The network economic value assessment
|Keywords||Valuation Network economy Discounted cash flow model Option Pricing Model|
Unique law in the Internet economy , such as Metcalfe's theorem , increasing marginal utility and marginal cost principle of diminishing the role of the principle of positive feedback , the network showed a new business model and growth mode and generates a unique value formation and implementation . In this case , the concepts and methods of valuation in the network economy must do the corresponding development : as important determinants assessed value and short-term operating results should be the company's high-growth and high future income instead of the risk and not uncertainty also should be considered as an important factor for proper treatment . In recent years, a large number of network economic valuation method to explore in these two areas more or less the contribution , especially for the correction of the discounted cash flow method , so the original can not be applied to the uncertainty valuation The method re Hwan vitality . Summarizes the strengths and weaknesses of the existing network of economic valuation methods , the paper proposes the use of option pricing theory ( Black-Scholes model ) method to assess the economic value of the network , and this method is demonstrated on the basis of the analysis and examples of effective and practicality.