Application Research Of Real Option On Tourism Enterprise Valuation

With the development of the economy and the more support of tourism policies,tourism industry develops speed and larger. In this case, the most important problem ishow to correctly assess the value of the tourism enterprise. However,there is nocomplete system of theory and practice for assessment of the tourism enterprise valuebecause the tourism industry is younger. After analyzing the methods of corporatevaluation, I think Real Option is most suitable for the assessment of China’s tourismenterprise value.Firstly, the paper briefly introduces the background and the practical significanceof tourism enterprise valuation. Then the paper introduces the research situation at homeand abroad, and introduces the basic structure and ways for researching of the paper.Secondly, the paper introduces some theories about the tourism enterprise valuation.Thirdly, the paper focuses on the analysis of the ways of the tourism enterprisevaluation. It points out that the traditional methods of the tourism enterprise valuationcan not evaluate value accuracy through analyzing the influence factors of the tourismenterprise valuation. The real option can overcome the limitation. Finally, the papersbuildings the tourism enterprise valuation model base on the real option and determinesthe parameters for the model. Then the model is used to value the Huangshan TourismDevelopment Co., LTD. And then we find the result is similar the stock price. It provesthe real option is applicable to assess the value of the tourism enterprise.