近年来，在“大众创业，万众创新”的政策背景下，高科技行业的初创企业数量呈爆发式增长。这些科技行业的初创企业为了自身发展，往往要进行多轮融资。因此，初创金融科技企业的价值评估成为投资者和企业管理者关注的问题。本文将初创期金融科技企业作为研究对象，尝试建立适合初创期金融科技企业的估值模型，为实务工作提供参考。 传统的企业价值评估方法如市场法、收益法和成本法，对于成熟期企业有较好的适用性，但对于本文所聚焦的初创期金融科技企业，这类企业因为其具有极大的风险性和成长性，若使用传统的企业价值评估方法评估，往往容易低估企业价值。实物期权法的提出，考虑了企业发展过程中遇到的各种不确定性，弥补了传统企业价值评估方法的缺陷，为初创期金融科技企业的价值评估提供了新思路。 本文首先对传统企业价值评估方法和实物期权法的理论进行了梳理回顾，并总结了初创期金融科技企业的特点，讨论了二者的匹配性，并选取了本人参与投资的KK公司这一初创期金融科技企业，将其作为研究对象，运用实物期权法中的B-S模型进行企业价值评估。KK公司为资产管理机构提供投研软件与咨询服务，其产品在行业内具有明显优势，但其主业规模较小，未来发展的不确定性较大，为促进企业发展，KK公司于2018年1月进行了私募股权融资。本文首先使用基于二叉树模型原理的现金流折现法对其现有企业价值进行估值，其次将私募股权融资这一事件作为一项实物期权，对这一期权价值进行评估，既考虑了KK公司的现有价值，亦考虑了其潜在价值，最终得出的结论为KK公司具有投资价值，说明在评估初创期金融科技企业时，传统的三种方法有其各自的局限性，会导致低估企业价值的结果,使用实物期权法进行评估，在一定程度上能够弥补这一缺陷，得到较为合理的估值结果。 本文提出了适用于初创期金融科技企业的估值模型，认为实物期权法能够对初创期金融科技企业的现有价值和潜在价值进行较准确的评估，其结果相较于传统评估方法更合理，这一结论具有一定的实践价值，为初创期金融科技企业的价值评估提供参考。

In recent years, with the policy of "Mass entrepreneurship and innovation", the number of start-up companies has shown an explosive growth. For the sake of their own development, these start-up companies have to carry out multiple rounds of financing. Therefore, the value evaluation of start-up companies has become a concern of investors and managers. This paper takes the start-up companies as the research object, and tries to establish a suitable valuation model for these companies, so as to provide reference. Traditional methods of enterprise value evaluation, such as market method, income method and cost method, have better applicability for mature enterprises. But for the start-up companies, because of their great risk and growth, it is easy to underestimate the value of enterprises by using traditional enterprise value assessment methods. The real option method takes into account various uncertainties encountered in the process of enterprise development and provides a good way of thinking for the value evaluation of start-up enterprises. Firstly, this paper reviews the theory of traditional enterprise valuation method and real option method, summarizes the characteristics of the start-up companies, discusses the matching between them, and chooses KK Company, a start-up technology enterprise, as the research object, to evaluate its enterprise value by real option method. KK Company provides investment and research software and consulting services for asset management institutions. Its products have obvious advantages in the industry, but its main industry is smaller and its future development is uncertain. In order to promote the development of enterprises, KK Company conducted private equity financing in January 2018. In this paper, we use cash flow discount method based on binary tree model to evaluate the value of KK Company firstly. Secondly, we use the event of private equity financing as a real option to evaluate the value of this option. We consider both the current value of KK Company and its potential value. Finally, we come to the conclusion that KK Company has investment value. It shows that the traditional method has its limitations in evaluating the start-up companies, and it is easy to underestimate the value of these enterprises. Real option method can remedy this defect to a certain extent and make the evaluation results reasonable and accurate. This paper puts forward a valuation model suitable for start-up companies. Real option method can accurately evaluate the existing value and potential value of start-up companies. The result is more reasonable than traditional valuation methods. This conclusion has certain practical value and provides a reference more s start-up companies.