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2016年上半年中国电子商务交易规模达10.5万亿元,同比增长37.6%。电商的迅速发展使得电子商务企业的价值评估受到越来越多的关注。电子商务企业的发展具有较大的不确定性,其增长速度、盈利模式等与传统企业有较大的不同。因此,传统的企业价值评估方法对于电子商务企业价值评估来说适用性较差。本文针对电子商务企业的具体特点,分析电子商务企业中的实物期权,选择合适的实物期权模型,对电子商务企业的价值进行评估。
In the first half of 2016, the scale of e-commerce transactions in China reached 10.5 trillion yuan, up 37.6% from a year earlier. The rapid development of e-commerce has drawn more and more attention to the value evaluation of e-commerce enterprises. The development of e-commerce business has great uncertainty, and its growth rate, profit model and other traditional enterprises are quite different. Therefore, the traditional method of enterprise value assessment is not suitable for e-business valuation. This essay aims at the specific characteristics of e-commerce enterprises, analyzes the real options in e-commerce enterprises, chooses the appropriate real option model and evaluates the value of e-commerce enterprises.