Research On Internet Enterprise Value Evaluation Based On Modified B-S Option Pricing Model

With the rapid development of Internet technology,the Internet has become an important part of people's daily life.The value of related companies with the Internet as the link has also attracted people's attention.Since the product characteristics,production forms and unique profit methods of Internet companies are very different from those of traditional enterprises,traditional valuation techniques have been greatly challenged.Therefore,it is particularly important to study the valuation methods of Internet companies.Based on the technical characteristics of Internet companies,this paper analyzes the applicability of traditional evaluation methods and combines the idea of real options to propose a real option method to evaluate the value of Internet companies.In the process of researching the real option method,it is found that the B-S option pricing model in the classic real option method has a non-dividend premise assumption,which is inconsistent with the actual situation that the Internet company will make dividends,so the premise is made.Correction,to reflect the value of Internet enterprises in a true and reasonable way has become the core issue of this paper.First of all,this paper defines the concept of Internet enterprises and elaborates the relevant theory to lay a theoretical foundation for the subsequent value evaluation.Secondly,it analyzes the status quo and future development trend of Internet enterprise value assessment,and understands the current situation to grasp in the future,the development trend can be better to find the evaluation method.Thirdly,based on the analysis of the applicability of the modified B-S option pricing model,the modified B-S option pricing model is constructed and the parameters are elaborated.Finally,this paper analyzes the Sinnet as a case and uses the real option model to evaluate the value of the Sinnet.The results of the revised B-S option pricing model evaluation are smaller than the results of the B-S option pricing model evaluation before the correction and are closer to the market price.Through the research in this paper,it is considered that the traditional methods of market,cost and income are not suitable for Internet enterprise value evaluation,because traditional methods do not have the conditions to evaluate the value of Internet enterprises.The real option method selected in this paper is based on the characteristics of high risk,high growth and high uncertainty of research enterprises.This method is very suitable for the evaluation of Internet enterprise value,especially the revised B-S option pricing model.The case study verifies that the results of the revised B-S option pricing model are closer to the market price.Therefore,it is believed that the evaluation conclusions have fully discussed the value evaluation of Internet enterprises,and the empirical results are reasonable,which provides a worthwhile reference for the value evaluation of such enterprises.