A Research On Valuation For B2C E-commerce Enterprise Based On EVA Theory

Chinese e-commerce has developed so quickly since it appeared.The e-commerce transactions grow rapidly and the number of service providers increased significantly,the number of users is also greatly increased.The current mainstream e-commerce model is B2 C e-commerce model.Because of a good momentum of development,broad market prospects,there is lots of money gathering to B2 C e-commerce enterprises.Chinese e-commerce business listing and financing sites are mainly concentrated in the Hong Kong Main Board,the United States Nasdaq and the New York Stock Exchange,such as Mecoxlane,Jumei,VIPS,Jingdong.How to assess the value of B2 C e-commerce enterprises listed outside China has become an important concern for current investors.The particularity of e-commerce enterprises requires us to find a reasonable and effective e-commerce enterprise value evaluation system.This thesis firstly introduces five kinds of value evaluation methods(cost method,market method,income method,option pricing method and EVA method)and analyzes the advantages and disadvantages of various methods and the scope of application.Secondly,this thesis analyzes the characteristics of B2 C e-commerce enterprises,and combined with the characteristics of B2 C e-commerce enterprises to adjust the corresponding accounting subjects to build EVA valuation model.Then,this thesis chooses the B2 C e-commerce enterprise listed on NASDAQ in the United States as the case study,using the adjusted EVA model to calculate the value of the company and testing the effectiveness of the EVA valuation method.Finally,according to the calculated results,the thesis analyzes the shortcomings of EVA valuation method,puts forward the improvement proposal and draws the conclusion.