發(fā)布時間：2018-06-14 15:53

  本文選題：Z公司 + 價值評估�。� 參考：《安徽大學》2017年碩士論文

【摘要】：近年來,隨著計算機網(wǎng)絡技術的飛速發(fā)展以及新型互聯(lián)網(wǎng)商業(yè)模型的興起,各類互聯(lián)網(wǎng)企業(yè)發(fā)展迅速并在各行各業(yè)中發(fā)揮著重要作用。與此同時,互聯(lián)網(wǎng)企業(yè)的上市、并購、重組等行為越來越頻繁,這些經(jīng)濟行為的順利進行都依賴著企業(yè)價值的正確評估。在此背景下,如何對互聯(lián)網(wǎng)企業(yè)價值進行評估成為了一個熱點話題。然而與傳統(tǒng)企業(yè)相比,屬于高新技術類的互聯(lián)網(wǎng)企業(yè)擁有著自身的獨特性,僅使用傳統(tǒng)的價值評估方法存在一定的局限性,無法真實、完整地反映企業(yè)的價值。因此對于互聯(lián)網(wǎng)企業(yè)這一新興經(jīng)濟實體,我們有必要從其自身的特點出發(fā),深入了解其價值構成,重新探討出適用于互聯(lián)網(wǎng)企業(yè)價值評估的方法。本文選取了與互聯(lián)網(wǎng)密不可分的網(wǎng)游企業(yè)Z公司作為案例研究的對象。作為互聯(lián)網(wǎng)企業(yè)的代表,Z公司近幾年發(fā)展迅速并逐漸成長為行業(yè)內(nèi)的龍頭企業(yè),本文希望通過對Z公司價值的估算以對其他同類型企業(yè)價值的評估提供借鑒意義。本文首先介紹了互聯(lián)網(wǎng)企業(yè)價值評估的相關背景、研究的目的和意義,以及對國內(nèi)外學者有關互聯(lián)網(wǎng)企業(yè)價值評估的研究成果進行了綜述。接著,本文對相關理論基礎進行回顧并介紹了三種基本的價值評估模型。然后本文以案例企業(yè)Z公司的特點為出發(fā)點,通過對傳統(tǒng)價值評估方法內(nèi)涵及優(yōu)缺點的介紹,分析其在互聯(lián)網(wǎng)企業(yè)Z公司中應用的不足,進而引入了實物期權理論,并闡述該理論與Z公司價值評估的契合性。在此基礎上構建適用于Z公司價值評估的模型以及通過對Z公司具體的價值估算驗證模型的適用性。最后本文闡述了該案例對互聯(lián)網(wǎng)企業(yè)價值評估的啟示意義。本文認為,盡管收益法在企業(yè)價值評估中占據(jù)著重要的地位,但是互聯(lián)網(wǎng)企業(yè)本身所具有的高風險、高收益、高不確定性以及輕資產(chǎn)的特征,使得其未來投資所帶來的潛在的價值無法體現(xiàn)在評估結果當中,從而易低估了被評估企業(yè)的價值。因此本文針對收益法的這一局限性引入了實物期權的思想,具體闡述了如何通過實物期權定價模型對企業(yè)未來投資所產(chǎn)生的潛在價值進行評估。本文將互聯(lián)網(wǎng)企業(yè)價值劃分為兩大部分,即現(xiàn)有資產(chǎn)的價值及未來投資項目帶來的潛在價值,分別采用現(xiàn)金流量折現(xiàn)模型和實物期權模型進行評估,兩者之和得到的結果可以比較完整地體現(xiàn)互聯(lián)網(wǎng)企業(yè)的價值。
[Abstract]:In recent years, with the rapid development of computer network technology and the rise of new Internet business model, all kinds of Internet enterprises are developing rapidly and playing an important role in all walks of life. At the same time, the listed, M & A and reorganization of Internet enterprises are more and more frequent. The smooth progress of these economic behaviors depends on the correct evaluation of enterprise value. In this context, how to evaluate the value of Internet enterprises has become a hot topic. However, compared with the traditional enterprises, the Internet enterprises belong to the category of high and new technology have their own uniqueness, only using the traditional method of value evaluation has some limitations, and can not reflect the value of the enterprise in a real and complete way. Therefore, it is necessary for us to understand the value composition of Internet enterprise from its own characteristics, and to re-explore the method of value evaluation for Internet enterprise. This paper chooses Z Company, which is closely connected with the Internet, as the case study object. As the representative of Internet enterprise, ZZ Company has developed rapidly in recent years and has gradually grown into a leading enterprise in the industry. This paper hopes to provide a reference for the evaluation of the value of other similar enterprises by estimating the value of Z Company. Firstly, this paper introduces the background, purpose and significance of the value evaluation of Internet enterprises, and summarizes the research results of domestic and foreign scholars on the valuation of Internet enterprises. Then, this paper reviews the relevant theoretical basis and introduces three basic valuation models. Then this paper takes the characteristics of Z Company as the starting point, through the introduction of the connotation, advantages and disadvantages of the traditional value evaluation method, analyzes the shortcomings of its application in the Internet company Z Company, and then introduces the real option theory. And elaborated this theory and Z company value appraisal conformity. On the basis of this, the model suitable for Z company value evaluation and the applicability of the model are constructed and verified by the specific value estimation model of Z company. Finally, this paper expounds the significance of this case to the value evaluation of Internet enterprises. This paper holds that, although the income approach plays an important role in the evaluation of enterprise value, the Internet enterprise itself has the characteristics of high risk, high income, high uncertainty and light assets. The potential value brought by its future investment can not be reflected in the evaluation results, so it is easy to underestimate the value of the evaluated company. In view of this limitation of income approach, this paper introduces the idea of real option, and expounds how to evaluate the potential value of enterprise's future investment through real option pricing model. In this paper, the value of Internet enterprises is divided into two parts, namely, the value of existing assets and the potential value brought by future investment projects, and the cash flow discount model and real option model are used to evaluate them respectively. The sum of the two results can be relatively complete reflect the value of Internet enterprises.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F49

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本文編號：2018024