| The common enterprise value assessment methods are mainly cost method, market method and income method. These three kinds of methods have certain scientific and practical value to the general enterprise's value evaluation. However, due to the unique risk and value characteristics of the growing high-tech enterprises, it is difficult to obtain accurate assessment results when using the traditional enterprise value assessment methods. The research and application of the theory of fuzzy real options make up the defects of the traditional enterprise value assessment methods, and open up a new way for the evaluation of high-tech enterprises. The difficulty of evaluation of high tech enterprises lies in the uncertainty of processing. Real options method can measure the uncertainty value, mining the potential flexibility value of the enterprise, and this is the biggest embodiment of superiority with real option method.This paper summarizes the results of previous studies, analyzing the main features of the non-physical capital in Wang Sheng Technology Co. Ltd, and identifies the existence of various types of risk. After introducing the related fuzzy number theory and real option theory, this paper analyzes the limitations of traditional decision method in Wang Sheng enterprise value evaluation. A certain degree of discussion is made about Wang Sheng option characteristics and fuzzy characteristics, and through the comparison and selection of a variety of commonly used real option model, the fuzzy real option value model of WS enterprise value assessment is constructed. Then, based on the analysis of real option value in WS mobile games R & D investment business, fuzzy Real Option and the integrated use of fuzzy real option theory, R & D investment business value model is constructed and the application field of real options is extended. European options and American options are discussed respectively, and the results are verified and analyzed. Finally, through the contrast of Monte Carlo simulation results with traditional decision-making methods and general real option method results, it showed that fuzzy real option method is more scientific and reasonable than the traditional decision and the general real option method.Many real option models lack practical operability, while the fuzzy real option and Monte Carlo simulation are more practical. However, due to the problem of data acquisition and accounting system, there are still some difficulties in the application of the model in evaluation practice. In this paper, the parameters of the model are simplified, and the valuation results are calculated by Monte Carlo simulation, which provides a suggestion for the company to enhance the value. |
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