基于实物期权视角的软件企业价值评估研究

Research on Software Enterprise Value Evaluation Based on the Perspective of Real Options

信息化驱动现代化发展战略要求加快云计算、大数据、人工智能与实体经济的深度融合,在全面数字化转型中,软件行业的创新发展是信息行业重要力量,而合理判断和评估软件企业价值一直是软件企业发展过程中存在的问题之一。为此本文在借鉴中国资产评估准则中的实物期权评估指导意见后,根据软件企业存在潜在期权价值的特点,分析传统评估方法的适用性和局限性,将实物期权理论作为补充引入到收益法中构建适用于软件企业价值评估的模型,并应用到案例公司中,分析比较结果,以此为评估相关软件企业价值以及甄别价值来源提供参考。

Informatization-driven modern development strategy requires accelerating the deep integration of cloud computing,big data,artificial intelligence and the real economy.In the comprehensive digital transformation,the innovative development of the software industry is an important force in the information industry.Reasonable judgment and evaluation of the value of software companies has always been one of the problems in the development of software companies.For this reason,this article draws on the real option evaluation guidelines in China’s asset evaluation standards and analyzes the characteristics of potential option values in software companies.The applicability and limitations of traditional evaluation methods,the real option theory is introduced as a supplement to the income method to build a model suitable for software enterprise value evaluation,and apply it to the case company,analyze and compare the results,and use this to evaluate the value of related software companies And provide a reference for identifying the source of value.