Research On The Evaluation Of Internet Enterprise Value Based On The Real Option Theory

In recent years,the Internet industry developed rapidly.The emer-gence of the Internet economy has completely broken people’s living habits.There is no need to go shopping things in the mall,no need to pay the call bill in the business hall,and even no need to go to the bank to transfer money.Everything can be operated online,fast and conveniently,greatly improving people’s living standards,and also making cooperation between enterprises easier.The future of the Internet is so bright that more and more enterprises want to join in.Then the "Internet +" model came into being.So how to evaluate the internet company gradually become the focus of attention.However,it is not difficult to find that the traditional assessment methods don’t take the unique nature of the Internet business into account,resulting in the not so accurate evaluation results.This paper attempts to build a better assessment method,which can reflect the uniqueness of the Internet business accurately.This paper firstly analyzes the value structure of the Internet enterprises and finds that it can be divided into two p arts: the existing value and the potential value.Compared to traditional industries,the Internet companies also have the existing value.The assessment of this part based on the traditional assessment method of cash flow discount model,but the method do es not consider the potential value caused by the high proportion of intangible assets and investment projects.Based on this,this paper introduces the real option theory to make up for this,which use the B-S model to assess the potential value of enterp rises.Because non-financial indicators can represent the great potential of the enterprise,So use the Analytic Hierarchy Process and the Delphi method to introduce non-financial indicators to adjust the discounted value of the underlying asset.This paper will combine the cash flow discount model and the real option theory to make up for each other and introduce a non-financial index adjustment factor to assess the value of Internet companies.Finally take VIPS as an empirical case to verify the model.