The Value Evaluation Of Tourism Enterprises Based On The Real Option Method

In recent years,tourism has been fully integrated into the national strategic system,and favorable policies for tourism development have also been introduced frequently.Under the pressure of China's downward pressure on the economy,tourism investment in the whole country continues to rise against the trend and become the most potential investment area in the whole society.From the stage of quantity expansion to the merger and reorganization of enterprises and the integration of industrial resources,the tourism enterprises put forward higher requirements for the objective and fair value evaluation of the tourism enterprises.Due to the high uncertainty and great potential profit ability of tourism in the course of operation,the traditional value evaluation method has some defects and shortcomings in evaluating the value of tourism enterprise.Therefore,the traditional value evaluation method is supplemented by the introduction of real option method,so as to be more accurate.It is true that the value of the tourism enterprise should be evaluated.On the basis of finding the characteristics of the value of tourism enterprises,this paper analyzes the applicability and limitations of the traditional enterprise value assessment methods(market,cost and income method)to tourism enterprises,and expounds the applicability of the real option method.Then,the real option of the tourism enterprise is identified,and the value of the tourism enterprise is divided into three parts: the value of the existing assets,the flexible management value and the option value of the investment project,and on this basis,the real option evaluation model of the tourism enterprise is constructed to determine the selection of the parameters.Finally,the model is used to evaluate the value of the Anhui Mount Jiuhua tourism development Limited by Share Ltd,and to compare the evaluation results with the stock prices of Jiuhua tourism in the market on the basis of the benchmark day.The possible reasons are analyzed,and the rationality and feasibility of the real option pricing method to evaluate the value of the tourism enterprise is proved.