【摘要】：隨著上世紀(jì)九十年代互聯(lián)網(wǎng)經(jīng)濟(jì)的蓬勃發(fā)展,關(guān)于企業(yè)商業(yè)模式和商業(yè)模式創(chuàng)新的研究和應(yīng)用,一直受到世人關(guān)注。實(shí)業(yè)界商業(yè)競(jìng)爭(zhēng)的加劇也激發(fā)了人們對(duì)商業(yè)模式創(chuàng)新的追捧,眾多商業(yè)模式創(chuàng)新型企業(yè)“橫空出世”,無(wú)論是高新技術(shù)企業(yè)還是傳統(tǒng)制造企業(yè),都試圖對(duì)商業(yè)模式不斷創(chuàng)新,這也引發(fā)了學(xué)術(shù)界對(duì)商業(yè)模式研究的熱潮�？梢�(jiàn),商業(yè)模式及其創(chuàng)新已經(jīng)在現(xiàn)代企業(yè)的運(yùn)行中越發(fā)的重要,所以在對(duì)一家企業(yè)的股權(quán)進(jìn)行定價(jià)或是對(duì)其股權(quán)價(jià)值進(jìn)行評(píng)估時(shí),商業(yè)模式創(chuàng)新因素已經(jīng)成為必不可少的考慮因素之一 然而,目前不論是傳統(tǒng)的股權(quán)價(jià)值評(píng)估理論還是現(xiàn)代股權(quán)價(jià)值評(píng)估理論,都很少會(huì)完全涵蓋或是系統(tǒng)的涵蓋商業(yè)模式創(chuàng)新這一因素,都不能反映出商業(yè)模式創(chuàng)新所帶來(lái)的股權(quán)價(jià)值增長(zhǎng)。所以本文基于商業(yè)模式創(chuàng)新的角度,對(duì)股權(quán)價(jià)值進(jìn)行評(píng)估和股權(quán)定價(jià),這在理論上和現(xiàn)實(shí)中都具有十分重要的意義。 本文首先在對(duì)商業(yè)模式創(chuàng)新與股權(quán)價(jià)值評(píng)估進(jìn)行理論綜述的基礎(chǔ)上,討論了商業(yè)模式創(chuàng)新、價(jià)值鏈、企業(yè)價(jià)值、股權(quán)價(jià)值四者的關(guān)系,并對(duì)三種價(jià)值評(píng)估方法進(jìn)行了介紹及比較。然后,本文建立了基于商業(yè)模式創(chuàng)新的股權(quán)定價(jià)的指標(biāo)體系,把企業(yè)價(jià)值分為對(duì)企業(yè)原有項(xiàng)目帶來(lái)的實(shí)際價(jià)值、未來(lái)項(xiàng)目帶來(lái)的衍生價(jià)值及商業(yè)模式創(chuàng)新帶來(lái)的價(jià)值三部分,分別對(duì)每一部分價(jià)值評(píng)估時(shí)所用的指標(biāo)進(jìn)行了選擇和定義。在構(gòu)建指標(biāo)體系的基礎(chǔ)上,本文構(gòu)建了基于商業(yè)模式創(chuàng)新的股權(quán)定價(jià)模型。對(duì)應(yīng)著構(gòu)建的企業(yè)價(jià)值評(píng)估指標(biāo)體系的三個(gè)部分,分別對(duì)每個(gè)部分的估值方法和步驟進(jìn)行了討論,用DCF方法評(píng)估原有項(xiàng)目帶來(lái)的實(shí)際價(jià)值,用實(shí)物期權(quán)方法評(píng)估未來(lái)項(xiàng)目帶來(lái)的衍生價(jià)值,用層次分析法和模糊綜合評(píng)價(jià)法對(duì)商業(yè)模式方面進(jìn)行評(píng)估,并用糾偏系數(shù)的形式將其帶入原有模型,得出最后的企業(yè)價(jià)值和股權(quán)估值及定價(jià)的最終模型。最后,在前文基礎(chǔ)上對(duì)三六五網(wǎng)絡(luò)股份有限公司做了案例研究,根據(jù)構(gòu)建的模型對(duì)其價(jià)值的三部分分別進(jìn)行了評(píng)估,并與其發(fā)行價(jià)、市價(jià)進(jìn)行對(duì)比討論。 本文的創(chuàng)新點(diǎn)在于,首先在研究導(dǎo)向方面,運(yùn)用價(jià)值鏈思想,探討了商業(yè)模式創(chuàng)新與股權(quán)價(jià)值或是說(shuō)股權(quán)定價(jià)的關(guān)系。其次,在研究?jī)?nèi)容方面,本文將目前兩個(gè)研究的前沿領(lǐng)域商業(yè)模式創(chuàng)新和創(chuàng)新型企業(yè)股權(quán)定價(jià)問(wèn)題相結(jié)合,提出了針對(duì)商業(yè)模式創(chuàng)新企業(yè)的股權(quán)價(jià)值評(píng)估方法和定價(jià)模型。該方法融入了商業(yè)模式創(chuàng)新對(duì)企業(yè)的影響,在對(duì)影響企業(yè)股權(quán)價(jià)值增值的財(cái)務(wù)因素進(jìn)行評(píng)估的同時(shí),將影響企業(yè)股權(quán)價(jià)值增值的非財(cái)務(wù)因素也加以評(píng)估,科學(xué)、合理地反映了股權(quán)的整體價(jià)值。
[Abstract]:With the rapid development of Internet economy in the 1990s, the research and application of business model and business model innovation have been concerned by the world. The aggravation of the business competition in the industry has also inspired people to pursue the innovation of the business model. Many innovative enterprises of the business model "emerged from the sky". Whether high-tech enterprises or traditional manufacturing enterprises, they are trying to innovate the business model constantly. This also caused the academic circles to the business model research upsurge. It can be seen that business model and its innovation have become more and more important in the operation of modern enterprises, so when pricing or evaluating the equity value of an enterprise, The