互联网企业的资产估值、定价模型构建及腾讯案例的蒙特卡洛模拟分析

发布时间：2018-06-27 04:26

本文选题：互联网资产 + 定价模型　；参考：《现代财经(天津财经大学学报)》2017年01期

【摘要】：针对传统财务会计理论及实务对互联网资产价值的忽视,基于梅特卡夫法则和企业经营适应性预期假设,本文提出了不确定情景下互联网资产的实物期权定价模型,利用蒙特卡洛模拟法并选取腾讯公司进行模型实测。研究显示,该实物期权模型可以精确地估算互联网资产价值,计算结果与有效市场理论算法高度一致;研究发现,互联网资产价值在互联网企业价值中占据主导地位,初始收入增长率和估计期间对互联网资产价值有显著正向影响,长期企业经营成本系数和企业经营成本系数对其价值有显著负向影响。结果启示企业可通过降低企业成本或增加企业网络用户数来提升其互联网资产价值。
[Abstract]:In view of the neglect of the value of Internet assets in traditional financial accounting theory and practice, based on Metcalfe's rule and the assumption of business adaptability, this paper proposes a real option pricing model for Internet assets under uncertain scenarios. Monte Carlo simulation method is used and Tencent is selected to test the model. The research shows that the real option model can accurately estimate the value of Internet assets, and the calculation results are highly consistent with the efficient market theory and algorithm, and it is found that the value of Internet assets occupies a dominant position in the value of Internet enterprises. The initial income growth rate and the estimated period have a significant positive impact on the value of Internet assets, while the long-term operating cost coefficient and the enterprise operating cost coefficient have a significant negative impact on the value of Internet assets. Results the value of Internet assets can be improved by reducing the cost of enterprises or increasing the number of network users.
【作者单位】：重庆邮电大学经济管理学院;
【基金】：重庆市研究生教育教学改革研究项目(yjg20163071) 重庆市教育科学“十三五”规划重点课题(2016-GX-006)
【分类号】：F49

【相似文献】