The Research On Value Evaluation Of CTS International Logistics Corporation Limited Based On The Lifecycle Theory

In the context of economic globalization,the logistics industry is becoming more and more important in the development of the world economy.The logistics industry is in the growth stage of industry development,and large-scale mergers and acquisitions among enterprises occurred frequently.With the rapid development of China's economy,the integration of logistics enterprises,including mergers and reorganizations is frequent,so enterprise value evaluation is more prominent in foreign investment and enterprise reorganization.In this paper,according to analyzing the enterprise value and its influencing factors and evaluation model and the theory of Life cycle,find that the theory of enterprise value assessment is enriched with the development of economy.Domestic and foreign scholars have conducted a great deal of research on the influencing factors of enterprise value,providing many ways to improve the evaluation model.Thus,these also provide a rich theoretical foundation for this paper.But traditional methods of assessment like Cost method,Income approach,Market approach,Real option method have their owe limitation.Comparatively speaking,applying the life cycle theory to traditional evaluation methods is better,because it has been optimized in evaluating method selection and evaluating parameter variation prediction.In this paper,select "the first wave listed in cross-border logistics " CTS International Logistics Corporation Limited as a case.Based on the analysis of enterprise development scale,financial capacity,customers and suppliers,etc.,using the life cycle theory to identify CTS International Logistics Corporation Limited life cycle stage.According to the characters of cycle phase,free cash flow valuation model in income method is adopted as the valuation method,considering the merger and acquisition strategy,the growth of specific evaluation calculation using two-stage growth model,giving full consideration to the life cycle for the forecast of concrete parameters characteristics,to make the evaluation results more accurate.Including the evaluation results of traditional evaluation methods,relative valuation method in market method,and stock value are compared with the evaluation results of this paper,then to analyze the reasons for the differences.The results show that,when evaluating the enterprise value of logistics industry,the method of life cycle theory can optimize the original evaluation method.The evaluation model and parameter prediction method provided by this paper provide reference for other enterprises in the logistics industry to use life cycle theory to evaluate the value.