实物期权视角下互联网企业价值评估的认知——基于美团的纵向案例研究

Cognition of Internet enterprise value evaluation from the perspective of real options——Longitudinal case study based on meituan

互联网企业随着数字经济的发展应运而生。在资本市场上,如何科学评估互联网企业的价值对于投资者而言非常重要。然而,传统的企业价值评估方法对互联网企业并不适用。鉴于美团具有互联网企业的基本属性和典型特征,我们将美团作为研究对象,试图寻找一种较为科学的方法来评估互联网企业的价值。研究结果表明,传统的企业评价方法无法反映互联网企业的实际价值,而实物期权理论中的BS-M定价模型对互联网企业的价值具有较好的解释力。

Internet enterprises come into being with the development of digital economy.As far as the market is concerned,it is very important for investors to evaluate the value of Internet enterprises.However,according to the current research,the traditional enterprise value evaluation method is not applicable to the Internet enterprises.The purpose of this paper is to seek a more scientific method to evaluate the Internet enterprise value.In view of Meituan has the universality of Internet enterprises,and its own loss,high market value and the uniqueness of a wide range of business types,this paper takes Meituan as an example to evaluate the value of Internet enterprises by using real option theory.The conclusion shows that the B-S-M option pricing model can be applied to the evaluation of Internet enterprise value.