Research On Value Assessment Of Software And IT Service Enterprises Based On Schwartz-Moon Model

In recent years,under the influence of economic globalization and the rapid development of a new generation of information technology,China's Software and IT services industry has been developing rapidly.At the same time,with the support of a series of national policies and the continuous innovation of information technology applications,the industry scale is constantly expanding,and the whole has entered a stable and good development stage.The good development prospects of the Software and IT services industry have not only attracted the attention of more and more market investors,but have also increased the demand for enterprise valuation in this industry.However,the high growth,high returns,high R&D intensity,and technology intensiveness of this type of enterprise make the application of traditional enterprise value assessment methods have great limitations and cannot fully identify their enterprise value.Therefore,this paper attempts to introduce the Schwartz-Moon pricing model under the real option idea to conduct value evaluation research on Software and IT service companies,and provide reference for business managers and market investors.This article starts from the relevant theories of Software and IT services enterprise value evaluation,summarizes the development status of the industry and the particularity of enterprise value evaluation,clarifies the limitations of traditional enterprise value evaluation methods in evaluating such enterprise value,and proposes a new idea for evaluating Software and IT services enterprise value using the Schwartz-Moon model under the real option idea;secondly,the construction and optimization of the Schwartz-Moon pricing model,and the application of Monte Carlo numerical simulation in the evaluation model;Finally,the typical Software and IT services companies in the GEM are selected as cases,and the Schwartz-Moon model is used for enterprise value evaluation and key parameter analysis to verify the operability and effectiveness of the model in Software and IT services enterprise value evaluation.Through research and analysis,it can be concluded that Software and IT services enterprises have typical "high-tech" enterprise characteristics and "real option" characteristics.Compared with the traditional valuation method,the Schwartz-Moon pricing model under the real option idea can better adapt to the particularity of the valuation of such enterprises.In addition,after comparing and analyzing the valuation results of the case companies with the actual stock prices,the evaluation results of the Schwartz-Moon pricing model are considered reasonable,but there are still some inherent limitations in the model assumptions and individual parameter settings.