基于实物期权视角下的物联网企业价值评估

Value Assessments on Internet of Things Enterprises from the Perspective of the Real Options

随着经济的发展和国家政策的支持,我国逐渐进入了“万物智联”时代,物联网这一新兴产业迅速崛起,受到投资者的广泛关注,因此对物联网企业价值的合理评估就显得尤为重要。文章通过分析物联网企业的特点和对适宜评估方法的选择,以物联网全球龙头企业移远通信为例进行案例分析,将企业价值分为现有资产价值和潜在价值两部分,分别构建自由现金流折现模型和基于实物期权理论的B-S模型估值,分析比较结果,检验模型的合理性,为物联网企业价值评估提供了参考。

With the development of economic and the support of national policy,our country has gradually entered the era of“All Things Intelligent Union”.The rapid emergence of Internet of Things has attracted extensive attention of investors,so it is very important to evaluate the value of Internet of things.By analyzing the characteristics of IoT enterprises and selecting appropriate evaluation methods,this paper makes a case study of teleportation communication of IoT global leading enterprises.It divides the enterprise value into two parts:the present asset value and the potential value,constructs the free cash flow discount model and the B-S model based on the real option theory respectively,analyzes the comparison results,and tests the rationality of models.It provides a reference for enterprise value assessments of Internet of Things.