Research On Financial Software Enterprise Value Evaluation Based On Schwartz-Moon Model

In recent years,due to economic globalization and the vigorous development of a new generation of information technology,China’s application software industry has developed strongly,and the scale of revenue has made a new breakthrough,exceeding one trillion yuan,and the industry application software field has always maintained a large proportion in the composition of software products,while the financial services field has become one of the most promising areas for the development of China’s application software.At present,the digital financial construction into a new period,digitalization has become an important support to improve the financial strength,financial software companies face the problem of how to seize the digital opportunity and new wind;at the same time,China’s banking,securities,insurance and other financial industries is one of the early start of information technology,and become an important support for the management and business development of these industries.With the increasing depth and breadth of application of digitalization process in the financial industry,the degree of its impact on the service level and service efficiency of the financial industry is increasing,especially the rise of mobile Internet,big data,cloud computing and other emerging technologies have brought a new competitive situation to the financial industry,all of which bring huge market development prospects for financial software enterprises.Therefore,this paper attempts to use the Schwartz-Moon model in the real options approach to assess the overall value of financial software enterprises,aiming to provide a reference for potential investors in the market.In this paper,we explain the theoretical basis of the valuation of financial software enterprises,define the concept of financial software enterprises,analyze the development status of financial software enterprises and the difficulties in the valuation process,and propose the valuation using the real option method based on the investigation of the factors influencing the value of financial software enterprises,i.e.,the valuation of financial software enterprises using the Schwartz-Moon model,and the Some parameters of the model are optimized.In the case study,Hang Seng Electronics is selected for application assessment,and the parameters are revised and adjusted considering the industry characteristics in the assessment process.After comparing and analyzing the valuation results of Hundsun with the actual stock price,the accuracy of the Schwartz-Moon model assessment is verified,and finally the key parameters affecting the enterprise value are selected through sensitivity analysis.This paper concludes that: traditional valuation methods are difficult to break through the limitations of the methods themselves when evaluating financial software enterprises;the Schwartz-Moon model can accurately evaluate the value of financial software enterprises and make up for the shortcomings of other valuation models;applying the Schwartz-Moon model to evaluate the overall enterprise value of the case enterprise Hundsun,the error of the valuation results is small,which proves the This paper also adjusts the Schwartz-Moon model’s method of taking parameters such as long-term revenue volatility,long-term variable cost volatility and multiplier coefficient to make the application of the model more accurate.