人工智能类上市公司估值问题研究——以海康威视为例.pdf

摘 要 随着大数据时代的到来，人工智能成为了新一代产业变革的动力，通过人工智 能的对传统行业的赋能，激发了社会新一轮的科技热潮和社会投资者的投资热情。 根据《中国新一代人工智能发展报告2019》数据显示，截止2019 年2 月28 日， 中国共有745 家人工智能企业，在745 家人工智能企业中，融资总额为3832.22 亿 元，达到2017 年的2.04 倍，排名全球第一。但人工智能类上市企业爆发式的增长 也使得一些投资者盲目跟风投资，浪费了社会资源。同时人工智能作为一个新的领 域，其企业估值也区别于传统的企业估值方法，传统投资者对其进行投资分析时按 照以往的方式进行分析，得出的结果有失偏颇。现阶段更亟需对人工智能企业价值 的合理评估和正确评价，这也是引导该领域有序发展的先决条件。 本文选取人工智能领域具有代表性的企业——海康威视进行了企业价值评估 案例分析。首先，结合人工智能类上市企业的领域特征确定了人工智能企业的价值 内涵由现有价值和潜藏价值构成。其次，针对人工智能类上市企业的价值分析了各 主流评估方法的适用性，选用自由现金流折现模型和 B-S 估值模型分别对企业的 现有价值和潜藏价值进行评估，得出整体价值后与市场的实际股价进行比对，得出 两种方法结合去评估人工智能企业价值是较为合适的。 关键词：企业估值；人工智能；海康威视 I ABSTRACT With the advent of the era of big data, artificial intelligence has become the driving force of the new generation of industrial reform. By enabling traditional industries with artificial intelligence, a new wave of technology boom and investment enthusiasm of social investors have been aroused. As of February 28, 2019, there are 745 ai enterprises in China, among which the total financing is 383.222 billion yuan, 2.04 times that of 2017, ranking the first in the world, according to the data of the China new generation ai development report 2019. However, the explosive growth of artificial intelligence enterprises also makes some investors blindly follow the trend of investment, wasting social resources. At the same time, as a new field, the enterprise valuation of artificial intelligence is also different from the traditional enterprise valuation method. When traditional investors conduct investment analysis on artificial intelligence, the results are biased. At the present stage, it is more urgent to evaluate the value of artificial intelligence enterprises rationally and correctly, which is also the prerequisite to guide the orderly development of this fi