Research Of The Enterprise Value Assessment Based On Real Option Theory

Since the advent of the Internet in 1969,to today's society,the Internet has experienced half a century of development.The Internet is developing very quickly,and have a certain impact on people's lives.In this context,is of great significance for evaluation of Internet business.However,it is not difficult to find,compared with traditional enterprise Internet companies with its unique characteristics,so this paper try to build a more accurate enterprise value evaluation model based on different methods with the traditional evaluation model.Firstly,according to the uniqueness of the Internet enterprises,to analyze the limitations of the existing evaluation methods of enterprise value,and using the method of real option to evaluate the applicability of the Internet enterprise value,summed up the potential value evaluation of the Internet business is more suitable to use real option model to evaluate,and pointed out that this paper uses the B-S model to to assess the value of Internet companies.Then based on the advantages of real option method,will assess the value of Internet companies is divided into two parts,namely the enterprise market value and potential market value of enterprises.This paper takes Alibaba as an example,each of the two parts of the parameters are determined,according to the B-S model to calculate the overall value of Internet companies.Finally,according to the model calculation and evaluation the results were compared with the actual value of the business of Alibaba,summed up in this paper The accuracy of the model was assessed using.The main innovations of this paper are as follows:(1)based on the assessment of the value of Internet companies,the potential value of real options for Internet companies to assess.(2)the Alibaba as a just listed near the Internet giant,not much research on the evaluation,this paper the Alibaba,which is a large Internet e-commerce enterprises as the objects of evaluation.