VALUATION OF E-COMMERCE ENTERPRISES AND ASSESSMENT OF INVESTMENT ATTRACTIVENESS: THE ROLE OF DIGITAL ASSETS AND NETWORK EFFECTS

This study examines how digital assets and network effects influence the market valuation and investment attractiveness of e-commerce enterprises. It proposes an integrated valuation framework combining discounted cash flow analysis, customer lifetime value, digital asset assessment, network-effect indicators, and risk-adjusted investment criteria. Using official statistics from Uzbekistan, relevant national legislation, and domestic research on digital markets, the study demonstrates why conventional financial indicators may underestimate the economic potential of platform-based businesses. It argues that data assets, software, customer relationships, platform reputation, and ecosystem integration should be assessed according to their contribution to sustainable cash flows rather than treated as independent sources of value without supporting evidence. The proposed framework is designed to improve valuation transparency, investment decisions, and strategic planning in Uzbekistan’s expanding e-commerce sector.