“市研率”对科技型物流独角兽企业估值的适用性研究

Research on the Applicability of PRR to the Valuation of Technology-based Logistics Unicorn Enterprises

科技型物流独角兽企业的估值与其他物流企业有着显著的差异,运用于一般企业价值评估的资产基础法、DCF法及相对估值法等传统方法,很难适用于科技型物流独角兽企业估值。基于数据的可得性等因素,本文选取京东物流、满邦集团、达达集团三家典型的已上市科技型物流独角兽企业作为研究对象,并以A股上市企业、研发投入占营收3%以上的A股上市企业、A股物流企业三类企业的市盈率、市净率、市销率和市研率等四个指标作为估值参照指标,对选定的科技型物流独角兽企业估值进行测算,并将测算值与各年度企业实际价值的偏差值、偏差率、偏差率的绝对值、偏差率的标准误等指标进行对比研究。研究结果表明,相较于其他估值指标而言,“市研率”指标对科技型物流独角兽企业估值的偏差率、标准误等值显著较低,即估值效果最好。进而得出结论:对于账面收入不高、净资产水平和利润水平较低但研发投入较高的科技型物流独角兽企业,“市研率”对其价值评估具有较高的适用性。同时,本文还给出了科技型物流独角兽企业估值的合理“市研率”参照区间,以期为科技型物流独角兽企业估值提供参考。

The valuation of technology-based logistics unicorn companies is significantly different from other logistics companies.Traditional methods such as the asset-based method,DCF method,and relative valuation method used in general corporate value evaluation are difficult to apply to such companies.Based on factors such as the availability of data,this paper selects three typical listed technology-based logistics unicorn companies,namely JD Logistics,Manbang Group,and Dada Group,as the research objects.Four indicators including PE,PB,PS and PRR of A-share listed companies,A-share listed companies with R&D investment accounting for more than 3%of revenue,and A-share logistics industry three types of companies are used as valuation reference indicators,calculate the valuation of selected technology-based logistics unicorn enterprises,and compare and study the deviation value,deviation rate,absolute value of deviation rate,standard error of deviation rate and other indicators of the measured value and the actual value of the enterprise in each year.The research results show that,compared with other valuation indicators,the PRR indicator has significantly lower deviation rates and standard errors in the valuation of technology-based logistics unicorn companies,that is,the valuation effect is the best.And then come to the conclusion of this paper:For technology-based logistics unicorn companies with low book income,low net assets and low profit levels,but high R&D investment,the PRR has high applicability to their value evaluation.At the same time,this paper also gives a reasonable PRR reference interval for the valuation of technology-based logistics unicorn companies,so as to provide a reference for the valuation of technology-based logistics unicorn companies.