The Tourism Enterprise Value Assessment Based On Real Option Theory

With the improvement of economic level and the introduction of various tourism support policies, tourism industry is developing rapidly, and the scale of development is also growing. In this situation, how to correctly assess the value of tourism industry has become the most important problem of managers and investors. All along, the DCF model is the core and technology framework of modern business valuation theory. Because the DCF method is simple and practical, it has become the most widely used and the most perfect theory of enterprise value assessment method. However, due to tourism enterprises is currently in a period of rapid development.It has these characteristics such as high risk, high return, high uncertainty. Therefore, it may appears deviation toestimate its future cash flow.In this paper, through the analysis of the impact factors of tourism enterprise value evaluation, I believe that the Real Option is the most suitable to assess the value of tourism enterprises.Firstly, this paper briefly introduces the research background and practical significance of China’s tourism enterprise value evaluation, and then introduces the research status at home and abroad, as well as the basic structure and research methods of this paper. Secondly, this paper elaborates the related theories about the value evaluation of tourism enterprises. Thirdly, this paper focuses on the analysis of the characteristics of value assessment method and the value of tourism enterprises, and I think the traditional enterprise value assessment method is defective in assessing the business value of the tourism. In order to overcome the limitation of the traditional valuation methods, this paper introduces the Real Option and analyzes the applicability of this method to assess the value of tourism enterprises. Finally, this paper constructs the tour business enterprise evaluation model based on Real Option and determines the selection of model parameters. Then the new model is used to evaluate the value of. It is proved that the rationality of Real Option in the evaluation of the tour business enterprise value.