A Study On The Pricing Of The High-tech Enterprise

As the coming of the economy globalization and the knowledge-economy era, the development of the high-tech industry has speeded up. The science and the technology have become the decisive factors of the economy development. The high-tech industry and enterprise become the propeller of the domestic economy development. The high-tech enterprise has the special developing modes and characteristics, which are different from the general enterprise. As the development of the high-tech industry in China, the merger and acquisition of the high-tech enterprise happen frequently and the venture capital develops rapidly. So, the pricing of the high-tech enterprise is requested theoretically and practically.In the knowledge-economy era, the corporate value is a sum of the discounted present value of the future cash flow brought by the realistic business and the value brought by the underlying profitable opportunities of corporate. The pricing of the high-tech enterprise is to estimate the total corporate value. Due to the knowledge renewing rapidly, the life cycle of the products shortening, the technology updating fast and the environment of the enterprise changing uncertainly, these results the complexity of the pricing of the high-tech enterprise and many problems to the general pricing theory, which is not able to estimate the value and potential of the high-tech enterprise. Hence, it is necessary to design a new pricing theory frame, on the base of which the pricing method and mode are framed to study the uncertain factors in the pricing of the high-tech enterprise.On the basis of the general pricing theory, this dissertation has studied the characteristics of the high-tech enterprise and has used the foreign pricing theory of the high-tech enterprise for reference. On the practical condition of the high-techenterprise in China, we have built up the theory and mode for the pricing of the domestics high-tech enterprise. In the dissertation, the definition of the corporate value of the high-tech enterprise has been expanded in order to study the underlying profitable opportunities of the high-tech corporate, which are ignored in the general pricing theory, and to consider the opportunities in the analysis to the corporate value of the high-tech enterprise. In the study of the pricing of the high-tech enterprise, the technology capital, the human capital and the environment factors all are considered and a pricing mode is built up to estimate the corporate value of the high-tech enterprise more precisely. These results a systemic pricing theory, used for the pricing of the domestic high-tech enterprise, for the high-tech enterprise to make the investment and finance policies rationally.On the basis of the Marxism and the corporate pricing theory, the multiple methods synthetically used in the dissertation are: qualitative analysis combined with quantitative analysis, standard analysis combined with practical analysis and static analysis combined with dynamic analysis. The methods mentioned above are used to study the pricing of the high-tech enterprise.The dissertation encloses 7 chapters. The first chapter is an introduction, analyzing the research background, the importance of the study, the research status, the research methods, the structure of the dissertation and the innovation in the dissertation. In the second chapter, the dissertation analyzes the characteristics of the high technology and the high-tech enterprise. With a review of the corporate value and the correlative theories, the dissertation analyzes the forming rules, the forming routes and the forms of the corporate value of the high-tech enterprise, analyzing the definition and characteristics of the pricing of the high-tech enterprise. In the third chapter, we build up a theoretical frame and mode of the pricing of the high-tech enterprise. On the base of a review to the general corporate pricing theories, considering the characteristics of the high-tech enterprise, a basic route and a frame of the pricing of the high-tech enterprise are built up. A mode of...