Enterprise Value Evaluation Of E-commerce Platform Based On Specific Risk Measurement

With the continuous development of Internet technology,the e-commerce market has been continuously improved,and the market share occupied by e-commerce platform enterprises has increased year by year.E-commerce platform enterprises continue to improve their business models and profit models.The continuous formation of users and merchants in this process and the management strategy of enterprises are important assets of enterprises.These advantages or disadvantages formed in the development process that are different from those of traditional enterprises will have an impact on the risk level of the enterprise and cannot be measured simply by the average level of the industry.This is the enterprise-specific risk we mentioned.This paper considers the specific risks of an enterprise as a kind of risk,which reflects the difference between the average profitability of the enterprise and the industry.Therefore,by analyzing the driving factors of enterprise value,this paper analyzes the factors of enterprise competitiveness,adjusts the discount rate through the measurement of specific risks,and better reflects the value of e-commerce platform enterprises.This paper believes that e-commerce platform enterprises have great differences with the value creation of traditional enterprises because of their high value.Therefore,in the analysis of the e-commerce platform enterprise value drivers,consider the impact of non-financial factors.Based on the experience of predecessors,this paper proposes to combine non-financial and financial factors with analytic hierarchy process and fuzzy comprehensive evaluation method for qualitative and quantitative analysis,and to pass the value impact through specific The quantification of risk is reflected.For the quantitative analysis of financial indicators and non-financial indicators,this paper uses enterprise performance evaluation indicators,because the enterprise performance evaluation can better reflect the good business conditions of the enterprise.In the end,this article takes " Vipshop ",a platform enterprise with a relatively unique business model as a case,and applies the research ideas of this paper to the " Vipshop " to test the applicability of the method.The valuation obtained by this method is close to the market price of “Vipshop”.On the one hand,this paper argues that it is reasonable to use a specific risk to measure the value of an enterprise;on the other hand,the valuation result is slightly lower than the market value because the market overestimates the value of the enterprise and ignores the specificity of the enterprise in the process.risk.Through the analysis and research of this paper,I hope to enrich the application of the specific risk theory of the enterprise,and also give suggestions to the specific risks that have been determined by the expert experience judgment in practice,so that the results are more objective and reasonable.