电子商务企业实物期权估值方法的应用

Application of Real Options Evaluation Method in E-commerce Enterprise

随着全球电子商务的深入发展,电子商务企业的价值评估日益成为人们关注的焦点.电子商务企业有着更为灵活的商业模型和盈利模式,现有的传统估值方法已不再适用.在此将电子商务企业的价值划分为资产价值和期权价值,对后者引入Black-Scholes期权定价模型进行评估.最后,从实践角度探讨了实物期权方法在电子商务企业并购投资决策中的应用.

With the deep development of global e-commerce,how to evaluate e-commerce enterprise has become a hot topic.The existing valuation methods are not fit for e-commerce enterprise owing to its more flexible commercial model and profit pattern.This paper divides the value of e-commerce enterprise into the property value and the option value.The Black-Scholes option pricing model is adopted to the latter.Finally,this paper discusses the application of real options method in evaluating the investment decision project of e-commerce enterprise.