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| 论文编号： | 7013 | |
| 作者编号： | 2120123053 | |
| 上传时间： | 2014/12/10 2:47:48 | |
| 中文题目： | 京东商城IPO折现估值方法研究 | |
| 英文题目： | A case study on IPO valuation of JD.com based on discounted cash flow methodology | |
| 指导老师： | 黄福广 | |
| 中文关键字： | 价值评估；高增长公司；电子商务；京东商城 | |
| 英文关键字： | Valuation; High Growth Company; eCommerce; JD.com | |
| 中文摘要： | 估值问题是投资领域最重要的问题之一。而资产估值中，企业估值或者是股权资产的估值应该是其中相对复杂的一种。资本市场的活跃影响到了国民经济的方方面面，而全球化发展又促进了跨地区跨文化的投融资活动，跨地区信息沟通使得信息不对称程度减轻，全世界范围内的优秀企业也获得了比以往更广泛的资金支持。在新的时代估值也面临着新的问题。20世纪90年代美国的互联网泡沫为投融资领域带来了很多新的挑战。过去用传统估值方法无法估值的互联网企业纷纷上市融资对估值领域提出了挑战，而国内市场更是面临着同样的问题。 本文采用案例研究的方法，以上市前夕的京东商城为例，探索了高增长、持续亏损的新兴行业企业的IPO估值实践问题。本文首先阐明研究的背景、目的和意义、文献回顾，找到本文研究的出发点和理论基础。本文在案例研究阶段首先介绍了京东商城的发展情况及里程碑事件，并对国内电子商务行业的发展情况作了介绍和分析。随后选择企业自由现金流量折现模型，并对模型的输入变量作了详尽的、基于实际情况的分析与预测。最后，在获得京东商城的IPO估值以后我们又对估值进行调整，使用情景分析法进一步优化了估值的结果。 | |
| 英文摘要： | Assets valuation is one of the most significant issues of investment. While company valuation or equity asset valuation is considered to be the most complicated one to be solved. The influence of prosperous capital market has penetrated into every aspects of ordinary life, yet globalization has reduced the level of asymmetric information caused by trans-regional and inter-cultural factors. The most outstanding corporates now can raise fund globally and deeply. Of course this will generate a bunch of new troubles. The internet bubble had brought new challenges to the investment world. Many classic valuation methodologies became invalid when the dot com companies were going through initial public offerings in line to in the meanwhile. Our domestic market is experiencing the same questions. The paper applied the methodology of case study, and chose JD.com as our objective of valuation. We had discussed an example of the valuation of a to-be initial public offering company in a brand new sector with high growth as well as continuously losses in every year of operation historically. In the phase of case study, the paper started with a thorough introduction of JD.com as well as the development of its parent industry, the eCommerce industry. Thereafter, we made a detailed and careful estimation to the key variables before we applied FCFF valuation model. Ultimately, we adjusted and refined our valuation process by applying scenario analysis before we had obtained a valuation result for JD.com. | |
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