Research On Application Of Real Options Method In Business Valuation Of Light Assets Enterprises

With the rising of “Internet Plus” and the deepening of the division of labor and cooperation in the global industrial chain,More and more enterprises have adopted Asset-Light Strategy.This mode of operation helped the enterprise to achieve remarkablely commercial value.In China's GEM,the proportion of light asset companies has increased year by year.The valuation of this type of company has became an era requirement.However,the relevant literature mainly focus on the operation mode of light assets enterprises.There are few researches about valuation of light assets enterprises.In addition,asset-light enterprises tend to invest and operate intangible assets for more profits,so these enterprises have more virtual assets which cannot be reflected on the balance sheet.Based on the characteristics of Light assets enterprise,traditional assessment methods have limitations in their practical application.So it is difficult to assess their corporate value fully and accurately.It is found that the real options method fully considers the effect of uncertainty and management flexibility by researches.They play the important roles in the evaluation of a corporate.Therefore,in order to making a useful attempt to evaluate the actual value of asset-assessment enterprises,this paper applys the real option method in the value evaluation of asset-light enterprises.first,the paper defines the light asset enterprise,and discusses the main value drivers of the light asset enterprise from different perspectives.In this way,we can identify the option attribute of light assets enterprises.Second,the advantages and applicability of the real option method are clucidated with the characteristics of asset-light enterprises.On this basis,we construct the real option model of the light asset enterprise and evaluate the existing value of the enterprise by the cash flow discounting method.Also the potential option value of the enterprise by the B-S real option model is evaluated by us.And the estimation methods of important parameters are explained.Zhejiang Huace Film & TV Co.,Ltd,a typical light-asset company,obtains an evaluation result for stock proce.Althrough it is higher than its base stock,the assessment of difference is within the scope of the assessment error.As a result,rationality of tje DCF-BS real option model is proved.At the end of the article,the research conclusions are elaborated,and the limitations in the assessment process are rethought.At the same time,suggestions for improvement are proposed in order to provide a more accurate and reasonable assessment of the value of light asset enternprisrs.