B2C E-commerce Enterprise Value Evaluation Based On DCF Model

For Internet + heavily promoted,as countries all over the country government successively with today's Internet giant commercial agreements signed a joint project,and it is called the development of electronic commerce and a needle cardiotonic,make its in keeping the momentum of the past and opens up a new market,the prospects are consistent.So more and more individual investors and investment institutions will pay more attention to the development of electronic commerce enterprise,in order to obtain suitable investment opportunities.Electronic commerce enterprise value evaluation have entered people's field of vision.Through this article for the introduction of the discounted cash flow model,combining with case analysis provide theoretical support for B2 C e-commerce enterprise value assessment.Evaluation of cash flow is the enterprise to obtain cash ability,solvency and income quality of key indicators,the intrinsic value is accurately reflect enterprise.The discounted cash flow method to apply the future cash flow of the enterprise in enterprise value evaluation,can help managers and investors will eye with an eye to the future,can realize the importance of enterprise's intrinsic value at the same time,the focus turned to companies can create value.Advocating enterprise manager and investors adhering to the correct value investment idea,attach importance to basic level enterprise value analysis,hope to promote the standardization of the securities market and deepen the degree of marketization of stock market,prompted the intrinsic value of the stock price and the enterprise tend to be the same.Based on the analysis of features of B2 C e-commerce industry situation,as well as the factors influencing the value analysis,according to the research of the related literature at home and abroad,choose the amount of discount cash flow model(DCF model).DCF model is widely used at home and abroad a share price model,enterprise value based on historical financial data of the enterprise and the market environment and industry characteristics to predict future cash flow of the enterprise,and the discount method,thus calculate the intrinsic value of the enterprise.This article selects the typical B2 C e-commerce industry enterprise Dangdang network as the research object,using the case analysis,from the perspective of enterprise's intrinsic value to the comparative analysis of the company's value.Through the model,the application principle of selecting the parameters,and in nearly five years to the case enterprise financial data and operation mode on the objective analysis of such aspects as key parameters to make assumptions,and calculate the evaluation results.In addition,to eliminate or reduce the error due to subjective prediction to the evaluation results,this article will select the multiplier value evaluation method to validate the result analysis.Through case analysis,this paper adopts the DCF model Dangdang the intrinsic value of the enterprise.The following conclusions:(1)Using the discounted cash flow method to B2 C electronic commerce enterprise value evaluation has the scientific nature and accuracy;(2)Through the enterprise value evaluation of Dangdang,and compared to its market value analysis,Dangdang value underestimated,and further verified the enterprise free cash flow discount method to evaluate the effectiveness of the enterprise value.(3)The fair of the discounted cash flow reflects the intrinsic value of the B2 C e-commerce enterprises,has strong reference value for investment.