【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)競爭的加劇也激發(fā)了人們對商業(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”,無論是高新技術(shù)企業(yè)還是傳統(tǒng)制造企業(yè),都試圖對商業(yè)模式不斷創(chuàng)新,這也引發(fā)了學(xué)術(shù)界對商業(yè)模式研究的熱潮�？梢�,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,所以在對一家企業(yè)的股權(quán)進(jìn)行定價或是對其股權(quán)價值進(jìn)行評估時,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)價值評估理論還是現(xiàn)代股權(quán)價值評估理論,都很少會完全涵蓋或是系統(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)新所帶來的股權(quán)價值增長。所以本文基于商業(yè)模式創(chuàng)新的角度,對股權(quán)價值進(jìn)行評估和股權(quán)定價,這在理論上和現(xiàn)實(shí)中都具有十分重要的意義。 本文首先在對商業(yè)模式創(chuàng)新與股權(quán)價值評估進(jìn)行理論綜述的基礎(chǔ)上,討論了商業(yè)模式創(chuàng)新、價值鏈、企業(yè)價值、股權(quán)價值四者的關(guān)系,并對三種價值評估方法進(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)定價的指標(biāo)體系,把企業(yè)價值分為對企業(yè)原有項(xiàng)目帶來的實(shí)際價值、未來項(xiàng)目帶來的衍生價值及商業(yè)模式創(chuàng)新帶來的價值三部分,分別對每一部分價值評估時所用的指標(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)定價模型。對應(yīng)著構(gòu)建的企業(yè)價值評估指標(biāo)體系的三個部分,分別對每個部分的估值方法和步驟進(jìn)行了討論,用DCF方法評估原有項(xiàng)目帶來的實(shí)際價值,用實(shí)物期權(quán)方法評估未來項(xiàng)目帶來的衍生價值,用層次分析法和模糊綜合評價法對商業(yè)模式方面進(jìn)行評估,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)價值和股權(quán)估值及定價的最終模型。最后,在前文基礎(chǔ)上對三六五網(wǎng)絡(luò)股份有限公司做了案例研究,根據(jù)構(gòu)建的模型對其價值的三部分分別進(jìn)行了評估,并與其發(fā)行價、市價進(jìn)行對比討論。 本文的創(chuàng)新點(diǎn)在于,首先在研究導(dǎo)向方面,運(yùn)用價值鏈思想,探討了商業(yè)模式創(chuàng)新與股權(quán)價值或是說股權(quán)定價的關(guān)系。其次,在研究內(nèi)容方面,本文將目前兩個研究的前沿領(lǐng)域商業(yè)模式創(chuàng)新和創(chuàng)新型企業(yè)股權(quán)定價問題相結(jié)合,提出了針對商業(yè)模式創(chuàng)新企業(yè)的股權(quán)價值評估方法和定價模型。該方法融入了商業(yè)模式創(chuàng)新對企業(yè)的影響,在對影響企業(yè)股權(quán)價值增值的財(cái)務(wù)因素進(jìn)行評估的同時,將影響企業(yè)股權(quán)價值增值的非財(cái)務(wù)因素也加以評估,科學(xué)、合理地反映了股權(quán)的整體價值。
[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)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.91;F224

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本文編號：2259848