基于实物期权理论的互联网企业数据资产评估研究  

Research on Data Assets Evaluation of Internet Enterprises Based on Real Option Theory

作　　者：郭燕青[1] 孙培原 GUO Yan-qing;SUN Pei-yuan(School of Business,Liaoning University,Shenyang,Liaoning 110036)

机构地区：[1]辽宁大学商学院,辽宁沈阳110036

出　　处：《商学研究》2022年第1期77-84,共8页Commercial Science Research

摘　　要：随着信息技术的发展和普及,互联网服务的覆盖范围不断扩大,互联网企业发展中数据资产的重要性逐渐凸显出来。以互联网企业的特性和价值为切入点,基于实物期权理论对互联网企业数据资产评估问题进行探究。实物期权可以看作是帮助企业做管理决策的一种方法,基于Black-Scholes(B-S)模型的实物期权定价在市场交易中有良好的适用性。引入模糊数学理论对B-S期权定价模型进一步优化,能够降低模型计算的复杂度,提升价值评估的准确性。以三六零安全科技股份有限公司为例,将优化后的B-S模型应用于企业数据资产评估中,得到当前三六零企业的数据资产价值为40.05亿元。由此可见,基于实物期权理论的互联网企业数据资产价值评估较为合理,能够为现实大数据时代下企业的资产评估提供参考。As the information technology develops and popularizes,the coverage of internet services is expanding.The importance of data assets in the development of internet enterprises has been gradually highlighted.The study explores the data assets evaluation of internet enterprises based on the real option theory from the characteristics and values of internet enterprises.Real option can be regarded as a way to help enterprises make management decisions.The real option pricing based on Black-Scholes(B-S)model has excellent applicability in market transaction.The application of fuzzy mathematics theory to optimize B-S option pricing model can reduce the complexity of model calculation and improve the accuracy of value evaluation.360 Security Technology Co.,Ltd.is taken as an example,the optimized B-S model is applied to the enterprise data assets evaluation,and the current value of data assets of 360 Security Technology Co.,Ltd.is 4.005 billion yuan.Therefore,the evaluation of the data assets value of internet enterprises based on real option theory is reasonable,which can provide reference for the real-time big data assets evaluation.

关 键 词：实物期权理论 互联网企业 数据资产评估 B-S期权定价模型 模糊数学 

分 类 号：F275[经济管理—企业管理] F492[经济管理—国民经济]