The Study Of Company Value Evaluation Based On Option Pricing Theory

The property value appraisal is the inevitable producted when commodity economy developed the certain stage. Specially with the emergence of market economy system, The property transaction obtains the development and the strength unceasingly. In order to ensure the scientific and rationality of the transaction, the property appraises needs to enhance. The property appraised has two kind of methods: One kind is depends on the experience to make the qualitative estimated, called the Objective valuation method; Another kind is rests on some kind of theory or the model, called the subjective valuation. The property appraised experienced original appraised, experience in the appraised and scientific appraised. Produced current market value method, Replacement cost method and the present value of earnings method.The modern finance study thought the enterprise value will be decided by capacity of enterprise's future cash current. The future cash current capacity will come from one or many future investment service. Using option fixed price theory. Enterprise's opportunities for investment can be seen as a right to buy. Calculate the value, then according to cash current capacity commutation method computation service existing part value. Finally, obtain the enterprise's value, According to option value and existing value adding together. Therefore enterprise's value may regard as call option that underlying asset is enterprise. May use the option fixed price model carry on enterprise asset value.This article uses several property appraisal method carries on the analysis to the Tang steel limited liability company's related value and through the conclusion which obtains explains several appraisal methods the good and bad points. The hope can be helpful through the regarding this comparison research to us more reasonable choice value appraisal method, More accurate appraisal various enterprises' property value, Causes our country's financial capital market to face healthily, the order direction side unfoldsThis article innovates the place is considered fully the influence of dividend to the stock price and the enterprise value. In the hypothetical situation that does not consider the stock dividend situation. But in actual situation, the majority stocks are must pay the dividend. Moreover has the dividend which a partial stock pays to be extremely high, And stock whether pays the dividend also to have the enormous uncertainty. The dividend payment can cause the stock price to drop, the drop scope is each payment dividend. And therefore influence option fixed price method appraisal result. So this article analyzed in how does the dividend rate affected the final appraisal result.Finally is close through several method contrast discovery income law and the cost method result are more similar to. This is because the income law and the cost law refer to the data that seals up and hidden. But the market current value method result and the actual situation difference quite is big. This is because uses the data comes from the money market,The congenial behavior causes these data deviation reality. If the data which uses comes as same time what the congenial behavior to be many, then the final result has the possibility to appear the deviation. The option fixed price law is closest to its value appraisal actual situation. This is because it is decides the company the value size through the Market to property value recognition degree. Moreover The option fixed price law also has the problem just as theory of immature, the money market is imperfect, congenial and the arbitrage behavior affects seriously its data authenticity,The enterprise information difficult to judge.