Valuation Of Unicorn Enterprise Based On Fuzzy Matter-PFM Real Option Fusion Model

At present,the Chinese economy is transforming and upgrading.Thanks to the strong support of the state for the rapid development of new technology and new fields,Chinese unicorn enterprises have achieved rapid growth in both quantity and scale,becoming a catalyst for promoting Chinese economic development in the new era.However,in recent years,many unicorns in the capital market after the high-priced issue and broke in a short period of time after IPO,causing widespread concern in the community.Therefore,how to evaluate the value of unicorn enterprises has become an urgent problem for unicorn enterprises to raise funds in the capital market,and it also has great significance for improving the effectiveness of the capital market.This paper takes unicorn enterprises as the research object and value assessment as the entry point to analyze the current valuation dilemma faced by unicorn enterprises.This paper firstly expounds the research background,research significance,literature review,and the concept and related theories of unicorn enterprises.Then,starting from the characteristics of unicorn,it establishes appropriate classification criteria for unicorn types,evaluates the advantages and disadvantages of each evaluation method according to different types of unicorn,and expounds the current difficulties faced by unicorn enterprises in valuation: Since unicorn enterprises are still in the initial stage,and have many patented technologies and other important characteristics that are difficult to measure the value of intangible assets,investment risk and return,traditional valuation methods are not suitable for unicorn enterprises to some extent.Therefore,PFM real option model can well solve the problem that data of unlisted companies is difficult to obtain,and it is reasonable and feasible to apply it to the valuation of unicorn enterprises.At the same time,in view of the shortcomings of PFM real option model,this paper introduces the fuzzy mature-element analysis method to improve the original model,reducing the subjectivity of the selection of comparable companies,and making up for the shortcomings of the PFM real option model requiring a large number of sample data regression,so as to provide a feasible new scheme for unicorn valuation.This paper verifies the science and effectiveness of the fusion model through a specific case--Rongbai Technology.It classifies Rongbai Technology as a unicorn enterprise from three aspects: its financial situation,innovation mode and industry situation,and enterprise life cycle.Then it uses the fusion model to calculate the theoretical stock price of the enterprise,and compares it with the stock price in the stable period after the valuation point to verify the applicability and operability of the model.Finally,a conclusion is drawn and some suggestions are put forward for the valuation of unicorns.The research conclusion of this article is as follows: Traditional valuation methods are no longer applicable to unicorn companies;The PFM real option model has obvious advantages;Fuzzy matter elements can improve the accuracy of the original model.Therefore,this article suggests that when valuing unicorn enterprises,the selection path of value evaluation methods should be clearly defined;Reconstruct a diversified valuation system;Reasonably handle the emotional hype of unicorn companies in the early stages of listing;Improve relevant mechanisms to regulate information disclosure behavior.