Value Evaluation Of Big Data Enterprises Based On Income Method And Real Option Method

At the Fifth Plenary Session of the 18 th CPC Central Committee,it was proposed to "implement the national big data strategy,comprehensively promote the development of big data,and accelerate the construction of a data power".In order to meet the needs of the development of the big data market,more and more big data enterprises are emerging in our market to provide corresponding services of big data or big data products.However,the evaluation of the value of big data enterprises is in the initial stage of exploration,and the previous literature has limited research on the value evaluation of big data enterprises.Therefore,in order to make the big data trading market develop healthily and give such companies more room for development,it is necessary to make a reasonable evaluation of the value of big data enterprises,which shows that it is particularly important to explore a set of pricing strategies suitable for the value evaluation of big data enterprises.This thesis analyzes the limitations of traditional methods in evaluating big data enterprises,which are embodied in the following aspects: the cost method is applicable to the evaluation of tangible assets,while the intangible assets of big data enterprises account for a large proportion,so the cost method is not applicable to the evaluation of big data enterprises;The prerequisite of market law is that there should be a large number of similar trading cases in the market.However,at present,the trading market of big data enterprises is not mature and still in the exploratory stage,so market law is not applicable to the evaluation of big data enterprises.At present,the income method is the most widely used method to evaluate big data enterprises,but the income method predicts the cash flow based on the existing financial situation to get the enterprise value,which is the current value,and it is impossible to accurately measure the total value of an enterprise.Therefore,this thesis adopts the FCFF model of income method and the improved B-S model of real option method to evaluate the value of big data enterprises.Taking Shanghai Data Port Co.,Ltd.as an example,this thesis evaluates the overall value of the company by constructing the combination model and determining the parameters.Then,by comparing the evaluation results obtained by the combination model with the market price of the benchmark day,the applicability of the combination evaluation method can be obtained.Based on the analysis of this thesis,the following conclusions can be drawn: the income method cannot capture the potential value,but the real option method just plays a supplementary role.Real option method can well evaluate the potential opportunities and risks of enterprises.It is a good choice to use real option method to evaluate these big data enterprises with great potential value characteristics.Comparing the evaluation results obtained by different methods with the market price on the benchmark date,the difference rate is obtained,which proves that the evaluation value obtained by combining the real option method with the income method is closer to the overall value of big data enterprises.This will help and learn from the future practical work and the research of evaluating big data enterprises,and it is also an important supplement and improvement to previous scholars’ research.