By the impact of the special rules of Network Economics, such as Metcalfe Rule and Positive Feedback Rule, dot-corns have appears the new forms of commercial mode and mode of growth, and had special source of value. Under this situation, the ideas and methods of valuation have to be changed correspondingly. The expectation of future income, high speed of growth and uncertainty should be considered as the most important facts in valuing dot-corns.In recent several years, a lot of valuation methods to dot-corns were created, especially the discounted cash flow method. After comparison of these methods, I conclude these methods' virtues and defects and create a model on the base of Black-Scholes model to valuing dot-corns. |