the empirical analysis,in which 18 apparel companies under the new retail model,represented by "Hailan House",are selected as samples for value assessment according to the valuation model constructed in Chapter 4,and the overall enterprise value assessment results are compared with the market value on the valuation benchmark date to verify the accuracy of the model;Chapter 6 mainly presents research conclusions and countermeasures based on the previous theoretical research and empirical analysis,providing new methodological options for the valuation of apparel enterprises under the new retail model,as well as providing certain investment references for investors.The study concluded that:firstly,current valuation methods are more difficult to apply to the valuation of apparel businesses in the new retail model;Secondly,the Schwartz-Moon pricing model has applicability to the valuation of the value of listed apparel companies under the new retail model.The recommendations are as follows: firstly,valuation professionals in practice should pay attention to the valuation characteristics of transforming new retail enterprises and choose their valuation models carefully;Secondly,appraisers need to continuously improve their professional competence,learn and apply new appraisal models and avoid personal subjective judgements in the appraisal practice process;Finally,in the investment process,investors should not only focus on the financial and operational situation of the company,but should also comprehensively analyse the investment value of the target company and should not ignore the potential value of the transformed new retail business model company.