Title page for etd-0610116-031534


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URN etd-0610116-031534
Author Yan-Lin Chen
Author's Email Address No Public.
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Department Finance
Year 2015
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Value Assessment of Alibaba— The Research of Gross Merchandise Volume and the Problem of Fakes
Date of Defense 2016-07-04
Page Count 51
Keyword
  • Discounted Cash Flow
  • Residual Income Valuation
  • fakes
  • business valuation
  • Alibaba
  • gross merchandise volume
  • Abstract Although the growth of Alibaba’s total gross merchandise volume is so amazing in recent years, the investors still hold a doubt for the truthfulness of its sales data and genuineness of the merchandise.
    This study use a qualitative point of view to discuss why the fakes are rampant, and we find out the coping strategy they adopt can really solve the problems and reduce concerns of investors.
    In addition, this study also attempts to analyze whether the excessive expansion of gross merchandise volume will make an impact on the valuation of Alibaba and we find that the use of a previously published GMV can estimate the revenues more objectively.
    Finally, this study use Discounted Cash Flow and Residual Income Valuation
    to evaluate Alibaba’s value .Contrary to short seller, this study think that the current stock price is underestimated.
    This study concludes with recommendations for future research directions, hoping to find the effective factor to quantify the fakes and includes the factor in the valuation model, which will increase the accuracy of the business valuation.
    Advisory Committee
  • Fen-Hui Lin - chair
  • Jen-Her Wu - co-chair
  • Lieu, Derming - advisor
  • Files
  • etd-0610116-031534.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2016-07-10

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