Research On Valuation Of Artificial Intelligence Enterprises Based On Real Options

With the innovation of science and technology and the introduction of new concept products,the AI industry is in the stage of rapid development.At present,all countries have launched the development strategy of artificial intelligence,and our government has promulgated relevant policies to support the development of AI enterprises.Under the global wave of artificial intelligence,the scale of China's artificial intelligence industry has developed rapidly,and has gradually become an important factor affecting future economic development.Therefore,it is of great practical significance to apply the real option method to evaluate the value of AI enterprises reasonably.This paper first briefly reviews the literature of enterprise value assessment at home and abroad,and then gives a brief overview of the traditional value evaluation method and real option pricing method,and puts forward the valuation problems of the traditional value evaluation method.And through the analysis of the status,characteristics,supporting policies and future development prospects of the artificial intelligence industry,the reasons for the selection of the company are put forward in combination with the historical data of the company.Finally,the Schwartz-Moon model is combined with Monte Carlo simulation to evaluate the value of enterprises,and the key factors affecting the value assessment are found through sensitivity analysis.At the end,the research of this paper is summarized and prospected.The main conclusions of this paper are as follows:(1)by analyzing the historical data of the company,we find that the company has the possibility of large growth options at this stage.(2)the results of the enterprise value evaluation show that the theoretical value of the company is higher than the actual value,indicating that the company does have the value of the growth options brought by the management flexibility.(3)through the sensitivity analysis of the main parameters,it is concluded that the impact of the estimated period and the multiplier on the value fluctuates greatly.(4)the study found that the model estimation interval,exit multiple,initial income growth rate and initial period of initial income growth fluctuation rate have positive correlation to the enterprise value,and the influence degree gradually decreases,and the mean return of the stochastic process,the income factor and the initial cost rate are negative to the enterprise value.And the degree of impact decreases gradually.The fluctuation of initial income has no significant correlation with the change of enterprise value,and has little influence on value.