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随着我国高科技企业的日益发展,企业价值评估已成为人们关注的焦点。企业在其发展过程中会面临很多投资机会或选择,这些投资机会或选择权是有价值的,其对于准确、完整地估算某一时点企业的价值具有重要意义。然而,众多的价值评估方法,包括实务中广泛运用的折现现金流量法,都无法反映这些投资机会或选择权的价值,这必然会导致企业价值被低估。实物期权法恰恰可以弥补这一不足。本文主要对实物期权法在企业价值评估中的应用进行分析。
With the development of high-tech enterprises in our country, enterprise value evaluation has become the focus of people’s attention. Enterprises in the development process will face many investment opportunities or options, these investment opportunities or options is valuable, it is accurate and complete estimate of a point in time the value of the enterprise is of great significance. However, numerous valuation methods, including discounted cash flow methods widely used in practice, fail to reflect the value of these investment opportunities or options, which inevitably leads to underestimation of corporate value. Real option method just can make up for this problem. This article mainly analyzes the application of real option method in the evaluation of enterprise value.