本文選題：互聯(lián)網(wǎng)潛在期權(quán)價(jià)值　切入點(diǎn)：實(shí)物期權(quán)理論　出處：《哈爾濱工業(yè)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：近年來(lái),互聯(lián)網(wǎng)行業(yè)可以說(shuō)是異軍突起,迅猛發(fā)展,互聯(lián)網(wǎng)經(jīng)濟(jì)的出現(xiàn)也徹底打破了人們生活習(xí)慣,買(mǎi)東西不用東奔西走,交話費(fèi)不必去營(yíng)業(yè)廳,甚至轉(zhuǎn)賬也不再需要銀行,一切都可以在網(wǎng)上操作,快捷方便迅速的同時(shí)大大提高了人們的生活水平,也讓企業(yè)之間的合作更為容易�；ヂ�(lián)網(wǎng)的未來(lái)一片光明,“互聯(lián)網(wǎng)+”的模式也應(yīng)運(yùn)而生。因此,互聯(lián)網(wǎng)企業(yè)價(jià)值究竟幾何,如何評(píng)估漸漸成為企業(yè)關(guān)注的重點(diǎn)。但是,傳統(tǒng)的企業(yè)價(jià)值評(píng)估方法卻沒(méi)有考慮到互聯(lián)網(wǎng)企業(yè)的獨(dú)特性,從而導(dǎo)致評(píng)估結(jié)果不準(zhǔn)確。本文試圖在理論的基礎(chǔ)上逐步探求到一種更好的評(píng)估方法,在可以體現(xiàn)互聯(lián)網(wǎng)企業(yè)獨(dú)特性的同時(shí)兼顧評(píng)估的準(zhǔn)確性。本文首先對(duì)互聯(lián)網(wǎng)企業(yè)的價(jià)值構(gòu)成進(jìn)行研究分析發(fā)現(xiàn)可以分為兩部分:現(xiàn)有價(jià)值和潛在價(jià)值。與傳統(tǒng)行業(yè)一樣,互聯(lián)網(wǎng)企業(yè)同樣具有現(xiàn)有業(yè)務(wù)所形成的現(xiàn)有價(jià)值,該部分價(jià)值的評(píng)估可以基于傳統(tǒng)評(píng)估方法現(xiàn)金流量折現(xiàn)模型,然而由于該方法并沒(méi)有考慮到互聯(lián)網(wǎng)企業(yè)中比例較高的無(wú)形資產(chǎn)以及投資項(xiàng)目所帶來(lái)的潛在期權(quán)價(jià)值,基于此,本文引入了實(shí)物期權(quán)理論來(lái)彌補(bǔ)這部分缺陷,其中在使用B-S模型評(píng)估企業(yè)潛在價(jià)值時(shí),由于非財(cái)務(wù)指標(biāo)對(duì)于互聯(lián)網(wǎng)企業(yè)影響巨大,會(huì)影響企業(yè)未來(lái)的潛在價(jià)值,因此通過(guò)層次分析法以及德?tīng)柗品ㄒ敕秦?cái)務(wù)指標(biāo)對(duì)期權(quán)標(biāo)的資產(chǎn)的未來(lái)收益的現(xiàn)值進(jìn)行調(diào)整。由此,本文將結(jié)合現(xiàn)金流量折現(xiàn)模型以及實(shí)物期權(quán)理論兩種方法,取長(zhǎng)補(bǔ)短來(lái)評(píng)估互聯(lián)網(wǎng)企業(yè)的整體價(jià)值,最后以廣州唯品會(huì)科技技術(shù)有限公司作為實(shí)證案例對(duì)模型的有效性進(jìn)行驗(yàn)證。
[Abstract]:In recent years, the Internet industry can be said to be a sudden and rapid development. The emergence of the Internet economy has also completely broken people's living habits, buying things without running around, paying the telephone fee without going to the business hall, and even transferring money without the need for banks. Everything can be operated on the Internet, fast, convenient and rapid at the same time greatly improve people's living standards, but also make the cooperation between enterprises easier. The future of the Internet is bright, the "Internet" model also came into being. How to evaluate the value of Internet enterprises has gradually become the focus of enterprises' attention. However, the traditional methods of enterprise value evaluation do not take into account the uniqueness of Internet enterprises. As a result, the evaluation results are inaccurate. This paper tries to explore a better evaluation method based on the theory. This paper first analyzes the value composition of Internet enterprises and finds that there are two parts: existing value and potential value. Internet enterprises also have the existing value formed by the existing business. The evaluation of this part of the value can be based on the discounted cash flow model of the traditional evaluation method. However, because the method does not take into account the high proportion of intangible assets in Internet enterprises and the potential option value brought by investment projects, this paper introduces the real option theory to make up for this part of the defects. When the B-S model is used to evaluate the potential value of the enterprise, because the non-financial index has a great impact on the Internet enterprise, it will affect the potential value of the enterprise in the future. Therefore, the present value of the future income of the underlying asset is adjusted by introducing non-financial indicators through the Analytic hierarchy process (AHP) and Delphi's method. Therefore, this paper combines the discounted cash flow model and the real option theory to adjust the present value of the future return of the underlying asset. Finally, Guangzhou VIPSHOP Science and Technology Co., Ltd. as an empirical case to verify the effectiveness of the model.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F724.6;F715.5

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