| Under the wave of global intelligence,China’s AI industry is expanding rapidly,market transactions are becoming more and more frequent.It has become important to understand the value characteristics of AI enterprises and evaluate AI enterprises.This paper studied the value composition,value characteristics and value influencing factors of AI enterprises,and analyzed the valuation characteristics of AI enterprises.On this basis,the Schwartz-Moon model under real options is introduced to evaluate AI enterprises,which provides theoretical and practical reference for the valuation of AI enterprises.AI enterprises are different from traditional labor-intensive and capital-intensive enterprises,their core competitiveness lies in technology,knowledge and manpower.Enterprises show the characteristics of high proportion of intangible assets,strong profitability and fast growth.At the same time,it also has the characteristics of high risk and great uncertainty.The valuation should consider the potential value brought by the potential profitability.Enterprise value is affected by many factors,such as profitability,growth ability,innovation ability,external environment and so on.At present,the traditional evaluation methods are often used in the valuation of AI enterprises.The traditional valuation methods ignore the dynamics and uncertainty,make a static and single prediction of the future income,ignore the value of enterprise management flexibility.It cannot reasonably evaluate the intrinsic value of AI enterprises.This paper introduces real options to evaluate AI enterprises.The real option method focuses on the uncertainty of cash flow,describes the distribution of cash flow through probability distribution,measures enterprise management flexibility,and adapts to the dynamics,uncertainty and integrity of AI enterprise valuation.SchwartzMoon model combined with Monte Carlo simulation method is chosen to evaluate.This is because the Monte Carlo simulation method is simpler,more efficient and more accurate than other methods in dealing with complex problems.The Schwartz-Moon model takes the fluctuations of income,income growth and cost into account,uses stochastic differential equations to describe several related variables,and fully takes into account the uncertainty faced by enterprises.This paper is divided into five parts.The first part is the introduction,which mainly introduces the research background and significance of the paper,and combs the relevant literature to understand the research status of enterprise valuation methods,real options and AI enterprise value.The second part is an overview of the theory of AI enterprise valuation based on real options.This part describes the research object of the paper,including AI enterprises,the value of AI enterprises,value assessment methods and related theoretical basis.The third part is the construction of the real option model of AI enterprise value evaluation.This chapter selects the applicable Schwartz-Moon pricing model according to the characteristics of AI enterprises,introduces the construction process,estimation parameters and acquisition methods of the model,and analyzes the applicability of the model.The fourth part is the application AI enterprise valuation model based on real options.In this part,the Schwartz-Moon pricing model is applied to IFLYTEK Company,combined with Monte Carlo simulation method to solve,and finally get the evaluation value of the enterprise.The fifth part is the effectiveness evaluation and case enlightenment of the application of real option valuation model in artificial intelligence enterprises.By comparing the valuation results of the Schwartz-Moon model with the actual stock price and traditional evaluation methods,this paper verifies the effectiveness of the application of the model in the value evaluation of AI enterprises,and summarizes the enlightenment of the case study.By summarizing the literature,this paper analyzes the value of artificial intelligence enterprises,uses real option method to enterprise valuation,and selects the Schwartz-Moon pricing model which is suitable for AI enterprises.Using the case study method,the model is applied to the valuation of IFLYTEK Company.Through the analysis of the valuation results,the applicability of this method for the valuation of artificial intelligence enterprises is verified.Through the research,this paper believes that the Schwartz-Moon model under real options provides a new idea for the valuation of AI enterprises.The valuation results can effectively reflect the enterprise value and provide a reasonable reference price for related trading activities. |
