Case Study On Equity Value Evaluation Of WK Enterprises Based On B-S Model

In today's social economy,the number of SMEs in the world's major developed and developing countries accounts for more than 90% of the total number of enterprises in the entire national economy.With the development of reform and opening up,China's small and medium-sized enterprises have developed rapidly.At present,the number of registered SMEs in China has reached more than 10 million,accounting for 99% of the total number of enterprises in the country.Among them,the total industrial output value accounts for more than 60% of the total industrial output value,and provides about 75%of urban employment opportunities.It plays a decisive role in economic development and social stability.Establishing a scientific and accurate SME evaluation system will be Important practical significance.In the current reality evaluation system,the income law theory is mature and its evaluation model is also diverse.Most appraisers tend to choose the income method to evaluate the equity value of SMEs.However,the income method has certain limitations when applied to the valuation of SMEs.The economic environment,the operating conditions,the financial status and the development potential of SMEs are different from those of large enterprises,which makes it easy for SMEs to evaluate.Inaccurate value.Moreover,the income method tends to static analysis,and the cash flow forecast cannot accurately reflect the various risks faced by enterprises in the future.Therefore,the scientific and accuracy of the traditional income method for the evaluation of the equity value of SMEs needs to be improved.This paper introduces the concept of real options,and uses WK enterprise evaluation as a case to improve the evaluation process.This paper mainly expounds the B-S option pricing model theory,the theory of continuous operation hypothesis,and compares the differences of evaluation results under different theoretical premise by considering the B-S model hypothesis processing.The results obtained through the real option improvement method are about 20% lower than the original results,which better reflects the diversity of risks faced by SMEs.