论文总字数：18506字

摘 要

伴随着社会和市场经济的发展，企业的价值评估行为也随着公司上市、并购、体制改革等生产经营活动发生的愈加频繁，企业价值评估是一种对企业的整体综合价值进行评估和总结的活动。

我国国内的社会市场经济开始较迟，现代中国企业的体系并不完善，存在或这或那的问题，部分企业的会计核算体系也不够全面。在证券市场交易中，企业之间难以实现公平的竞争，公司不能按计划进行合并和收购，无法有效的体现企业的价值，投资者无法正确的进行投资活动,正是这些不利因素影响了我国企业价值评估的发展。在这种背景下，探索讨论我国企业价值评估方法迫在眉睫。

本文聚焦苏宁云商的估值，因为该公司是实体转互联网零售上市公司。转型初期会有大量资本投入，在未来又难以预测其收回期，本文在分析现金流量折现法及其适用性的基础上，结合中国互联网行业特点，对苏宁云商采用现金流量折现法进行价值评估。本文旨在针对转型互联网公司的价值评估中，找出相对适应其特殊情况的估值方法，为实体转型互联网企业的日后绩效和价值评估中开拓思路。

关键词：企业价值评估；现金流量折现法；互联网企业

Evaluation of enterprise value of suning enterprise

based on cash flow discount method.

Abstract

With the development of the modern market economy, the enterprise value assessment activities associated with the company listing, restructuring, mergers and acquisitions and international economic activities such as frequent occurrence, the enterprise value evaluation is an overall economic value to the enterprise comprehensive judgment and estimation process.

China"s market economy started late, the modern enterprise system still has some defects, some enterprises have insufficient accounting system. And in the securities market, it is difficult to fair competition between companies, companies cannot free merger or acquisition, capital operation is restricted, price can not truly reflect the enterprise value, lead to investors can"t invest effectively. These disadvantages restrict the choice of enterprise value evaluation method. In this context, it is imperative to explore the improvement of enterprise value evaluation.

This article focuses on the valuation of suning, because the company is an entity that transfers to the Internet retail company. Early transition will have a lot of capital investment, is difficult to predict its back again in the future, based on the analysis of the discount cash flow method and its applicability on the basis of combining with the characteristics of China"s Internet industry, Su Ningyun traders use discounted cash flow method for evaluation. Transformation in this paper, aimed at the Internet company"s value assessment, find out the relative to adapt to the special circumstance of valuation methods, Internet companies as entities transformation in performance and value of the future development ideas.

Keywords: Enterprise value assessment; Cash flow discount method; Internet enterprise

目 录

摘要 I

Abstract II

第一章 绪 论…………………………………………………………………………………………………………………………………………..1

1.1研究背景 1

1.2研究目的及意义 1

1.3研究内容及方法 2

1.4论文框架 3

第二章 国内外文献综述……………………………………………………………………………………….4

2.1国外文献综述………………………………………………………………………………………………………………………………………4

2.2国内文献综述………………………………………………………………………………………………………………………………………5

第三章 企业价值评估方法的比较……………………………………………………………………………………………………………….6

3.1市场法 6

3.2成本法 6

3.3收益法 6

3.3.1 收益法的概念 7

3.3.2 现金流量折现法 7

3.3.3 EVA估价法 8

3.3.4 收益资本化法 9

3.3.5三种收益法的比较 9

3.3.6 收益法的适用情况 9

3.4 收益法、成本法、市场法比较 10

第四章 苏宁云商的现金流量折现法估值………………………………………………………………………………………………….11

4.1苏宁云商公司简介 12

4.2公司经营战略 12

4.2.1线上线下同价 12

4.2.2推进开放平台 12

4.2.3实体店积极转型 13

4.3评估方法—现金流量折现法 13

4.3.1.收益预测 13

4.3.2折现率分析与计算 14

4.3.3现金流量现值的计算 16

第五章 研究结论…………………………………………………………………………………………………………………………………………17

5.1研究结论…………………………………………………………………………………………………………………………………………….17

5.1研究不足……………………………………………………………………………………………………………………………………………..17

致 谢………………………………………………………………………………………………………………………………………………………18

参考文献（References）……………………………………………………………………………………………………………………………..19

第一章 绪 论

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