基于商业模式创新的股权定价研究

发布时间：2018-10-09 15:33

【摘要】：随着上世纪九十年代互联网经济的蓬勃发展,关于企业商业模式和商业模式创新的研究和应用,一直受到世人关注。实业界商业竞争的加剧也激发了人们对商业模式创新的追捧,众多商业模式创新型企业“横空出世”,无论是高新技术企业还是传统制造企业,都试图对商业模式不断创新,这也引发了学术界对商业模式研究的热潮。可见,商业模式及其创新已经在现代企业的运行中越发的重要,所以在对一家企业的股权进行定价或是对其股权价值进行评估时,商业模式创新因素已经成为必不可少的考虑因素之一然而,目前不论是传统的股权价值评估理论还是现代股权价值评估理论,都很少会完全涵盖或是系统的涵盖商业模式创新这一因素,都不能反映出商业模式创新所带来的股权价值增长。所以本文基于商业模式创新的角度,对股权价值进行评估和股权定价,这在理论上和现实中都具有十分重要的意义。本文首先在对商业模式创新与股权价值评估进行理论综述的基础上,讨论了商业模式创新、价值链、企业价值、股权价值四者的关系,并对三种价值评估方法进行了介绍及比较。然后,本文建立了基于商业模式创新的股权定价的指标体系,把企业价值分为对企业原有项目带来的实际价值、未来项目带来的衍生价值及商业模式创新带来的价值三部分,分别对每一部分价值评估时所用的指标进行了选择和定义。在构建指标体系的基础上,本文构建了基于商业模式创新的股权定价模型。对应着构建的企业价值评估指标体系的三个部分,分别对每个部分的估值方法和步骤进行了讨论,用DCF方法评估原有项目带来的实际价值,用实物期权方法评估未来项目带来的衍生价值,用层次分析法和模糊综合评价法对商业模式方面进行评估,并用纠偏系数的形式将其带入原有模型,得出最后的企业价值和股权估值及定价的最终模型。最后,在前文基础上对三六五网络股份有限公司做了案例研究,根据构建的模型对其价值的三部分分别进行了评估,并与其发行价、市价进行对比讨论。本文的创新点在于,首先在研究导向方面,运用价值链思想,探讨了商业模式创新与股权价值或是说股权定价的关系。其次,在研究内容方面,本文将目前两个研究的前沿领域商业模式创新和创新型企业股权定价问题相结合,提出了针对商业模式创新企业的股权价值评估方法和定价模型。该方法融入了商业模式创新对企业的影响,在对影响企业股权价值增值的财务因素进行评估的同时,将影响企业股权价值增值的非财务因素也加以评估,科学、合理地反映了股权的整体价值。
[Abstract]:With the rapid development of Internet economy in the 1990s, the research and application of business model and business model innovation have been concerned by the world. The aggravation of the business competition in the industry has also inspired people to pursue the innovation of the business model. Many innovative enterprises of the business model "emerged from the sky". Whether high-tech enterprises or traditional manufacturing enterprises, they are trying to innovate the business model constantly. This also caused the academic circles to the business model research upsurge. It can be seen that business model and its innovation have become more and more important in the operation of modern enterprises, so when pricing or evaluating the equity value of an enterprise, The innovation factor of business model has become one of the essential factors. However, at present, both the traditional equity valuation theory and the modern equity valuation theory, Neither fully or systematically covers the factor of business model innovation, nor does it reflect the increase in equity value brought about by business model innovation. Therefore, based on the perspective of business model innovation, this paper evaluates equity value and equity pricing, which is of great significance both in theory and in reality. Based on the theoretical review of business model innovation and equity valuation, this paper discusses the relationship between business model innovation, value chain, enterprise value and equity value. Three valuation methods are introduced and compared. Then, this paper establishes the index system of equity pricing based on business model innovation, divides the enterprise value into three parts: the actual value brought by the original project, the derivative value brought by the future project and the value brought by the innovation of business model. Each part of the evaluation of the value of the indicators used to select and define. On the basis of constructing index system, this paper constructs the equity pricing model based on business model innovation. Corresponding to the three parts of the enterprise value evaluation index system, the evaluation methods and steps of each part are discussed, and the actual value brought by the original project is evaluated by DCF method. The real option method is used to evaluate the derivative value of the future project, the analytic hierarchy process (AHP) and the fuzzy comprehensive evaluation method are used to evaluate the business model, and the correction coefficient is used to bring it into the original model. Finally, the final model of enterprise value and equity valuation and pricing is obtained. Finally, on the basis of the previous paper, this paper makes a case study on San65 Network Co., Ltd., evaluates the three parts of its value according to the established model, and compares the price with its issue price and market price. The innovation of this paper lies in that, first of all, in the aspect of research orientation, the relationship between business model innovation and equity value or equity pricing is discussed by using the thought of value chain. Secondly, in the aspect of research content, this paper combines the business model innovation and the equity pricing problem of innovative enterprises, and puts forward the valuation method and pricing model for the business model innovation enterprises. This method integrates the influence of the innovation of business model on the enterprise. While evaluating the financial factors that affect the value increment of the stock right, the non-financial factors that affect the increment of the equity value of the enterprise are also evaluated. Reasonable reflection of the overall value of equity.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.91;F224

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