Study On The Valuation Of Sharing Travel Enterprises

Under the background of continuous deepening of supply side reform and unsustainable traditional economic development mode,the new development mode of sharing economy has developed rapidly in China since 2016,promoting the economic development and improving people's living standards.According to the 2018 China's annual report on the development of sharing economy,China's sharing economy is still growing at a high speed,but the development speed of sharing economy in the field of life services and transportation travel has slowed down significantly.Among them,great changes have taken place in the competition pattern of the sharing travel market,and enterprises have embarked on the path of bankruptcy,being merged,seeking to go public or looking for venture capital.The realization of the above-mentioned process all involves enterprise valuation,but the research on the value evaluation of the sharing travel enterprise is still very limited.By combing the existing research of "Internet +" enterprise value assessment and combining the value creation theory based on the business mode,this paper proposes a DCF method which is modified by the business mode to evaluate the value of an enterprise.First of all,based on the elements of business model based on value creation proposed by Porter in 2011,combined with the business models of Mobike and Uber,the leading enterprises in the field of shared travel,this paper summarizes the general business model of shared enterprises,and determines its evaluation system and index weight by AHP and expert scoring method;then,this paper takes Youon Technology Co.,Ltd,the only listed company in the field of shared travel,as an example.First,it uses the fuzzy analytic hierarchy process to determine the evaluation result of its business model-the correction coefficient.Second,in the process of using the discounted equity cash flow method to evaluate,the prediction of the growth rate is obtained by multiplying the compound growth rate in the industry by the correction coefficient of the business model of the company,and then it calculates the value of Youon Technology Co.,Ltd.management to understand enterprise value and adjust business plan.Finally,through the analysis of valuation and market value,the applicability of this method in the field of shared travel is illustrated.Through the analysis of this paper,we hope that we can introduce the concept of business model modification into the enterprise valuation,so that the valuation results of enterprises in the new field are more accurate and objective;what's more,the construction of the evaluation indicators for the shared travel business model can provide reference for the enterprises in the industry to evaluate their own business model and make adjustments;In addition,this study is not only conducive to the management to understand the true value of the enterprise and make decisions conducive to the development of the enterprise,but also to provide suggestions for investors to make the right decision to buy and sell stocks.