The Study Of Application Of Real Option Theory In Enterprise Value Evaluation Of State Owned Enterprises

At present,during the process of managing and controlling state-owned assets,it is a very important link for China to conduct a reasonable and accurate value assessment.Nowadays,transaction activities such as restructuring and transfer of state-owned enterprises are becoming more and more active,and the value appraisal of state-owned enterprises has become more frequent.In this process,due to the imperfect existing assessment methods,the problem of the loss of state-owned assets has gradually attracted people's attention.This article would like to explore the issue of whether the selection of relevant theories and models of real options when assessing the value of state-owned enterprises can improve the deficiencies of traditional enterprise valuation methods and make the value evaluation of state-owned enterprises more reasonable and accurate so as to reduce the state-owned assets.The purpose of losing and safeguarding the legitimate interests of the people.After reviewing the relevant literature materials and investigating the case companies on site,after analyzing and summarizing the collected data,the author wrote six chapters in this article,which can be divided into three parts;the first part introduces the background of the relevant topics and the current domestic The second part introduces the related theoretical basis of the enterprise value assessment and the current major corporate value assessment methods in China and compares and analyses them.The third part introduces the status quo of the state-owned enterprise reform in China and the existence of enterprises in the state-owned enterprise reforms.The value evaluation problem,combined with the actual case companies respectively using the traditional enterprise valuation method and the real option method for valuation analysis,and the results obtained are analyzed and summarized,and the conclusions of this paper are further drawn.This article takes Qingdao Tianhuayuan Chemical Engineering Co.,Ltd.as the actual case enterprise,and selects the income method and the real option method to evaluate the company value at the end of 2016 and finds that the evaluation result of the real option method is compared with the traditional enterprise value evaluation method.It is more reasonable and accurate,but the method also has the defects such as difficult to determine the relevant model parameters,and it needs further study.