A Research On Value Evaluation Of Unicorn Enterprise Based On Real Option Theory

With the advent of the new economic era,Unicorn enterprises are facing explosive development.Based on our country's close attention to the development of Unicorn enterprises,such as the innovative policies such as green channel for the listing of Unicorn enterprises,this paper intends to study and analyze the value evaluation of Unicorn enterprises.Because of the typical characteristics of Unicorn enterprises,such as the large proportion of intangible assets,the high proportion of R&D investment and the rapid development of enterprises,it is impossible to produce stable cash flow.Traditional enterprise evaluation methods are not suitable for the value evaluation of Unicorn enterprises.Considering that the real option theory and its method can evaluate the value of enterprises with uncertainties such as unstable cash flow and high growth,this paper proposes to use the real option theory and its method to analyze and solve the value evaluation problem of Unicorn enterprises.This paper introduces the real option theory and its methods,and explains the definition,characteristics,value composition and valuation characteristics of the unicorn enterprise in detail,and illustrates the rationality of the application of the real option theory to the valuation of the unicorn enterprise combined with the value evaluation characteristics of the unicorn.Based on the analysis of the value of Unicorn enterprises,a real option model is established.Because the Monte Carlo simulation method is more objective in dealing with data and can reduce the valuation error caused by human factors,the empirical analysis of the technology of Unicorn enterprises listed and graduated in 2017 is realized by Monte Carlo simulation method.The analysis results show that the theoretical value of Unicorn enterprise calculated by Monte Carlo simulation method is 4.5% different from its market value,and the main parameters are validated to find out the parameters that have a greater impact on the enterprise value.The test results show that the expected income growth rate has a greater impact on the results,and is more in line with the actual situation.Therefore,this paper considers that this method has a great impact on Unicorn enterprise.It has certain operability and rationality when carrying out value evaluation.