Evaluation Of Internet Enterprise Value Based On Integrated Real Option

In order to make a scientific and effective evaluation of the Internet enterprise value in the fuzzy group decision-making environment,this paper proposes an integrated real options approach to making up for the shortcomings of the existing methods and theories such as the market value method,the real options method and the income method,etc..The integrated real options method is a method which uses the comprehensive fuzzy Delphi method,the fuzzy analytic hierarchy process,the fuzzy compound real options model to determine the value of Internet companies.Firstly,this paper tries to find out the root causes of Internet enterprise value growth and analyze the driving factors of Internet enterprise value by using fuzzy Delphi method.According to the characteristics of Internet enterprise,this paper establishes the Comprehensive Evaluation System of Internet Enterprise Value,including fuzzy real options value,customer value,Growth and innovation,the value of intangible assets and venture capital value.Secondly,I determine the weight of the fuzzy real options value by fuzzy AHP.Thirdly,the fuzzy multi-stage real options model is adopted to calculate the fuzzy real options value.Fourthly,according to the weight of the fuzzy real options value,I make the final determination of the value of Internet companies.Fifthly,take SHANGHAI U9 GAME CO.,LTD.as the actual case,I use the market method and the integrated real options method to evaluate the value of the enterprise.The value of the enterprise evaluated by the integrated real options model is 55.812 billion yuan.According to the actual situation of the enterprise,this paper analyzes the reasons for the rationality of the assessment results.Using the integrated real options method to evaluate the value of Internet enterprises is not only beneficial to improve the evaluation level,strengthen the concept of enterprise value management and promote the healthy development of the Internet industry,and can enrich and deepen the theory of enterprise value evaluation.