本文主要通过对传统零售企业“电子商务化”改革后的企业价值分析来研究针电子商务企业定价理论方法的适用性。通过对比并结合传统企业估值理论模型和实物期权估值理论模型的各自特征，以大型上市公司苏宁作为案例，使用不同估值计算方法评估案例企业的价值。电子商务的快速发展不仅对消费者的消费观念、消费习惯和生活方式产生了巨大影响，也对传统企业的商业模式、利润渠道及经营管理理念等产生了深远的影响并为部分企业带来了实际利润的增长。因此一些大型传统零售企业已经把电子商务作为其科技转型战略的重要发展实践方向。然而随着电子商务的深入发展，许多战略转型中的传统零售企业价值随着其“电子商务化”的逐步深入不仅实现了销售收入的大幅提升，其在金融市场上的投资价值也有明显提高，投资者是否能准确把握企业增值带来的投资机会，取决于市场对企业的预期和企业的实际成长能力，因此对该类企业的价值评估逐渐成为投资者关注的焦点。传统的企业价值评估方法主要是使用贴现现金流方法将企业未来按一定增长比率预计的现金流量综合计算并以固定折现率计算其现值得到企业自身价值，然而由于电子商务有着新型的商业模式和盈利模式，并且发展历史较短，因此贴现现金流法主要依据公司历史业绩估算企业增长率、利润率和折现率等指标参数的方法显然不再适用于市场不确定性更大、经营战略更加灵活的电子商务领域。电子商务企业的迅速崛起使得学界尚未对该行业及其企业的价值评估研究得出导向性的理论依据，因此实践中还没有出现对电子商务企业价值评估计算的公允表现。在我国金融市场体系尚未完善的发展过程中更是缺少对电子商务企业价值评估方法的系统研究。笔者认为本文的撰写和对该类电子商务企业的估值研究能够有效地促进新型商务模式的发展，并在估值理论上给予参考，以期在传统的估值理论基础之上形成对电子商务企业的完善估值理论和估值体系。本文首先介绍了选题的背景和意义，并分析了传统价值评估体系及其适用电子商务企业评估时的不足。接着讨论了“电子商务化”过程给大型传统零售企业带来的价值增长。在较充分的介绍传统估值理论模型方法基础之上引入实物期权理论，并介绍了该理论的发展和现状，以及其价值计算方法，并对该模型进行适用性分析。然后选择苏宁云商集团股份有限公司为案例，结合传统企业价值评估理论应用实物期权理论进行估值计算。论文最后通过计算数据和现实市场股票价格之间比较结论的总结对该电子商务企业价值评估方法及其意义做出相关评述。

The main idea of this paper is to research the serviceability of the pricing theory on electronic commerce company based on the analysis of enterprise value after traditional retail business go through ‘e-commerce’ reform. by comparison and combination of the respective characteristics of traditional enterprise valuation theoretical models and real option valuation theory mode ，The value of the Sunning company has been evaluated through using many different methods ,Which is a case of large listed companies.The rapid development of electronic commerce not only has a huge impact on consumer attitudes, consumption habits ,lifestyles, but also has a great influence on the traditional business model, profit channel and management philosophy, and some company’s profit are actually improved. So, some large traditional retails made electronic commerce as an important technology transformation and strategy development for future. However, with the in-depth development of electronic commerce, on the one hand, many of the strategic transformation of the traditional retail enterprise achieve sales revenue significantly, on the other hand, the value of its investment in the financial markets has been significantly improved, whether investors can accurately grasp the enterprise value-added investment opportunities depends on the enterprise’s actual ability to grow and the market expectation on the enterprise. And investors gradually focus on enterprise value assessment. Traditional enterprise valuation method is to translate the predicted future cash flow into the net present value using discounted cash flow method .however, due to the new business model, profit model and the development of a relatively short history for e-commerce, the discounted cash flow method, Which is based on historical performance of the Company to estimate the enterprise growth rates, is clearly no longer applicable to more flexible e-commerce field. The rapid rise of electronic commerce enterprises makes academia has not yet to draw oriented theoretical basis of the industry and its enterprise value assessment study, the fair performance assessment to calculate the value of e-commerce businesses has not appeared in practice. The system of electronic commerce enterprise value assessment methods is still lacking during China’s financial market system needs to improve. I believe that the valuation study of the writing of this article, and the electronic commerce businesses can effectively promote the development of new business models, and valuation theoretically give reference to traditional valuation theory foundation formation of electronic commerce businesses perfect the valuation theoretical and valuation system.This paper first introduces the background and significance of the topic, analyzes the insufficiency of the traditional value assessment system and its application for electronic commerce businesses. Then discuss the growth of the large traditional retail enterprise’s value during the process of ‘e-commerce’. The real options theory has been introduced based on fully discussing the traditional method of valuation theory model, and then I described the development and present situation of the theory as well as its value calculation method and the model applicability analysis. Finally I Selected SUNING as a case, Calculated its value using the theory of real options combined with traditional enterprise valuation theory. At last I made some comments on the value assessment method and significant of e-commerce enterprise based on the comparison of its calculation data and market value.