The Valuation Of The App-based Ride-hailing Enterprise

Living conditions,as the basic needs of the people,containhuge m arket value.Companies have a strong desire to occupy th e minds of consumers.As Yaoyao Zhuanche firstly launched the app-based ride-hailing service in March 2012,Didi Chuxing,Y idao Yongche,Uber and Shenzhou Zhuanche have swept across the m ajor cities in China in past four years.Online ride-hailing platf orms replace the traditional taxi an d become the first choice for high-end travel in the city.Overviewing the development of online rid e-hailing platforms,the process of urbanization and de velopment of mobile Internet created the background of a new era of the outbreak of on line riding-hailing platforms.The government generally encourages companies to develop a new business model,but give the supervision given safety considerations.Meanwhile the slow development of urban public transport and the increasing unemployment rate provide online ri ding-hailing platforms with a vast,potential market space.Theapp-based ride-hailing platform s grow rapidly after occupying the major marketplace and havingenough users.Having enough users give companies an opportunityto extend to the upstream and downstream of the industrial chain.The high growth speed and the wide growth space of the platfor m of the ride-hailing platform have generated tw o demands.One is the financing demand of the enterprise of the ride-hailing platforms,and the other demand is the investor's investment demand.Therefore,it is very important to explore the valuation of the enterprise of theapp-based ride-hailing platforms.On the other hand,the app-based ride-hailing platform s are m ostly non-listed com panies,and they are in a high-speed growth period.Financial data changes rapidly and valuation is extremely difficult.This article uses the case study method to select the UCAR,anapp-based ride-hailing platform that is listed on the New Third Board,as the research object.Based on the theory and application status of trad itional enterprise value assess ment,this paper builds a new valuation system of online ride-hailing platforms with a new perspective and studies the case of Shenzhou Youche.This paper firstly introduces the theoretical definitions of the enterprise value,business model and real options,and elaborates on the three research methods used.Then this paper describes the characteristics and developm ent trend of the car industryof the app-based ride-hailing platforms.The paperalso sum supthree major business modules of the car industryof the app-based ride-hailing platform s in future,namely online riding-hailing business,car sales business and auto finance business.Then,the situation and characteristics of Shenzhou Youcheare introduced,and its ec onomicactivities and financial analysis are carried out.The conclusion can be seen that the layout of UCAR's business in China is in line with three major businesses of the online car industry in future.The paper decomposes the business of Shenzhou Youche as three partsbased on three business modules of online ride-hailing platform.Then this paper respecti vely uses the discounted cash flow valuation model,P/E ratio,and Black-Scholes model based on these three businesses.Finally,the valuation results are analyzed and compared with the existing market value of the enterprise.This kind of splitting business valuation m ethod is more reasonable and effective than the single valuation,and it will be very helpful for the investment and financing decisions of enterprises.In the end,this article makes conclusions.In the past,the relevant documentation on the Internet vehicles did not focus on the content of corporate valuation.The results of the valuation of the corporate value of this article provide a good measure for financiers.At the same time,the comparison between the valuation results of this paper and the current market value of the com pany also provides investors with the expected rate of return.According to the existing and poten tial valuation of online ride-hailing platforms through spin-off businesses,logic methods the paper used have a certain theoretical and practical significance and will be a reference for other ride-hailing platforms.