Building upon the Life-Value Reflow Theory, this paper extends the analytical framework from macroeconomic and platform dynamics to secondary market asset pricing. Conventional discounted cash flow (DCF) models rely exclusively on monetary cash flows, systematically overlooking the ontological foundation of value creation: the irreversible expenditure of individual life duration (T) and the sustained pursuit intensity (P) of human agents. We propose the Discounted Life-Value Reflow (D-LVR) model, which reconstructs corporate intrinsic value as the present value of future sustainably extractable life-time aggregates. The framework introduces an endogenous discount rate that incorporates extraction risk (η/SNR), a bounded reflow valuation function to ensure mathematical consistency, and a scale-invariant Life-Value PE ratio (LV-PE). By mapping organizational dynamics into asset prices through four theoretical archetypes, the model provides a structural mechanism for pricing the sustainability of human capital and reflow efficiency. Empirical implications are discussed through testable hypotheses linking LV-PE and changes in SNR to future stock returns. The D-LVR framework offers a rigorous, human-centric alternative to traditional monetary valuation, revealing how excessive structural extraction and low reflow clarity generate hidden risks that traditional models fail to detect.
guoyong chen (2026) studied this question.