| With the development of information technology,China’s Internet industry has boomed in recent years.Internet companies’ continuous to conduct listing and financing,seeking venture capital,mergers and acquisitions in the capital market,which have attracted the attention of various investors.Therefore,for investors,a reasonable assessment of the value of Internet companies is a prerequisite for successful investment.Compared with other traditional industries,the Internet industry has rapid technology updates and an emerging business models.traditional valuation models cannot reasonably evaluate the actual value of internet companies.Therefore,this article attempts to use a different method from the traditional evaluation model to build a more reasonable enterprise value evaluation model.This article first introduces the characteristics of Internet companies and traditional valuation methods,and analyzes the limitations of traditional valuation methods for assessing the value of Internet companies.Aiming at the limitations of traditional discounting models,this paper introduces the Schwartz-Moon pricing model under the real option idea.This model considers the fluctuations in income,income growth,and variable costs,Use Monte Carlo simulation to simulate the cash flow that a company may generate in the future.Apply Schwartz-Moon pricing model to carry out case analysis on Giant Network Group Co.Ltd,evaluate the enterprise value of the base date,and compare the market value to assess the reasonableness of the results.to analyze the rationality of the evaluation result and identify the key parameter variables of enterprise through sensitivity analysis in the value assessment.At the same time,the traditional real option model is used to compare and analyze the valuation of the enterprise to further test the mode’s evaluation rationality.Through relevant case studies,this article believes that the Schwartz-Moon model provides a new idea for the value evaluation of Internet companies.The evaluation results can effectively reflect the true value of the company and provide a more reasonable market reference price for related investment activities. |
