智慧零售模式下居然之家企业价值评估  

The Enterprise Value Evaluation of Easy Home under the Smart Retail Model

作　　者：董肖阳 褚敬伟 

机构地区：[1]河北地质大学管理学院,河北 石家庄

出　　处：《金融》2023年第6期1278-1287,共10页Finance

摘　　要：随着数字技术的发展,人们的消费方式发生了显著变化,零售企业开始转型,不断打造智慧零售,这带动了消费市场的不断扩大,行业的并购、重组等战略活动也越来越多,进而产生对智慧零售模式下企业估值的需求。本文对智慧零售模式下居然之家的企业价值进行评估,将企业整体价值分为现有价值和潜在价值两部分,分别使用EVA模型和B-S模型评估现有价值和潜在价值,在此基础上先将得到的企业价值调整为股权价值,再评估出基准日的股价,最后与实际股价进行比较分析,结果表明通过EVA模型和B-S模型评估出的股价比企业的实际股价略高,说明文章的评估体系较为合理。可见EVA和B-S模型的结合适用于评估一家家居零售企业的整体价值。本文力图帮助企业管理层科学决策,让投资者能够了解到企业的实际价值,谨慎进行投资,也为同类智慧零售模式的企业价值评估提供思路。With the development of digital technology, people’s consumption patterns have undergone significant changes. Retail enterprises have begun to transform and continuously build smart retail, which has driven the continuous expansion of the consumer market. Strategic activities such as mergers and acquisitions and restructuring in the industry are also increasing, resulting in a demand for enterprise valuation under the smart retail model. This article evaluates the enterprise value of Easy Home under the smart retail model, dividing the overall value of the enterprise into two parts: existing value and potential value. The EVA model and B-S model are used to evaluate the existing value and potential value, respectively. Based on this, the obtained enterprise value is first adjusted to equity value, and then the stock price on the benchmark date is evaluated. Finally, a comparative analysis is conducted with the actual stock price, The results indicate that the stock price evaluated by the EVA model and B-S model is slightly higher than the actual stock price of the enterprise, indicating that the evaluation system of the article is relatively reasonable. It can be seen that the combination of EVA and B-S models is suitable for evaluating the overall value of a home retail enterprise. This article aims to help the management of enterprises make scientific decisions, enabling investors to understand the actual value of the enterprise and make cautious investments. It also provides ideas for evaluating the value of similar smart retail models.

关 键 词：智慧零售 企业价值评估 EVA模型 B-S模型 居然之家 

分 类 号：F27[经济管理—企业管理]