Research On Value Evaluation Of E-commerce Enterprises

As the technology of internet is advancing,e-commerce becomes more and more important in daily life,while the e-commerce enterprises are facing fiercer competition day by day,which induces the emergency of financing from stock marke and equity transaction among e-commerce enterprises.However,the huge investment and long-run loss caused by over-competition lead to stock price sharply rise and fall.The effective solution to the above problems is to make objective and fair assessment,but there is less study on the assessment theories and methods,while the innovating e-commerce models and profit models make the existing assessment methods fail to reflex the reality in full and objective perspective.In conclusion,the assessment method on the value of e-commerce enterprises is worth to be studied.On the basis of studying relevant materials from domestic and abroad,in this thesis,the author firstly adopts methods of literature research,positivism and norm and qualitative and quantitative analysis to analyze the reality and profit models of e-commerce business enterprises in China as well as explain theories and methods of e-commerce enterprises valuation.Then the author analyzes the sources of enterprise connotations and values,the features and composition of enterprise value and discusses the difficulties in e-commerce enterprise valuation as well as the existing problems and limitations at present.Then after illustrating the the rationale of RIV model,the author analyzes the meanings of Ohlson nonlinear models and its feasibility on e-commerce enterprises in China.Next,the author collects related data from 44 e-commerce enterprises with A-share which appeared on the market within 2006 to 2015 as research samples and applies Ohlson residual income model to assess the value of those enterprises and adopts empirical analysis to find out the relation between assessment value and the enterprise performance,in order to check the applicability of the models to e-commerce enterprise valuation.In the last part,the author sums up the results,limitation and future prospects.