| With the rapid development of internet, electronic commercial transaction patter has been used by a majority of enterprises. The main sales channel of this pattern is based on the way provided by the internet for consumers to understand, select and purchase the products. And the existing theory of enterprise valuation is based on the research of the traditional enterprises valuation methods and view of appraisal. However, there is a big difference between the traditional enterprises and B2B ones, leading to a failure of the application of the common valuation methods. With the development of B2B industry, the uncertainty of the investment project of the B2B enterprises will become certain gradually. The potential profitability of the project will be more clear with the development of the life cycle of enterprises, and the overall value of the enterprises will also become more certain. In this thesis, I will make a conclusion on a creative method of valuation of the B2B enterprises. And the most obvious difference between the traditional valuation method and the creative method is that this creative method contains the potential profitability in the future.This thesis is composed of four parts. The first part summarizes the characteristics of B2B enterprises, the research background and practical significance of the enterprise valuation. The second part introduces some basic concepts of B2B enterprises and analyses that the sole application of traditional valuation method is not suitable for the B2B enterprises based on the life cycle, leading to the application of this new method. The third part makes a conclusion that the complementary of B-S model and DCF model should be the most proper valuation method in B2B industry. In the final part, I will check the feasibility of this new method by using the Shanghai Mysteel Co.,Ltd as an example. And I will analyze the prospects of this method as well as its limitation. |
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