An Application Research Of Grey Theory And Option Method In Internet Enterprise Valuation

The evaluation of the value of China's New OTC Market Internet enterprises is difficult,and there are few related studies,mainly because of the unique uncertainty of the New OTC Market Internet companies.By looking through the relevant valuation research literature,the problems are mainly manifested in:(1)traditional valuation methods are more studied,but not applicable to new Internet companies;(2)valuation using pure real option methods,the results are not accurate;The cash flow forecasting method is single and flawed.Based on the grey theory and the real option theory,this paper analyzes and summarizes the existing research results of domestic and foreign scholars on the basis of reading a large number of references and data.Through the combination of theoretical analysis and empirical research,the new three-board Internet company-hero For example,mutual entertainment is used to verify the applicability of the grey theory+option method to the valuation of Internet companies.The main contents of the thesis include:from the background of Internet development and national policy,analyze the future development of Internet companies,briefly introduce the theory of gray and real options,summarize the literature of domestic and foreign scholars on the valuation of Internet companies,and summarize the existing The problem is analyzed from the perspective of the macro environment of the Internet,the status of the industry,and the financial aspects of the target company.The financial data of the heroes' mutual entertainment are collected and collated,and relevant models such as DCF and B-S are established for valuation,and then with traditional valuation.Method comparison was carried out for analysis and verification.The final conclusion is that the gray theory predicts the combination of cash flow discounting and real option method to evaluate the value of the Internet enterprise.For the evaluation result,the investor is advised to be a hero.The current stock price of mutual entertainment enterprises is underestimated and has certain investment value.For enterprise managers,it is recommended to continue to increase efforts in innovation and research and development,and to manage and ensure cash flow and minimize leverage;First,determine that real options+ cash flow discounting is effective for Internet companies to evaluate,and further exploration is needed to reduce unnecessary errors.