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在我国供给侧改革不断深入，传统经济发展方式难以为继的背景下，“共享 经济”这一新型经济发展模式应势而生，自 2016 年起在我国迅速发展，刺激国 民经济的增长，提高人民收入水平。据《2018 年中国共享经济发展年度报告》， 生活服务和交通出行领域在整个共享行业保持高速增长的背景下呈现负增长，其 中，共享出行市场竞争格局出现重大变化，企业纷纷走上破产、被兼并、寻求上 市或是寻找风险投资的道路，上述过程的实现无不涉及到企业估值，但共享出行 企业价值评估这一领域的研究还十分有限。 本文通过梳理“互联网+”企业价值评估的现有研究，并结合基于商业模式 的价值创造理论，提出基于商业模式修正的 DCF 法评估企业价值。首先，本文以 Porter 在 2011 年提出的基于价值创造的商业模式构成要素为基础并结合共享出 行领域内龙头企业摩拜和 Uber 的商业模式，总结出共享出行企业的一般商业模 式，并通过层次分析法及专家打分法确定该商业模式的评价体系及指标权重。其 次，本文以共享出行领域内唯一一家上市企业---永安行为例进行估值分析：先 运用模糊层次分析法确定其商业模式评价结果，接着在运用股权现金流折现法评 估过程中，营业收入增长率的预测以行业内复合增长率乘以该企业的商业模式修 正系数求得，进而算出永安行企业的估值。最后，通过估值和市值的分析，说明 该方法在共享出行领域内的适用性。 希望通过本文分析可以在企业估值中引入商业模式修正这一概念，使新型领 域内企业估值结果更为客观、合理；再者，本文对于共享出行商业模式评价指标 体系的构建可以为行业内企业评价自身商业模式并做出调整提供借鉴；此外，本 文的研究不仅有利于管理层了解企业真实价值并做出有利于企业发展的决策，而 且对证券市场投资者作出正确决策提供建议。

Under the background of continuous deepening of supply side reform and unsustainable traditional economic development mode, the new development mode of sharing economy has developed rapidly in China since 2016, promoting the economic development and improving people's living standards. According to the 2018 China's annual report on the development of sharing economy, China's sharing economy is still growing at a high speed, but the development speed of sharing economy in the field of life services and transportation travel has slowed down significantly. Among them, great changes have taken place in the competition pattern of the sharing travel market, and enterprises have embarked on the path of bankruptcy, being merged, seeking to go public or looking for venture capital. The realization of the above-mentioned process all involves enterprise valuation, but the research on the value evaluation of the sharing travel enterprise is still very limited. By combing the existing research of "Internet +" enterprise value assessment and combining the value creation theory based on the business mode, this paper proposes a DCF method which is modified by the business mode to evaluate the value of an enterprise. First of all, based on the elements of business model based on value creation proposed by Porter in 2011, combined with the business models of Mobike and Uber, the leading enterprises in the field of shared travel, this paper summarizes the general business model of shared enterprises, and determines its evaluation system and index weight by AHP and expert scoring method; then, this paper takes Youon Technology Co., Ltd, the only listed company in the field of shared travel, as an example. First, it uses the fuzzy analytic hierarchy process to determine the evaluation result of its business model-the correction coefficient. Second, in the process of using the discounted equity cash flow method to evaluate, the prediction of the growth rate is obtained by multiplying the compound growth rate in the industry by the correction coefficient of the business model of the company, and then it calculates the value of Youon Technology Co., Ltd. management to understand enterprise value and adjust business plan. Finally, through the analysis of valuation and market value, the applicability of this method in the field of shared travel is illustrated. Through the analysis of this paper, we hope that we can introduce the concept of business model modification into the enterprise valuation, so that the valuation results of enterprises in the new field are more accurate and objective; what’s more, the construction of the evaluation indicators for the shared travel business model can provide reference for the enterprises in the industry to evaluate their own business model and make adjustments; In addition, this study is not only conducive to the management to understand the true value of the enterprise and make decisions conducive to the development of the enterprise, but also to provide suggestions for investors to make the right decision to buy and sell stocks.