基于实物期权理论的互联网企业价值评估研究

发布时间：2018-03-21 08:02

本文选题：互联网潜在期权价值　切入点：实物期权理论　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,互联网行业可以说是异军突起,迅猛发展,互联网经济的出现也彻底打破了人们生活习惯,买东西不用东奔西走,交话费不必去营业厅,甚至转账也不再需要银行,一切都可以在网上操作,快捷方便迅速的同时大大提高了人们的生活水平,也让企业之间的合作更为容易。互联网的未来一片光明,“互联网+”的模式也应运而生。因此,互联网企业价值究竟几何,如何评估渐渐成为企业关注的重点。但是,传统的企业价值评估方法却没有考虑到互联网企业的独特性,从而导致评估结果不准确。本文试图在理论的基础上逐步探求到一种更好的评估方法,在可以体现互联网企业独特性的同时兼顾评估的准确性。本文首先对互联网企业的价值构成进行研究分析发现可以分为两部分:现有价值和潜在价值。与传统行业一样,互联网企业同样具有现有业务所形成的现有价值,该部分价值的评估可以基于传统评估方法现金流量折现模型,然而由于该方法并没有考虑到互联网企业中比例较高的无形资产以及投资项目所带来的潜在期权价值,基于此,本文引入了实物期权理论来弥补这部分缺陷,其中在使用B-S模型评估企业潜在价值时,由于非财务指标对于互联网企业影响巨大,会影响企业未来的潜在价值,因此通过层次分析法以及德尔菲法引入非财务指标对期权标的资产的未来收益的现值进行调整。由此,本文将结合现金流量折现模型以及实物期权理论两种方法,取长补短来评估互联网企业的整体价值,最后以广州唯品会科技技术有限公司作为实证案例对模型的有效性进行验证。
[Abstract]:In recent years, the Internet industry can be said to be a sudden and rapid development. The emergence of the Internet economy has also completely broken people's living habits, buying things without running around, paying the telephone fee without going to the business hall, and even transferring money without the need for banks. Everything can be operated on the Internet, fast, convenient and rapid at the same time greatly improve people's living standards, but also make the cooperation between enterprises easier. The future of the Internet is bright, the "Internet" model also came into being. How to evaluate the value of Internet enterprises has gradually become the focus of enterprises' attention. However, the traditional methods of enterprise value evaluation do not take into account the uniqueness of Internet enterprises. As a result, the evaluation results are inaccurate. This paper tries to explore a better evaluation method based on the theory. This paper first analyzes the value composition of Internet enterprises and finds that there are two parts: existing value and potential value. Internet enterprises also have the existing value formed by the existing business. The evaluation of this part of the value can be based on the discounted cash flow model of the traditional evaluation method. However, because the method does not take into account the high proportion of intangible assets in Internet enterprises and the potential option value brought by investment projects, this paper introduces the real option theory to make up for this part of the defects. When the B-S model is used to evaluate the potential value of the enterprise, because the non-financial index has a great impact on the Internet enterprise, it will affect the potential value of the enterprise in the future. Therefore, the present value of the future income of the underlying asset is adjusted by introducing non-financial indicators through the Analytic hierarchy process (AHP) and Delphi's method. Therefore, this paper combines the discounted cash flow model and the real option theory to adjust the present value of the future return of the underlying asset. Finally, Guangzhou VIPSHOP Science and Technology Co., Ltd. as an empirical case to verify the effectiveness of the model.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F715.5

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