Study On Evaluation Of Corporate Value Of E-commerce Enterprises

With the emergence and development of Chinese E-commerce enterprises, capital operation activities such as merger, reorganization, marketing become more and more frequent. In this case, outside investors, administrators, and other stakeholders begin to pay-more attention to corporate value. Therefore, it is urgent to find a reasonable method to evaluate the corporate value of E-commerce enterprises.Since E-commerce enterprises are featured with high competitiveness and risk, administrators change present business strategy or investment decision from time to time, in order to adapt the changing environment. That makes traditional methods of evaluating corporate value no longer effective. In this way, Real Options Theory can provides evaluation of corporate value with a new perspective. Real Options Theory takes full account of values of various potential investment opportunities and managerial flexibility, thus it brings new thoughts to theories of evaluating corporate value.At first, this paper gives a overall review of traditional methods of evaluating corporate value and Real Options Theory. With the study of difficulties in evaluating corporate value of E-commerce enterprises, this paper analyzes the limitation of traditional methods and applicability of Real Options Theory. Then this paper gives a detailed introduction to the model, Black-Scholes, and applies the model to the evaluation of corporate value of JUMEI, a Chinese E-commerce enterprise. This paper concludes that the corporate value of JUMEI is overrated, which is proved by the tendency of its share price. It indicates that Black-Scholes can give precise evaluation of corporate value of E-commerce enterprises.