Research On Data Asset Pricing Based On The Combination Of Present Value Of Income Method And B-S Option Method

In today’s world,a new round of scientific and technological revolution is sweeping the world.Digital technology is integrated with the real economy,economic activities take on the form of digitalization,and new economic forms begin to emerge.Digital economy has become an important force driving global economic growth.Data,as the core element of the digital economy,is also widely concerned.It has been widely recognized that reasonable measurement of the value of data assets is an essential step whether to facilitate the digital transformation of enterprises to realize data transaction circulation,or to measure the contribution of data to economic growth and promote the high-quality development of digital economy.However,at present,the research of data asset pricing is still in the exploratory stage,and a complete,objective and effective data asset pricing system structure has not been formed.The lag of data asset pricing theory and practice has seriously restricted the development of digital economy.How to price data asset reasonably has become an important topic of current research.In view of this,this paper takes data assets as the research object,and on the basis of clarifying the definition and characteristics of data assets,constructs a data asset pricing model combining the present value of earnings method and B-S option method from the perspective of improving the calculation method of discount rate and considering the uncertain future earnings of data assets.The main studies are as follows:(1)Considering the limitations of traditional market method and cost method,income method is chosen as the core of data asset pricing.First of all,in the case that the internal and external operating environment does not change,this paper uses the present value of income method to discount the conventional income cash flow brought by data assets to obtain the current value of data assets;Then this paper considering the traditional income present value method ignores the future level of science and technology development,flexible decision making may be affected by the factors such as the enterprise data assets to the enterprise brings the uncertainty of the premium,choose with real option method to quantify the data assets of this part of the potential value of the uncertainty and make up for the income present value method to the value of data assets underestimated,constructing a data asset pricing model combining present value of income method and B-S option method.(2)Considering the unclear ownership of data assets,data security and other special risks that are different from intangible assets,on the basis of calculating the overall discount rate of intangible assets by weighted cost of capital(WACC),this paper further calculates the discount rate of data assets which is different from the overall discount rate of intangible assets by split rate of return,and obtains a more reasonable discount rate of data assets.(3)This paper conducts an empirical study on the typical digital transformation sample enterprise--Tasly Holding Group Co.,LTD.and analyzed the empirical results by value sharing ratio method,verified the feasibility and reliability of the data asset pricing model.The reasonable exploration of the data asset pricing model in this paper is helpful to improve the data asset pricing system,provide guidance for the effective management of enterprise data assets,facilitate the digital transformation of enterprises,and promote the high-quality development of digital economy.