新零售模式下企业价值评估研究——以居然之家为例

Enterprise Value Evaluation Research under the New Retail Model——Take Easyhome as an Example

根据新零售模式下企业的特点,提出将财务和非财务两个层面相结合对新零售模式下企业的价值进行分析评估。财务层面上主要采用EVA估值模型进行价值估算研究;非财务层面上,从新零售模式下企业的运营能力、业务规模、用户体验以及人才影响四个层面选取价值指标,形成了一个有相互影响的网络指数价值体系,以便更好地代表在各种不确定条件下专家们的看法,将直觉模糊集运用于判断矩阵的构建中,同时根据二元语义进行综合评估,得出所有非财务因素对公司价值评估的影响系数,进而将该系数对EVA估值法的估值结果进行修正得到最终企业评估价值;最后以上市的居然之家为例阐述了怎样正确运用本文所提示的具体方法。

According to the characteristics of enterprises under the new retail model, this paper proposes to combine financial and non-financial aspects to analyze and evaluate the value of enterprises under the new retail model.At the financial level, EVA valuation model is mainly used for value estimation research;At the non-financial level, the value indicators are selected from the four levels of the enterprise’s operation capability, business scale, user experience and talent impact under the new retail model, and a network index value system with mutual influence is formed,so as to better represent the views of experts under various uncertain conditions, apply the intuitive fuzzy set to the construction of the judgment matrix, and conduct comprehensive evaluation according to binary semantics to obtain the influence coefficient of all non-financial factors on the company’s value evaluation. Then, the coefficient is revised to the valuation result of the EVA valuation method to obtain the final enterprise valuation value. Finally, taking the listed Easyhome as an example to explain how to correctly use the specific methods suggested in this article.