Research On The Valuation Of Makerspace Based On Fuzzy Real Options

Under the background of entrepreneurship and innovation,makerspace has developed rapidly in recent years as an emerging shared and platform-based entrepreneurial service enterprise.Makerspace is greatly influenced by national policies and market environment,and there is great uncertainty in the future development.Therefore,investors are assumed to take greater risks when investing in makerspace.With the rapid development of makerspace,it faces an inevitable trend of government subsidies,mergers and acquisitions,and new financing.In the process of preliminary research on makerspace,it is found that scholars are mainly the operation mechanism and entrepreneurial ecology of makerspace.In other aspects,the research has not yet touched on the field of valuation.In view of this,it is necessary to urgently evaluate the value of various types of makerspace and analyze its valuation methods for reference.This paper analyzes the value structure of makerspace by conducting a preliminary study,and finds that the value of makerspace not only includes the value of the operational assets,but also the value of the real option,that is,the value of the decisionmaking power of the manager on the investment project.Traditional assessment methods cannot assess the real option value of makerspace.Therefore,this paper introduces the real option model to evaluate the real option value of makerspace,and at the same time,it is found that the value of the model parameter is a fixed value,which is quite different from the actual situation of market dynamic change,so it is used for reference.Mathematical theory corrects the real option pricing model and constructs a makerspace valuation model based on fuzzy real options.In order to verify the feasibility of the improved pricing model,this paper selects the representative Dark Horse in makerspace industry as an example for empirical analysis,and applies the improved model to evaluate the enterprise value of Dark Horse,and evaluates the results separately.The valuation results obtained by the traditional real option pricing model and the market value of Dark Horse on the valuation base date are compared.The results show that the enterprise value of Dark Horse calculated by applying the improved model is closer to the market value of the valuation base date.The results of this paper show that,based on the integrity of the valuation,the value of real option needs to be considered when evaluating the value of makerspace.Therefore,the introduction of the real option pricing model can be used as a good supplement,and the fuzzy mathematical theory is used to refer to the real option.The pricing model is revised to make it more realistic and improve the accuracy of the valuation results.