Research On Asset-light Enterprise Value Evaluation Based On Real Option Method

In recent years,under the influence of capital globalization and the promotion of government policies,more and more enterprises in various industries have seized the opportunity to break away from their "heavy assets" shackles and make strategic transformation to light assets enterprises in order to meet the economic development tide and seek greater development prospects.The emergence of a large number of "old and new" light assets enterprises has gradually brought the brand-new enterprise classification of "light assets enterprises" into the public's vision,and has greatly increased the demand for evaluation of the value of such enterprises.However,most of the relevant literature focuses on the value evaluation of light assets enterprises under different industry classifications,and does not take "light assets enterprises" as a whole system to explore their value evaluation.In addition,the unique characteristics of light assets enterprises make it difficult for traditional evaluation methods to reflect the potential "off-balance-sheet" intangible assets value,management flexibility value and uncertainty value,and to assess the overall value of light assets enterprises.Therefore,this paper introduces the real option method into the construction of light assets enterprise value evaluation model,in order to make up for the defects of traditional evaluation methods in light assets enterprise value evaluation,and to provide theoretical guidance for the actual operation of evaluation practice.Starting from the definition of light assets enterprises and the distribution of industries,this paper studies and analyses the characteristics and main value driving factors of light assets enterprises;on this basis,it elaborates the relevant theories and valuation models of real options in detail;and then it analyses the applicability of three traditional valuation methods and real options methods to the valuation of light assets enterprises one by one,and puts forward the traditional valuation methods.The evaluation method and real option model are combined to construct an evaluation model to evaluate the value of light assets enterprises.Finally,we select Youzu Network Company as a typical light assetsenterprise for case analysis,compare the evaluation results with market value,analyze the reasons for the differences,and verify the rationality of the evaluation model.The results show that the real option method can make up for the shortcomings of the income method in the valuation of light assets enterprises,and more fully reflect the intrinsic value of light assets enterprises.