基于FCFF与B-S模型的互联网企业价值评估  

The Value Assessment of Internet Enterprises Based on FCFF and B-S Models

作　　者：吕洪雁[1] 甄文丽 LU Hongyan;ZHEN Wenli(School of Accounting,Shandong Technology and Business University,Yantai 264005,China)

机构地区：[1]山东工商学院会计学院,山东烟台264005

出　　处：《枣庄学院学报》2025年第2期103-111,共9页Journal of Zaozhuang University

摘　　要：互联网企业的发展受到科学技术以及企业内部商业模式等因素的影响,合理地对企业价值进行评估,能够帮助投资者预测其未来增长潜力和盈利能力,识别潜在的投资机会。以恺英网络为例,在介绍互联网企业特点的基础上对企业价值评估方法的适用性进行分析,选择使用FCFF(free cash flow for the firm)模型估算企业现有价值,使用B-S(black-scholes)模型来测算企业的潜在价值,最终得到企业价值评估值。结果发现,相比于传统评估方法,FCFF模型与B-S模型结合后的评估结果更接近于企业的实际价值。The development of Internet enterprises is influenced by factors such as science and technology as well as the internal business model of the enterprise,and a reasonable assessment of the enterprise value can help investors predict its future growth potential and profitability and identify potential investment opportunities.Taking Kingnet Network as an example,we analyze the applicability of enterprise value assessment methods based on the introduction of the characteristics of Internet enterprises,choose to use the FCFF model to estimate the existing value of the enterprise,and use the B-S model to measure the potential value of the enterprise,and ultimately obtain the enterprise value assessment value.It is found that compared with the traditional valuation methods,the valuation results of the FCFF model combined with the B-S model are closer to the actual value of the firm.

关 键 词：互联网企业 企业价值评估 FCFF模型 

分 类 号：F275[经济管理—企业管理]