Research on Valuation of Data Assets Based on the Excess Earnings Method: Taking Shede Spirits as an Example

Qing Li; Bo Yang; Luyuan Liao; Jiabei Liu

doi:10.54097/zmszrx69

Authors

Qing Li
Bo Yang
Luyuan Liao
Jiabei Liu

DOI:

https://doi.org/10.54097/zmszrx69

Keywords:

Digital Economy, Data Assets, Shede Spirits, Excess Earnings Method

Abstract

In the Digital Economy Era, data assets, as strategic resources for enterprises, play a vital role in their daily operations and long-term growth, and represent a key achievement of enterprises' digital transformation. Valuing data assets not only provides an intuitive reflection of the outcomes of enterprises' digital development but also advances the theory of data asset valuation. First, based on existing literature, this paper briefly summarizes and analyzes the concept and characteristics of data assets. Second, considering the unique attributes of data assets and integrating them with enterprises' digital transformation practices, it leverages valuation methods for intangible assets to construct an appropriate excess earnings valuation model. Finally, through a case study of Shede Spirits—by forecasting and analyzing its future free cash flows and the contribution values of various assets—this paper isolates the contribution income generated by data assets and estimates their value using the excess earnings valuation model.

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