The Application Study Of EVA Model Based On Option Theory In Live-streaming Company Valuation

With the swift development of China's live-streaming industry in recent years,every company is faced fierce competition.Mergers and acquisitions,Investment and financing will happened frequently.These actives depend on enterprise value,but appraise enterprise value of live-streaming company in our country is still blank.Under this background,the writer summarizes the current development status of live-streaming industry,analyzes the business model and organizational form of live-streaming companies.Then,according to the characteristics of live-streaming companies,the writer try to build a physical option model on the basis of the EVA model and B-S model to appraise enterprise value live-streaming company in our country.In the studying method,first of all,the paper analysis related literature,and from the Angle of the theory that the EVA model assessment based on option theory is advantage in appraising live-streaming company.Then,the paper employs case analysis methods.Taking YY.Inc as an example to evaluate the intrinsic value by using this model.Finally,the paper has comparative analysis on EVA model based on Option Theory of YY.Inc,discounted DCF model,and PE model.The results show that,through the adjustment of some accounting items,the EVA model can objectively evaluate the existing value of live-streaming company.The physical option pricing model can better identify the potential value of live-streaming company through flexible management,and the comprehensive application of the two can fully reflect the overall value of live-streaming company.This paper selects representative company YY.Inc for empirical analysis.,in order to verify the applicability of the method,and provides a new way of thinking for the field of the value evaluation of live-streaming company.