互联网企业价值评估的研究

硕士学位论文

互联网企业价值评估的研究RESEARCH OF THE INTERNET ENTERPRISE

V ALUE ASSESSMENT

王琳琳

哈尔滨工业大学

2016年6月

国内图书分类号：F275.4 学校代码：10213 国际图书分类号：658.149.5 密级：公开

经济学硕士学位论文

互联网企业价值评估的研究

硕士研究生：王琳琳

导师：庄思勇教授

申请学位：经济学硕士

学科：国际贸易学

所在单位：经济与管理学院

答辩日期：2016年6月

授予学位单位：哈尔滨工业大学

Classified Index: F275.4

U.D.C: 658.149.5

Dissertation for the Master Degree in Economics

RESEARCH OF THE ENTERNET ENTERPRISE

V ALUE ASSESSMENT

Candidate：Wang Linlin

Supervisor：Zhuang Siyong

Academic Degree Applied for：Master of Economics

Speciality：International Trade

Affiliation：School of Economics and Management Date of Defence：June, 2016

Degree-Conferring-Institution：Harbin Institute of Technology

摘要

互联网行业的飞速发展，以及“互联网+”行动计划的助力，使得互联网企业面临一个前所未有的发展机遇期。互联网企业的兼并收购、引入风险资本、上市融资等行为愈加频繁。合理评估互联网企业的价值也愈发引起人们的重视。而互联网企业具有高成长、高风险、以及存在较多不确定性的特点，传统的价值评估模型并不能准确评估互联网企业的价值，本文在进行文献梳理与学习以及对传统价值评估模型适用性分析的基础上，构建了评估互联网企业价值的模型，该模型综合运用了EV A评估模型和实物期权定价模型。

本文采用理论分析与实证研究相结合的方式，在国内外研究现状的基础上，分析了互联网企业的特征以及其价值的来源，主要的价值评估模型以及适用性。经过分析，发现单一的模型难以完整的评估互联网企业的价值，而EV A模型能够客观的评估互联网企业的现有业务的价值，实物期权模型能够反映互联网企业的潜在获利能力。在此基础上，构建了互联网企业价值的评估模型，即运用EV A模型评估互联网企业的现有价值，运用实物期权定价模型评估互联网企业的潜在价值，两者的综合运用能够比较完整的反映互联网企业的整体价值。并选取了具有代表性的互联网企业进行实证分析，以验证本文构建评估模型的适用性，为互联网企业价值评估领域提供了一个新方法。

关键词：互联网企业；企业价值；价值评估

Abstract

The rapid development of the Internet industry, and the help of "Internet +" plan, making the Internet enterprises are facing an unprecedented development opportunity. Mergers and acquisitions of Internet companies, the introduction of venture capital, public financing and other crimes have been more frequent.A reasonable assessment of value the Internet companies are also increasingly attracted attention.And Internet companies always has high growth, high risk, and there are more uncertainty, the traditional valuation models do not accurately assess the value of Internet companies, the paper during the literature review and analysis of the study as well as the applicability of the traditional valuation model based on the evaluation model was constructed value of Internet companies, the model is the integrated use of EV A evaluation model and real option pricing model.

The combination of theoretical analysis and empirical research, based on research status at home and abroad, analyzes the Internet enterprise characteristic and the value source, the main value evaluation model and the applicability. After analysis, it is found that the single model to the evaluation of Internet enterprise value, and the EV A model can objectively evaluate Internet companies existing business value, real option model can reflect the potential profit ability of Internet companies. On this basis, build the evaluation model for evaluating the value of Internet companies, namely the use of the present value of EV A Evaluation on the Internet enterprise and applies real options to evaluate the potential value of Internet companies, the integrated use of both can complete reflection of Internet enterprise overall value. And select the representative of the Internet companies for empirical analysis, in order to verify the applicability of the evaluation model in this paper, to provide a new idea for the field of Internet enterprise value assessment.

Keywords: internet enterprise, enterprise value, value assessment