基于集成实物期权法的互联网企业价值评估

发布时间：2018-04-23 21:44

本文选题：互联网企业价值评估 + 模糊层次分析法　；参考：《杭州电子科技大学》2017年硕士论文

【摘要】：为了全面合理的评估不确定群决策环境下的互联网企业价值,弥补目前市场法、实物期权法、收益法等评估方法和理论的缺陷,结合互联网企业及其价值的特点,本文提出了集成实物期权法。集成实物期权法即是综合模糊德尔菲法、模糊层次分析法和模糊复合实物期权模型求解互联网企业价值的一种方法。第一,通过专家调研和互联网企业价值成长基础性原因的探寻,结合互联网企业发展各个阶段的特点,分析互联网企业价值的驱动因素,利用模糊德尔菲法建立了模糊实物期权价值、客户价值、成长和创新性、无形资产价值和风险资本五个价值关键驱动因素的互联网企业价值综合评估体系。第二,根据模糊层次分析模型计算模糊实物期权价值这个关键价值驱动因素在企业价值评估中的权重。第三,采用模糊多阶段实物期权模型,计算企业模糊实物期权价值。第四,根据模糊实物期权价值的权重最终得出互联网企业的整体价值。第五,以上海游久游戏股份有限公司为实际案例,分别利用市场法和本文提出的集成实物期权法进行评估,利用集成实物期权模型评估的企业价值为558.12亿元,根据企业实际情况分析评估结果产生差异的原因以及评估结果的合理性。利用集成实物期权方法来评估互联网企业价值不仅有利于提升企业价值评估水平,强化企业价值管理的观念,促进互联网行业健康发展,并且可以丰富和深化企业价值评估理论。
[Abstract]:In order to comprehensively and reasonably evaluate the value of Internet enterprises in the uncertain group decision-making environment, and make up for the defects of the current evaluation methods and theories, such as market method, real option method and income approach, the paper combines the characteristics of Internet enterprises and their value. In this paper, an integrated real option method is proposed. Integrated real option method is a comprehensive fuzzy Delphi method, fuzzy analytic hierarchy process and fuzzy compound real options model to solve the value of Internet enterprises. First, through the research of experts and the exploration of the basic reasons for the growth of Internet enterprise value, combined with the characteristics of each stage of the development of Internet enterprise, the driving factors of Internet enterprise value are analyzed. The fuzzy Delphi method is used to establish a comprehensive evaluation system of the value of Internet enterprises with five key driving factors: fuzzy real option value, customer value, growth and innovation, intangible asset value and venture capital. Secondly, according to the fuzzy analytic hierarchy process (FAHP) model, the weight of the key value driving factor of fuzzy real option in enterprise value evaluation is calculated. Thirdly, fuzzy multi-stage real option model is used to calculate the value of fuzzy real option. Fourthly, according to the weight of fuzzy real option value, the whole value of Internet enterprise is obtained. Fifth, taking Shanghai Youjiu Games Co., Ltd. as an actual case, using the market method and the integrated real options method proposed in this paper, the enterprise value is 55.812 billion yuan, which is evaluated by the integrated real option model. According to the actual situation of the enterprise, the reason of the difference and the rationality of the evaluation result are analyzed. Using the method of integrated real option to evaluate the value of Internet enterprise is not only helpful to improve the level of enterprise value evaluation, strengthen the concept of enterprise value management, but also promote the healthy development of Internet industry. And can enrich and deepen the theory of enterprise value evaluation.
【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】：F275;F49

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