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论文编号：	11284
作者编号：	2320170634
上传时间：	2019/12/11 11:43:58
中文题目：	基于财务投资人视角的BK公司估值 方法研究
英文题目：	Research on valuation method of BK Corporation Based on Financial Investor Perspective
指导老师：	李莉
中文关键字：	成长期企业，细分领域，B2B电商，修正PEG估值法
英文关键字：	growth period, segmentation field, B2B e-commerce, Revised PEG valuation
中文摘要：	随着互联网行业的发展和演变迭代，兴起于上世纪末的电商行业经过了近20年的发展历程，我们陪伴着一个又一个耳熟能详的B2C电商企业成长也见证了资本市场给予这些时代弄潮儿的丰厚物质奖赏。在这些风光的背后其实埋藏着每个投资局外人的困惑，市场为什么可以给予他们如此“不理性”的价值评估？就连股神巴菲特都曾坦言错过亚马逊是因为他看不懂科技股，这是他的一个遗憾，也是他后来出手苹果的重要诱因之一。 在国内市场，自2014年开始B2B的电商平台开始步入众多投资者的眼中，2015年更是号称B2B电商的“黄金元年”、“2015年最大投资风口”，B2B电商背后的供应链金融，更是被誉为“最完美的供应链金融场景”，众多的投资者争先恐后的去寻找下一个B2B圈的“阿里”或“京东”（受国内外经济大环境及金融市场的影响，目前已有所冷静，但大方向依然被资本市场肯定）。 在这样的大背景下，如何对B2B的电商企业精确估值，必然是众多投资者的核心关注点。本文就针对这个极具现实研究价值的市场热点，从财务投资人的视角出发，结合着企业生命周期理论，以细分领域市场为突破口对成长期的B2B电商展开研究。本文首先针对国内外目前常用的电商估值方法进行对比分析，并结合目标客户的行业属性和生命周期阶段属性以及目前对BK公司采用的估值方法进行方法的理论对比分析。整个论文的结构采用双重案例论证模式，挑选了与目标企业-BK公司同处一个行业的一家新三板上市公司：优利康达，套用梅特卡夫DEVA估值法进行模拟估值，并与其实际的市场价值进行对比分析。通过分析其估值差异，进而提出估值模型的优化策略。第四章则是估值模型的优化方案以及使用优化后的修正PEG估值法和P/S估值法对优利康达和进行估值验证以及对BK公司估值分析。第五章是对该优化方案的优劣性进行分析以及其实施的一些保障性措施。第六章则对本文的研究进行了结论和未来展望。
英文摘要：	With the development and evolution of the Internet industry, the electronic commerce industry, which emerged at the end of last century, has gone through nearly 20 years of development. With the growth of B2C electronic commerce enterprises, we have witnessed the rich material rewards given by the capital market to the champions of these times. Behind these scenery lies the perplexity of every outsider. Why can the market give them such "irrational" value evaluation? Even Mr. Warren E. Buffett admitted that he missed Amazon because he couldn't understand technology stocks, which was one of his regrets and one of the important incentives to buy Apple Stock. In the domestic market, since 2014, B2B e-commerce platform began to enter the eyes of many investors. 2015 is also known as the "B2B golden year" and "the biggest investment outlet in 2015" of B2B e-commerce. The supply chain finance behind B2B e-commerce is also known as "the most perfect scenario of supply chain finance". Many investors are scrambling to find the next B2B "Alibaba" or "Jing Dong" (Influenced by the domestic and foreign economic environment and financial market during recently, it has been calm, but the general direction is still affirmed by the capital market). With this background, how to accurately evaluate B2B e-commerce enterprises is the core concern of many investors. In view of this market hotspot of great practical research value, based on the perspective of financial investors, combines with the theory of enterprise life cycle, and takes market segmentation as a breakthrough point to study the growing B2B e-commerce. Firstly, we makes a comparative analysis of the commonly used e-commerce valuation methods at home and abroad, and makes a theoretical comparative analysis of the valuation methods adopted by BK Company in combination with the industry attributes and life cycle stage attributes of target customers and the current valuation methods. The structure of the whole paper adopts the double case demonstration mode. We chose a new three-board listed company-Eulikind for who is in the same industry with BK corporation as the case comparison analysis. They are simulated by Metcalfe DEVA valuation methods respectively, and compared with their actual market value. By analyzing the difference of valuation, the optimization strategy of valuation model is put forward. Chapter 4 is about the introduction of optimization of the valuation model and the validation of Eulikind by using the revised PEG& P/S valuation method, as well as the valuation analysis of BK Company. The fifth chapter is the analysis of the advantage and disadvantage of the revised PEG valuation method and some safeguard measures for its implementation. Chapter Six draws conclusions and prospects for future research.
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