实物期权法在B2B电子商务企业价值评估中的应用研究

发布时间：2018-01-03 21:18

本文关键词：实物期权法在B2B电子商务企业价值评估中的应用研究　出处：《杭州电子科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着网络科技和互联网经济的高速发展,B2B电子商务的发展前景越来越广阔,B2B电子商务企业在不断的发展壮大。B2B电子商务的迅速发展,会使得越来越多的B2B电子商务企业上市,B2B电子商务企业的兼并、重组、参股投资等资本运作也会越来越频繁。而无论是上市,还是兼并、重组等活动,都需要对B2B电子商务企业的价值进行评估,因此,如何合理准确地评估B2B电子商务企业的价值,成为当前研究的一个重要课题。本文以B2B电子商务企业的价值评估为主线,分析B2B电子商务企业价值评估的特点以及传统价值评估方法在B2B电子商务企业价值评估中的局限性,基于实物期权理论,将实物期权法应用到B2B电子商务企业价值评估中。在实物期权法下,将B2B电子商务企业的价值分为现有资产价值和企业发展不确定性具有的实物期权价值。文章利用基于时间序列的DCF法计算企业现有资产价值,选择B-S模型计算实物期权价值。基于时间序列预测企业自由现金流量,会使得预测的结果更加客观,进而使得计算的企业现有资产价值更加准确,B-S模型中标的资产现有价值参数的估计也会更加合理。选取B2B电子商务企业焦点科技作为案例,运用本文所述方法对企业价值评估过程进行具体分析,并另外分析生意宝和上海钢联的评估结果加以佐证,说明了实物期权法能够合理准确地评估B2B电子商务企业的价值。
[Abstract]:With the rapid development of network science and technology and Internet economy, the development prospect of B2B E-commerce is more and more broad. B2B E-commerce enterprises are developing continuously. B2B E-commerce is developing rapidly. Will make more and more B2B e-commerce enterprises listed B2B e-commerce enterprises mergers, reorganization, equity investment and other capital operations will become more and more frequent. Reorganization and other activities need to evaluate the value of B2B e-commerce enterprises, therefore, how to evaluate the value of B2B e-commerce enterprises reasonably and accurately. This paper focuses on the value evaluation of B2B e-commerce enterprises. This paper analyzes the characteristics of B2B e-commerce enterprise value evaluation and the limitation of traditional value evaluation method in B2B e-commerce enterprise value evaluation, based on the real option theory. The real options method is applied to the value evaluation of B2B e-commerce enterprises. The value of B2B e-commerce enterprises is divided into the value of existing assets and the value of real options with uncertainty of enterprise development. This paper uses the DCF method based on time series to calculate the value of existing assets. Choosing B-S model to calculate the real option value and forecasting the free cash flow based on the time series will make the forecast result more objective and make the calculated enterprise assets value more accurate. B-S model is also more reasonable to estimate the existing value parameters of assets. Select B2B e-commerce enterprise focus technology as a case, use the method described in this paper to analyze the process of enterprise value evaluation. In addition, it is proved by the analysis of the evaluation results of B2B and Shanghai Steel Union that the real option method can reasonably and accurately evaluate the value of B2B e-commerce enterprises.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

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