Research On The Impact Of Shared Bicycles On The Valuation Of Listed Bicycle Companies

With the advent of the Internet,smartphones and mobile payments,a large number of new and innovative new products are emerging,and they are quietly changing people's lives,bringing surprises and conveniences.Sharing bicycles is the product of new technology.Its emergence has brought new development opportunities to bicycle listed companies,and the bicycle industry has ushered in a new economic growth point.Based on this background,this paper studies the impact of the valuation of bicycles on the listed companies after the emergence of shared bicycles.It can provide practical advice for the future development of bicycle listed companies through the phenomenon.Based on domestic and foreign literature and related theoretical research,this paper selects Shanghai Phoenix,Zhonglu shares,and Xinlong Health's three bicycle listed companies as representatives to study the impact of shared bicycles on the valuation of the entire bicycle listed company.In the research process,taking the impact of shared bicycles on the bicycle market as the starting point,combined with the life cycle of the bicycle industry,the impact of the shared bicycle on the valuation of bicycle listed companies in terms of operating income,cash flow and customer structure was studied.At the same time,the two methods of discounted cash flow and price-to-book ratio were used to evaluate the bicycle listed companies.The conclusions are as follows:(1)From 2014 to 2017,the rapid development of shared bicycles has brought the number of indicators of bicycle listed companies to a record high,and has raised the valuation of bicycle listed companies from 2015 to 2016.(2)In 2018,the number of shared bicycles was much higher than the demand,and the management order was chaotic,which made the indicators of the bicycle listed companies and the company's valuation show a downward trend.Based on the above conclusions,the company will finally update the "Internet+" operation mode for the future development of bicycle listed companies,develop bicycle tourism business,actively develop high-end products,and expand practical advice such as overseas markets.