大型商业百货企业线上战略转型与再估值研究-会计学专业论文.docx

I I 摘 要 互联网时代以电子商务为代表的零售新业态给传统商业百货企业带来冲 击，企业面临严峻的战略转型问题。本研究通过战略管理分析模型，对我国传 统商业百货企业面临的宏观环境和行业竞争态势做了细致的分析，并比较分析 了传统百货与电子商务经营特点与盈利模式的差别，认为企业应适时实行线上 线下相结合的战略转型策略。此外，对同时开展线上与线下零售业务的不用模 式进行了深入的探讨和对比，结合国外较成功的企业转型案例，指出未来全渠 道是零售业发展的大趋势，并对我国百货企业转型的壁垒和风险进行分析，提 出了改进意见。 传统百货企业转型线上带有一定的风险和不确定性，这会对企业的价值造 成影响。通过对比分析不同估值模型的适用性，选择 DCF 模型及市销率法对苏 宁云商这一典型战略转型企业进行估值，并分析其价值差异原因，为企业价值 提升提供参考。 关键词：商业百货企业，战略转型，估值 II II Abstract In recent years, rising labor costs and rents and e-commerce have overwhelming impact on traditional retail enterprises, many companies began to run their own online business. Detailed analysis was made on macro environment and current competition of brick-and-mortar retailers in China using analytical model of strategy management. In addition, the difference of business models between traditional emporiums and e-retailing was discussed. Furthermore, deep discussion and comparison on different patterns of running online and offline business at the same time and points out that omni-channel retailing using will be the future trend of the retail industry. By studying the Macy case, some suggestions were made regarding to the existing problems of commercial emporium enterprises in China. On the other hand, for brick-and mortar emporiums running e-retailing in this fast changing market environment, the inevitable risk and uncertainty will definitely affect the value of enterprises. The value and risks of companies’ strategy and business model being fully considered. Therefore traditional valuation methods will not be fully available. By revaluing Suning using DCF model and P/S method and analyzing reasons for the difference between academic value and its real market value, advice was made to help promote its transformation. Key words: Emporium enterprises, strategy transition, valuation III III 目录 第 1 章 引言 1 第 2 章 理论回顾和简析 3 2.1 相关理论回顾 3 2.2 理论简析 6 第 3 章 传统商业百货企业竞争环境分析 7 3.1 商业百货业宏观环境分析 7 3.2 商业百货行业发展现状 9 第 4 章 传统百货企业经营与线上经营的比较分析 14 4.1 传统商业百货企业经营特点 14 4.2 网络零售企业经营特点