Research On The Valuation Of Fintech Enterprises Based On The Combination Of DCF And B-S

As we all know,Internet finance has many disadvantages: low security,easy disclosure of information and high investment risk.However,with the continuous rise of high and new technologies such as machine learning,cloud computing and biometrics,this understanding is quietly changing.With the continuous combination of technology and finance,more and more financial technology enterprises appear in the market,which brings opportunities,including challenges,to the valuation of financial technology enterprises.It is necessary to comprehensively analyze and evaluate the internal value of Listed Companies in the financial technology industry for whether their market value deviates from their internal value and whether there are large investment risks.Firstly,this thesis analyzes the background of the whole industry of fintech enterprises and the characteristics of fintech enterprises,and discusses the rationality and applicability of the traditional evaluation methods of enterprise value,as well as the development status and influencing factors of fintech enterprise evaluation.Secondly,this thesis divides the overall value of fintech enterprises into two parts: the first part is the existing asset value of the enterprise,and the second part is the potential value of the enterprise.The DCF model in the income method is used to calculate the value of the first part.The second part is calculated by using the B-S model in the real option theory,and the B-S model is modified: the payment of dividends is considered,and the volatility is calculated by Monte Carlo simulation.This thesis also introduces non-financial factors and calculates the weight of enterprise non-financial indicators by catastrophe progression method,so as to obtain that the value of fintech enterprise is equal to the sum of enterprise existing value and potential value,and then divided by financial factor indicators.Finally,this thesis selects Hang Seng electronics,a leading enterprise in the financial technology industry,to evaluate the enterprise value of Hang Seng electronics,and compares it with the actual enterprise value of Hang Seng electronics at the evaluation time point,which shows that the financial technology enterprise value evaluation model constructed in this thesis has certain applicability.Through the case analysis in the fifth chapter,the value evaluation model of fintech enterprises in this thesis is verified.We can see that the combination of DCF model and B-S model can clearly calculate the value of fintech enterprises according to the evaluation characteristics and relevant composition characteristics of fintech enterprises.At the same time,it is effective to modify the volatility calculation of B-S model and consider the dividend payment rate.Considering the non-financial indicators of fintech enterprises can also greatly reduce the error in evaluating the value of enterprises.Therefore,the financial technology enterprise value evaluation model constructed in this thesis has certain applicability.