科创板企业价值评估中实物期权法的应用——以迈得医疗为例I摘 要我国科创板的设立对科技创新企业发展具有重大意义，准确地评估科创板企业价值成为投资者关注的重要问题。与传统上市企业价值评估不同，科创板企业具有上市时间短、无形资产比重高、企业未来风险不确定性大等特点，评估难度较大。本文提出传统评估方法忽视了科创板企业中无形资产的潜在价值，而实物期权法考虑了企业未来的潜在收益，可以弥补这一缺陷。本文将结合企业自由现金流量法与实物期权法评估科创板企业的价值，探究实物期权法在企业潜在价值部分评估中的应用。本文研究结果表明科创板企业价值包括现有资产价值和潜在价值两个部分，实物期权法适用于企业潜在价值的评估。关键词：科创板；实物期权法；企业价值评估IIAbstractThere is a great scene for developing science and technology innovation enterprises in our country with the STAR Market setting up. How to assess the STAR Market enterprise's value accurately will give priority to investors. Different from traditional listed company, the STAR Market enterprises are difficult to evaluate enterprise's value due to transitory time to market, high proportion of intangible assets, and the company's future risk is uncertain. This paper put forward that using traditional assessment methods will ignore the potential value of intangible assets in STAR Market enterprises and real option method can make up for this deficiencies. This paper will evaluate the company's value in terms of the method of discount of free cash flow and real option, and studying how to use real option method to evaluate potential part of corporate value. The consequences of this study are that the STAR Market enterprises' value has two part, including current asset value and potential value, and the real option method is applicable to the evaluation of enterprise potential value.Key words: STAR Market, Real Option, enterprise value assessment 目 录摘 要...
