互联网企业数据资产价值评估——基于二叉树期权定价模型  

Internet Enterprise Data Asset Value Assessment——Based on Binary Tree Option Pricing Model

作　　者：赵宸元 张福来 Zhao Chenyuan;Zhang Fulai

机构地区：[1]重庆理工大学经济金融学院,重庆400054

出　　处：《中国资产评估》2023年第9期51-60,共10页Appraisal Journal of China

基　　金：重庆市社会科学规划项目“重庆市城乡区域经济协调发展研究”(2019QNJJ18)。

摘　　要：作为一项全新的资产类别,数据资产的估值研究给学术界和实务界带来了不小挑战,如何客观合理地对数据资产进行价值评估成为当前值得关注的重点问题。本文将企业所拥有的数据资产视为一个整体,利用超额收益和层次分析法相结合确定数据资产基础净现值;其次,基于实物期权理论建立二叉树期权定价评估模型,利用其确定数据资产潜在价值,提出关于互联网企业数据资产价值评估方案,并以同花顺公司为研究对象进行实证分析。结果表明,该方案在一定程度上可以解决互联网企业数据资产潜在价值的估值问题,增强估值的灵活性,使得估值结果更加客观合理。As a new asset class,the valuation research of data assets has brought many challenges to the academic and practical circles,and how to objectively and reasonably evaluate the value of data assets has become a key issue worthy of attention.This paper treats the data assets owned by the enterprise as a whole,and uses the combination of excess return and analytic hierarchy to determine the net present value of the data asset base.Secondly,based on the real option theory,a binary tree option pricing evaluation model is established,which is used to determine the potential value of data assets,and a data asset value evaluation scheme for Internet enterprises is proposed,and empirical analysis is carried out with flush company as the research object.The results show that this scheme can solve the valuation problem of the potential value of data assets of Internet enterprises to a certain extent,enhance the flexibility of valuation,and make the valuation results more objective and reasonable.

关 键 词：长短期记忆网络 数据资产 层次分析法 二叉树期权定价模型 

分 类 号：F221[经济管理—国民经济] F275