| Summary: | 碩士 === 東吳大學 === 會計學系 === 93 === Internet globalization and blooming knowledge economic successfully promote the 3th industry revolution for human being. News information is also transmitted on internet except conventional newspaper and television. Although the burst of internet bubble was deadly threatening news site business during 2000’s, internet usage and application still keep growing in this years. Thus, appropriately valuating the news site business will assist us in realizing the value of news site business investment, and the key reason for evaluating if entering the mainland china market in the future.
This thesis adopts the Binomial Option Pricing Model proposed by Cox, Ross & Rubinstein (1979) under the risk-neutral valuation to analyze the components and sources of the value of a company that operates news site business model. The result of this study conforms to the concept of “The Growth Options” proposed by Myers (1977). We found that the value of the company is mainly dividend into two parts, the one was described by the conventional DCF Approach, the other was the option value regarding to the managerial flexibility held by managers when they make decisions under highly market uncertainty.
In addition, we also found the significant advantages of Binominal Option Pricing Model over conventional evaluation approach when processing an evaluation of innovative business. Even more important, the Binominal Option Pricing Model simultaneously provides us a managerial way of the risk consideration.
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