Application Of Schwartz-Moon Model In The Evaluation Of Network Security Enterprise Value

In recent years,with the development and upgrading of network information technology,information security and information leakage incidents occur frequently.This makes the network security industry develop rapidly,and the network security market in China is also growing rapidly driven by policies and technologies.Enterprises usher in a period of high-speed development,and activities such as investment and listing are increasing gradually.In this context,it is of great significance for investors in the capital market to select appropriate evaluation methods to accurately evaluate the value of network security enterprises.Network security industry has the characteristics of large income growth,obvious seasonal fluctuation,high R & D investment,unstable subjects such as cash flow,income,cost,etc.,which makes traditional methods difficult to evaluate.This paper compares the theoretical basis,advantages and disadvantages of Schwartz moon model,free cash flow discount method and B-S Option model,and considers that Schwartz-moon model takes into account the uncertainty of income growth rate,cost volatility and other parameters,which conforms to the characteristics of network security enterprises in the high growth period,and is more applicable.Therefore,Schwartz moon model is selected to be applied in the case of shanshi.com,a listed company of science and technology innovation board.In the process of evaluation,the parameters of the case are modified and adjusted in consideration of the characteristics of the industry,and compared with the evaluation results of free cash flow discount model and B-S Option Model under the same parameter selection,so as to evaluate the accuracy of Schwartz-moon model evaluation.Finally,the core parameters affecting the enterprise value are selected through sensitivity analysis.Through theoretical analysis and case application,this paper holds that: Schwartz-moon model conforms to the characteristics of high-speed development industries such as network security industry,and is suitable for the value evaluation of such enterprises.The use of Schwartz-moon model provides a new evaluation idea.In the case application,this paper adjusts the value method of cost volatility,industry growth rate,excess return time and other parameters in Schwartz-moon model to make the application of the model more accurate.