互联网企业价值评估模型比较研究  

The Comparative Study on the Evaluation Models of Internet Enterprises

作　　者：王治[1] 李馨岚 WANG Zhi;LI Xinlan(School of Economics and Management,Changsha University of Science&Technology,Changsha,Hunan 410114,China)

机构地区：[1]长沙理工大学经济与管理学院,湖南长沙410114

出　　处：《财经理论与实践》2021年第5期75-82,共8页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金(71801022);湖南省教育厅重点项目(20A006)。

摘　　要：基于互联网企业轻资产、高估值、迭代快以及风险大等特点,比较传统价值评估模型与Schwartz-Moon等实物期权价值评估模型,分别运用于评估案例企业泛微网络价值。结果发现,相较于传统现金流贴现模型,实物期权价值评估模型评估结果更接近于公司实际价值。三种实物期权模型敏感性分析表明:Schwartz-Moon模型评估误差最小,且模型稳健性最强,适用于不确定性高的互联网企业估值。Based on characteristics of Internet enterprises,such as light asset,overvaluation,fast iteration and high risk,this paper compares the traditional valuation model with Schwartz-Moon and other real option valuation models,then uses those models to evaluate the Weaver Company as a case study.Through the comprehensive analysis of the valuation results,it is found that,in contrast to the traditional DCF model,the evaluation results of real option valuation model are closer to the actual value of the enterprise.Further sensitivity analysis of the three real option models shows that the Schwartz-Moon model has the smallest evaluation error and the strongest model robustness,which is suitable for Internet companies with high uncertainties.

关 键 词：互联网企业价值 实物期权 Schwartz-Moon模型 蒙特卡洛模拟 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济]