Research On Enterprise Value Evaluation In The New Retail Model

Retail industry is the link between commodity producers and consumers,and it plays an important role in the country’s economy.With the emergence of new technologies,the dual cycle of domestic and international development and consumer demand has also increased.Meanwhile,the traditional retail model has been drastically impacted,which promotes the traditional retail industry to change its original sales model and transform towards a direction that can be based on the current social economy.From O2 O,OAO to new retail,sales models and new technologies are inextricably linked.To adapt to the economic development,activities like mergers and acquisitions,investment are constantly appearing.Additionally,to assess enterprise value in the new retail model more accurately,higher requirements are required for enterprise value valuation.Moreover,the traditional retail model and the new retail model are different,and traditional evaluation methods have certain limitations.Firstly,based on the characteristics of new retail and the comparative of traditional evaluation methods,this paper not only points out the applicable situations and limitations,but also selects a more appropriate evaluation method-EVA(Economic Value Added).Secondly,the paper takes non-financial factors into consideration in response to the shortcomings of EVA.Additionally,the author analyzes the impact of the new retail model on the non-financial aspects of the company,and looking for value drivers in four areas: operation capability,business size,user experience and talent impact.This paper takes Easyhome as the research object to explain.Due to the interaction between non-financial factors,intuitionistic fuzzy network analysis and 2-tuple linguistic are introduced to quantify non-financial factors.Furthermore,the enterprise valuation system based on EVA and intuitionistic fuzzy network analysis is constructed.Finally,the author compares the evaluate results and market value on the evaluation date and the results are as follows: the equity value of Easyhome estimated by the modified EVA model after considering non-financial factors is RMB 369.77 billion.and the estimated share is RMB 0.5 above the market price on that day.It can prove that EVA is reasonable and can reflect the enterprise value in the new retail model more comprehensively.