Application Research Of Real Options Method On The B2B E-commerce Enterprise Value Assessment

With the rapid development of network technology and Internet economy,the development prospect of B2 B e-commerce become more and more broadly,and B2 B e-commerce enterprises are developing constantly.The rapid development of B2 B e-commerce,will enable more and more B2 B e-commerce companies listed,The mergers of B2 B e-commerce business will become more frequent as well as restructuring,equity investment and other capital operations.No matter the listing of B2 B e-commerce or other capital operations,it is necessary to assessment the value of B2 B e-commerce enterprises.Therefore,how to assessment the value of B2 B e-commerce enterprise reasonably and accurately has become an important issue in the current research.This paper based on the assessment of B2 B e-commerce enterprises' values,analysis the characteristics of B2 B e-commerce enterprise value assessment and the limitations of traditional value assessment methods in the B2 B e-commerce enterprise value assessment,based on real options theory,apply the real options method to assess the value of B2 B e-commerce enterprises.In the real option method,the value of B2 B e-commerce enterprise is divided into the value of the current assets and the real option value produced by the uncertainty development of the enterprise.In this paper,the DCF method based on time series is used to calculate the value of the current assets,and the B-S model is used to calculate the real option value.Forecasting the free cash flow based on time series will make the forecast more objective,which will enable the value of the current assets more accurately,and the estimation of the existing value parameters of the assets in the B-S model will be more reasonable.In this paper,the B2 B e-commerce enterprises Focus Technology are chosen for case study,where the methods mentioned in this paper are applied to specifically analyze the process of assessing enterprises' values,which is proved with additional analysis of the results from assessing Toocle and Shanghai Steel Union,to indicate that the values of B2 B e-commerce enterprises can be better assessed with the real option method.