Research On Evaluation Of E-commerce Enterprise Value

From the beginning of20th Century90years, e-commerce in China rise, after20years of development, China’s e-commerce is coming into the mature stage, but before this, the industry will experience a period of integration. How to determine the value of e-commerce enterprise has become a concern of investors. Based on this background, taking the electronic commerce enterprise as the object, conducts the research to its value. By studying a large number of data, the concept, classification of e-commerce enterprises are summarized, combined with the development status and trends, we set up the basic to understand the value of e-commerce enterprise. The external environment and the internal operating factors which forming the value of e-commerce enterprise are also the object we have to research.We believe that innovation on evaluation method is important, but if the traditional evaluation method of enterprise can be combined with the actual situation of the enterprise, we can do more research on it. Scholars, enterprises researched several methods like real option model, fixed price earnings ratio model and the discounted cash flow method to assess the value of the enterprise. According to the electronic commerce enterprise’s business model, the investment recovery mode, profit mode, we modify the traditional discounted cash flow model and use it to evaluate e-commerce enterprises.The B2B industry starts early, but the industry is also facing the fate of being integrated, so we select Shengyibao as the appraisal object, who take small share in the industry. Through the analysis of its listing information, according to specific conditions of the company, its free cash flow is modified. Then we estimate the company’s market value, and the actual price the market comparison, validation of modified discounted cash flow model.Although the electronic commerce enterprise’s income is uncertainty, have large initial investment, but using the modified discounted cash to estimate the value of e-commerce enterprise is worked.