互联网电子商务企业价值评估研究

发布时间：2018-05-27 11:45

本文选题：互联网电子商务企业 + 价值评估　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：互联网电子商务的发展始于二十世纪九十年代,二十多年的发展,互联网电子商务已经与经济产业紧密融合在了一起,渗透到了社会经济的各个领域,对推动经济增长,促进就业方面起着越来越重要的作用。得益于互联网和智能移动终端的快速普及以及资本市场的不断完善,近年来,互联网电子商务行业发展更加迅速,电子商务企业上市、并购案例不断增加,如何确定和提升互联网电子商务企业的价值,就成为了投资者和企业管理者关心的问题。结合这一时代背景,本文以互联网电子商务企业为对象,对其企业价值和发展潜力进行研究。本文首先分析和归纳了互联网电子商务企业的定义和类别,根据商业模式对现有互联网电子商务企业经营方式和盈利模式进行了分析,列举了不同类型的电子商务企业实现收入的方式与共同之处,并从宏观和微观的角度总结了影响互联网电子商务企业发展潜力和企业价值的因素。本文结合互联网电子商务企业特点,分析了现有四种主流企业价值评估方法在互联网电子商务企业价值评估上的局限性,提出了以传统评估方法为基础,考虑互联网电子商务企业发展潜力作为修正的新的评估思路;在对研究者、企业提出的互联网企业价值评估模型进行研究后,本文选择用贴现现金流模型对互联网电子商务企业价值进行评估,并基于影响互联网电子商务企业发展潜力和企业价值的因素总结,构建出互联网电商企业发展潜力影响指标体系,该体系的特点是综合考虑影响互联网电子商务企业发展潜力的一些因素作为指标,并以之计算互联网电子商务企业价值修正系数,通过层次分析法对指标权重进行计算,通过收集到的企业指标数据,结合权重可以计算企业价值修正系数;接着对互联网电商企业价值评估的模型的修正、应用步骤、相关参数的确定进行了详细地分析。本文最后将这一评估思路应用到具体的案例中。以典型的综合电商Newegg Inc(新蛋网)作为案例,对Newegg的企业价值进行评估,通过案例分析与并购作价对比,验证新的评估方法在互联网企业价值评估中的适用性。
[Abstract]:The development of Internet e-commerce began in the 1990s, and has been developing for more than 20 years. Internet e-commerce has been closely integrated with the economic industry, infiltrating into various fields of social economy and promoting economic growth. The promotion of employment is playing an increasingly important role. Thanks to the rapid popularization of the Internet and intelligent mobile terminals and the continuous improvement of the capital market, in recent years, the Internet e-commerce industry has developed more rapidly, e-commerce enterprises have been listed, and the number of mergers and acquisitions has been increasing. How to determine and enhance the value of internet e-commerce enterprises has become the concern of investors and enterprise managers. Based on this background, this paper studies the value and development potential of internet e-commerce enterprises. This paper first analyzes and summarizes the definition and category of Internet e-commerce enterprises, and analyzes the business mode and profit model of existing Internet e-commerce enterprises according to the business model. This paper lists the ways and common points of different types of e-commerce enterprises to realize their income, and sums up the factors that affect the development potential and enterprise value of Internet e-commerce enterprises from the macro and micro angles. Based on the characteristics of Internet e-commerce enterprises, this paper analyzes the limitations of the existing four main methods of enterprise value evaluation in Internet e-commerce enterprises, and puts forward a traditional evaluation method as the basis. Considering the development potential of Internet e-commerce enterprises as a revised new evaluation thinking; after the research on the Internet enterprise value evaluation model proposed by researchers and enterprises, In this paper, the discounted cash flow model is used to evaluate the value of Internet e-commerce enterprises, and based on the factors that affect the development potential and enterprise value of Internet e-commerce enterprises, This paper constructs an index system of the development potential of Internet e-commerce enterprises. The characteristics of this system are that some factors affecting the development potential of Internet e-commerce enterprises are considered as indicators. And calculate the Internet e-commerce enterprise value correction coefficient, through the analytic hierarchy process to calculate the index weight, through the enterprise index data collected, combined with the weight can be used to calculate the enterprise value correction coefficient; Then, the model modification, application steps and the determination of relevant parameters of Internet e-commerce enterprise value evaluation are analyzed in detail. In the end, this paper applies this method to concrete cases. Taking Newegg (New Egg Network) as a case, this paper evaluates the enterprise value of Newegg, and verifies the applicability of the new evaluation method in Internet enterprise value evaluation by comparing the case analysis with M & A pricing.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

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