基于B-S期权定价模型的电动汽车企业价值评估研究

Valuation Based on B-S Option Pricing Model of Electric Car Companies

电动汽车近几年属于我国的新兴产业,不管是国家还是地方都对其实行大力的扶持,使得电动汽车企业实现了快速发展,规模也不断扩大,在汽车市场上占据的分量越来越大。因此,如何准确地评估电动汽车企业的价值对投资者和企业决策者来说尤为重要。本文在传统企业价值评估理论的基础上,将实物期权理论引入电动汽车企业价值评估,构架“总企业价值 = 现有资产价值 + 实物期权价值”价值评估模型,运用自由现金流折现法计算现有资产价值,运用B-S期权定价模型计算企业的期权价值。通过BYD为案例验证模型的可行性,并分析了该模型存在的不足,以完善电动汽车企业价值评估体系。

In recent years, electric vehicles belong to China’s emerging industries. Both national and local governments have provided strong support to them, which has enabled electric vehicle companies to achieve rapid development, continue to expand in scale, and occupy more and more weight in the automotive market. Therefore, how to accurately assess the value of electric vehicle companies is particularly important for investors and corporate decision makers. Based on the traditional enterprise value evaluation theory, this paper introduces the real option theory into the electric vehicle enterprise value evaluation, constructs the “total enterprise value = existing asset value + real option value” value evaluation model, and uses the free cash flow discount method to calculate existing asset value, use the BS option pricing model to calculate the option value of the enterprise. The feasibility of the model was verified by BYD, and the shortcomings of the model were analyzed to improve the value evaluation system of the electric vehicle enterprise.