实物期权在互联网企业价值评估中的应用研究——以网易为例
Research on the Application of Real Options in the Value Appraisal of Internet Enterprises—A Case Study of NetEase
摘要: 本研究探讨了实物期权在互联网企业价值评估中的应用，以网易为案例，以B-S估值模型进行计算分析。随着互联网行业快速发展，传统估值方法难以充分反映企业未来的不确定性和无形资产价值。实物期权理论通过量化企业的战略选择和风险，为互联网企业提供更精准的价值评估。通过敏感性分析，本文进一步验证了估值结果对关键假设变化的稳健性，并与其他估值方法(如DCF、可比公司法)进行了横向比较，探讨了不同方法背后的原因。
Abstract: This study discusses the application of real options in the valuation of Internet enterprises, taking NetEase as a case and using the B-S valuation model for calculation and analysis. With the rapid development of the Internet industry, it is difficult for traditional valuation methods to fully reflect the uncertainty of the future of enterprises and the value of intangible assets. Real options theory provides a more accurate valuation for Internet companies by quantifying their strategic choices and risks. Through sensitivity analysis, this paper further verifies the robustness of the valuation results to changes in key assumptions and compares them with other valuation methods (such as DCF and comparable companies method), exploring the reasons behind the differences.
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