Research On Valuation Of Light Asset Enterprises Based On Real Option Model

In recent years,with the deepening of China's economic development,some new concepts emerge such as innovation and internet plus and protection and so on.Under this circumstance,emerging industries are gradually strong prosperity and traditional industries have entered the transition period.China's clothing industry,real estate industry,pharmaceutical manufacturing,automobile industry and other industries began to use light asset management model.However,since the appearance of asset light business model,its theory is controversial.The theoretical research is focused on the operational model itself,but it lacks the research on the evaluation of the value of the light asset enterprise.And because of the large uncertainty and many intangible assets,the traditional evaluation methods can not evaluate the value of the light asset enterprise accurately and completely.Therefore,this paper tries to introduce the real option model by combining the characteristics of the light asset companies and sets up a set of scientific method for evaluating the value of light assets enterprises through the method of combining theory with practice.Firstly,this paper analyzes the light assets enterprises' feature,and the distribution of industry and the source of value,and then classifies thelight assets enterprise and analyzes the value driving factors.On this basis,based on the analysis of the applicability of the traditional evaluation methods and the real option method,this paper puts forward the method of using the discounted cash flow method to determine the value of the existing business and using the real option theory to evaluate the potential value of enterprises.So,the enterprise's value is divided into two parts,namely the existing business value and potential business value.And then,taking into account the existence of a large number of off balance sheet intangible assets,the non-financial factors are introduced into the value evaluation,using the AHP and expert scoring method to construct the adjustment coefficient.So it can be used to adjust the overall value of the enterprise in order to get more accurate value of the whole enterprise.At this point,this paper constructs a model for evaluating the value of light assets based on the real option model which is adjusted by the non financial index.Finally,through the study of typical cases,we can get the results that the enterprise value is higher than the market value in a reasonable range.In the end,this paper discusses the shortage of the asset valuation model and the application of the asset valuation model,in order to provide an effective way to evaluate the value of the enterprise and the management decision.