Evaluation Of The Value Of Asset-light Enterprises Based On The EBO Model

With the continuous development of market economy,perfecting capital market,capital flows the way more and more diversified,merger and reorganization among enterprises and the number of stock investors more and more large,however,how to determine a reasonable price of mergers and acquisitions,equity investors should make what kind of investment decision,all need a reasonable measure.The enterprise value here has the very important reference significance.At the same time,in recent years,as enterprises pay more attention to the competition of development strategy,management ability and business model,asset-light operation mode has gradually become the strategic development direction of many enterprises,and investment,financing and acquisition behaviors are also increasing in the asset-light industry.However,since the development mode of asset-light operation is different from that of traditional enterprises,the traditional evaluation cannot be well combined with the asset-light operation enterprises in the enterprise value evaluation,and it is difficult to accurately evaluate the value of the evaluated target.Therefore,asset-light enterprise value research problem gradually into people's eyes.In order to better solve this problem,this paper introduces the EBO model,a scientific analysis tool,based on the standpoint of investors and business operators in the property rights trading market.In the actual application of the model,it is found that the model has some problems,such as the lack of specific data index and the unsegmented prediction period.Based on the solution of this problem,this paper makes appropriate corrections to the model to make it more operable and accurate.At the same time,heilan home,a typical asset-light enterprise,was selected for verification.The EBO model,free cash flow model and p/e ratio method were used to study the valuation of heilan home.It is expected that this study can promote EBO,a value-oriented and highly operational value evaluation model,help investors make correct investment decisions,strengthen enterprise managers to attach importance to the intrinsic value of enterprises,and advocate the value investment concept.