A Case Study of Valuation Considering the Characteristics of E-Commerce Distribution: Focusing on the Coupang IPO

• 영문명: A Case Study of Valuation Considering the Characteristics of E-Commerce Distribution: Focusing on the Coupang IPO
• 발행기관: 한국유통과학회
• 저자명: Ilhang SHIN Inkyung YOON Hansol LEE
• 간행물 정보: 『유통과학연구(JDS)』제21권 제4호, 91~101쪽, 전체 11쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2023.04.30

영문 초록

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea’s leading ecommerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang’s successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang’s valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

목차

1. Introduction

2. Characteristics and Business Strategies of Korean E-Commerce Companies

3. Valuation of E-Commerce Companies Through Relative Valuation Methods

4. Case of E-Commerce Valuation for IPOs

5. Conclusions

References

키워드

IPO Valuation Method E-Commerce Industry E-Commerce Distribution Coupang