Social E-commerce Enterprise Value Evaluation

After 30 years of rapid development,the Internet industry in China has been integrated into all aspects of China's social economy and has played a powerful role in promoting China's economic development.Thanks to the continuous popularization of the Internet and the rapid development of network technology,China's Internet e-commerce industry has rapidly risen and grown,which has greatly promoted consumption and changed the traditional consumption pattern.In recent years,problems such as limited innovation,weak web traffic growth and high customer cost have emerged.A large number of vertical ecommerce companies have died and e-commerce user dividends are gradually disappearing.The e-commerce industry is facing bottlenecks in development.However,social ecommerce companies,represented by PDD,Yunji and Red,find a blue ocean in the ecommerce red ocean and show a booming momentum.In 2018,a number of domestic social e-commerce platforms announced financing and “backdoor listing”.With the rise of social e-commerce corporate financing and the wave of mergers and acquisitions,the effective evaluation of social e-commerce companies can provide strong support and basis for obtaining reasonable and accurate transaction pricing in the capital market.The social ecommerce industry is developing rapidly and constantly changing.The traditional evaluation theories and methods have limitations in their value judgment.It is necessary to explore the new ideas of social e-commerce enterprise value evaluation based on the characteristics of enterprises.In this context,the paper firstly describes the definition and classification of social ecommerce enterprises and summarizes several different business models according to it.Meanwhile,the characteristics of social e-commerce and the important factors that may affect its value are deeply analyzes.Secondly,based on the characteristics of social ecommerce,the principles and applicability of the current mainstream evaluation methods and the traditional Internet enterprise value assessment model are analyzed in detail.Next,this paper introduces Guotai Junan Internet Enterprise Value Assessment Framework as the theoretical basis.By studying its theoretical principles and the limitations of the model,the paper improves the parameter definition,parameter relationship and parameter quantification of the model.In this way,the user index is clearer,the relationship between users and enterprise value is more reasonable,the node distance and premium factor are better measured,so that the value evaluation model is more suitable for social e-commerce enterprises.After that,this paper takes the social e-commerce company PDD as an example,uses the revised model to evaluate it and compares the result with the market value to further demonstrate the feasibility and rationality of the model.In the end,this paper believes that it is necessary to improve the existing theoretical research and model framework of Internet enterprise evaluation because of their limitations and defects.Moreover,the introduction of Zipf's law and the more accurate definition of the parameters of the original model make the model more closely match the actual situation of social e-commerce.In addition,in the case analysis of a typical social e-commerce enterprise PDD,the applicability and effectiveness of the improved model for the evaluation of social e-commerce companies are better verified,and the model conclusions can better reflect the enterprise market value.Therefore,the model has a practical value to a certain extent.