innovation factor of business model has become one of the essential factors. However, at present, both the traditional equity valuation theory and the modern equity valuation theory, Neither fully or systematically covers the factor of business model innovation, nor does it reflect the increase in equity value brought about by business model innovation. Therefore, based on the perspective of business model innovation, this paper evaluates equity value and equity pricing, which is of great significance both in theory and in reality. Based on the theoretical review of business model innovation and equity valuation, this paper discusses the relationship between business model innovation, value chain, enterprise value and equity value. Three valuation methods are introduced and compared. Then, this paper establishes the index system of equity pricing based on business model innovation, divides the enterprise value into three parts: the actual value brought by the original project, the derivative value brought by the future project and the value brought by the innovation of business model. Each part of the evaluation of the value of the indicators used to select and define. On the basis of constructing index system, this paper constructs the equity pricing model based on business model innovation. Corresponding to the three parts of the enterprise value evaluation index system, the evaluation methods and steps of each part are discussed, and the actual value brought by the original project is evaluated by DCF method. The real option method is used to evaluate the derivative value of the future project, the analytic hierarchy process (AHP) and the fuzzy comprehensive evaluation method are used to evaluate the business model, and the correction coefficient is used to bring it into the original model. Finally, the final model of enterprise value and equity valuation and pricing is obtained. Finally, on the basis of the previous paper, this paper makes a case study on San65 Network Co., Ltd., evaluates the three parts of its value according to the established model, and compares the price with its issue price and market price. The innovation of this paper lies in that, first of all, in the aspect of research orientation, the relationship between business model innovation and equity value or equity pricing is discussed by using the thought of value chain. Secondly, in the aspect of research content, this paper combines the business model innovation and the equity pricing problem of innovative enterprises, and puts forward the valuation method and pricing model for the business model innovation enterprises. This method integrates the influence of the innovation of business model on the enterprise. While evaluating the financial factors that affect the value increment of the stock right, the non-financial factors that affect the increment of the equity value of the enterprise are also evaluated. Reasonable reflection of the overall value of equity.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F830.91;F224

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本文編號(hào)：2259848