摘要 t
在互联网经济时代,网络已经与人们的生活息息相关。我国的互联网
欧亿·体育（中国）有限公司发展态势迅猛,不少互联网企业为了寻求更优质的资本,选择在国外
上市。互联网企业发展速度之快以及市盈率之高,使其成为了新世纪以来
的标志性的企业利润增长点,因此越来越多的学者开始关注互联网企业价
值的评估问题。但是,考虑到新兴互联网企业的特点,传统的企业价值评
估模型并不能客观合理地反应互联网企业的真实价值。所以对于互联网企
业的投资决策者和整个欧亿·体育（中国）有限公司而言,建立一种有效合理的互联网企业价值评
估模型是十分重要的

本文首先立足于互联网企业的特殊性和其价值来源,阐述了传统企业
价值评估方法运用于互联网企业的局限性,分析了非财务因素对互联网企
业价值的影响以及模糊数学运用于评估互联网企业价值的适用性。随后本
文在传统的现金流折现模型和实物期权定价模型的基础上,引入了非财务
因素评价指标体系和模糊数学的相关理论,同时将企业投资决策者的风险
偏好和乐观程度作为一个参数融入到了改进的互联网企业价值评估模型
之中。最后,本文选取百度企业为研究对象,分别采用了传统的企业价值
评估模型和本文建立的改进的互联网企业价值评估模型对百度进行了实
证研究,分析对比了两种模型下的评估结果,从而进一步使改进的评估模
型的合理性得到验证

本文通过发展的角度考虑互联网企业价值的各种影响因素,以建立一
I
北京化工大学硕士学位论文
套适用于评估互联网企业价值的模型,从而为资本市场中的各项经济活动
提供有效的理论和现实基础

,
关键词:互联网企业,企业价值评估,非财务因素指标,模糊数学
II
\
、 &39;
RESEARCH ON INTERNET ENTERPRISE EVALUATION
MODEL AND ITS APPLICATION
ABSTRACT
In the era of Internet economy, the Internet has been closely linked with
people&39;s lives. With the rapid development of the Internet industry in China,
many Internet companies choose to list abroad in order to seek more
qualitative capital. Concerned with the feature that Internet companies have
rapid development and the high price- earnings ratio, Internet industry has
been a totally symbolic and new growth point of profit in the new century,
thus, more and more scholars begin to pay attention to the evaluation of
Internet companies. However, taking into account the characteristics of the
emerging Internet companies, the traditional enterprise valuation model can
not reflect the real value of Internet companies objectively and reasonably.
Therefore, it is considerably important to establish an effective and reasonable
evaluation model of Internet enterprise for the investment decision makers and
the whole industry.
Firstly, based on the particularity of Internet enterprise and its source of
value, the paper expounds the limitations of the traditional enterprise
evaluation model applied to the Internet enterprise, analyzing the impact of
non-financial factors on the Internet enterprise evaluation and the application
in
北京化工大学硕士学位论文
of fuzzy mathematics to the Internet enterprise evaluation. Based on the
traditional discounted cash flow model and real option pricing model, the
paper introduces evaluation index system of non-financial factors and the
related theory of fuzzy mathematics, taking into account the risk preference
and the degree of optimism of investment decision makers as a parameter, to
establish the improved Internet enterprise evaluation model. At last, selecting
the Baidu company as the research object, the paper do the empirical research
on Baidu with the traditional enterprise evaluation model and the improved
Internet enterprise evaluation model. The results of the two models are
compared and analyzed, thus, the rationality of the improved evaluation model
is verified.
Considering the various factors affecting the value of Internet companies
with the view of development, the paper has established a set of the Internet
enterprise evaluation model suitable for the interne industry, so as to provide
effective theoretical and practical basis for the economic activities in the
capital market.
KEY WORDS: Internet enterprise, enterprise evaluation,
non-financial factors, fuzzy mathematic
IV
目录
目录
备
第一章绪论 VIII
1.1研究背景及意义 1
1.1.1研究背景 1
1.1.2研究意义 2
1.2文献综述 3
1.2.1国外研究综述 3
1.2.2国内研究综述 5
1.2.3研究状况评述 8
1.3主要研究工作 8
1.3.1主要研究方法 8
1.3.2主要研究思路 8
1.3.3主要研究内容 9
第二章互联网企业综述2.1互联网企业的认定和特征2.1.1互联网企业的认定2.1.2互联网企业的特征2.2互联网企业价值来源和评估的特殊性2.2.1互联网企业价值来源2.2.2互联网企业价值评估的特性2.3传统企业价值评估方法与其局限性2.4非财务因素对互联网企业价值评估的影响第三章互联网企业价值评估模型改进的研究3.1本文研究方法与内容探讨3.2模糊数学理论应用于互联网企业价值评估的可行性3.2.1模糊集的定理及相关理论3.2.2模糊概率和模糊决策空间V
北京化工大学硕士学位论文
3.2.3可行性分析 21
3.3改进的互联网企业价值评估模型及参数的确定!
22
3.4本章小结 27
v
第四章案例研究一改进的互联网企业价值评估模型
29
4.1企业简介 29
4.2公司定性分析 30
4.2.1 优势 30
4.2.2 鱗 31
4.2_3 机会 32
4_2.4 威胁 32
4.3公司定量分析 33
4.3.1现金流折现模型+期权定价模型
33
4.3.2改进的模糊现金流折现模型+模糊期权定价模型
43
4.4本章小结 48
第五章结论与展望
51
5.1研究结论与创新
51
5.2本文有待进一步改进的地方
52
参考文献 53
_ 55
研究成果及发表的学术论文
56
作者和导师简介
57
VI
Contents
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Chapter 1 Introduction
VIII
1.1 Research background and Research meaning
VIII
1.1.1 Research background
VIII
1.1.2 Research meaning1.2 Litarature review 3
1.2.1 Foreign research1.2.2 Domestic research1.2.3 Review of research1.3 Main research work1.3.1 Main research method1.3.2 Main research ideas1.3.3 Main research contentChapter 2 Review of Internet enterprise2.1 Identification and features of Internet enterprise2.1.1 Identification of Internet enterprise2.1.2 Features of Internet enterprise2.2 Value source and particularity of Inernet enterprise evaluation2.2.1 Value source of Internet enterprise2.2.2 Characteristics of Internet enterprise evaluation2.3 Traditional evaluation methods and their limitations2.4 Influence of non-fmancial factors on Internet enterpriseChapter 3 Research on the improvement of Internet enterprise evaluation
model 19
3.1 Research methods and contents of this paper3.2 Feasibility of applying fuzzy mathematics theory to internet enterprise evaluation 20
3.2.1 Theorems and related theories of fuzzy setsVII
北京化工大学硕士学位论文
3.2.2 Fuzzy probability and fuzzy decision space3.2.3 Feasibility analysis
21
3.3 The improved model of Internet enterprise evaluation and determination of its
parameters
!
22
3.4 Summary 27
Chapter 4 Case Research: the improved Internet enterprise evaluation
model 29
4.1 Company profile
29
4.2 Qualitative analysis of company
30
4.2.1 Strength 30
4.2.2 Weakness 31
4.2.3 Opportunity 32
4.2.4 Threat 32
4.3 Quantitative analysis of company
33
4.3.1 Discounted cash flow model and option pricing mode
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