| New high and technology industry,a pivotal industry of the knowledge economy, has gradually become the determinants to promote the contemporary economic and social development in the twenty-first century characterized by knowledge-dominated economy. Countries and regions all over the world are constantly strengthening the support for high-tech enterprises, providing much room for newly emerged high-tech enterprises by formulating related policies and putting them to practice. What distinguishes high-tech enterprises from traditional enterprises lies in its high degree of R&D inputting, potential investment income and knowledge intensity. So these enterprises require more funding for R&D and the input of highly educated talents. From the investors'perspective, high-tech enterprises have great potentials, but there exist great risks behind their expectations of proceeds. In practice, few enterprises are in a position to scale the results of research in science and technology and to industrialize them. Therefore, how to select new high-tech enterprises with good earnings and great potentials has become investors'top priority when they make decisions in investment. Although experts and scholars at home and abroad have constructed a number of models to assess enterprise value in their theoretical and empirical studies, they didn't attach great importance to the assessment of new high-tech enterprises; especially the growing new high-tech enterprises. Therefore, it is of great significance to conduct research on the investment value of the high-tech enterprises both in theory and practice.This dissertation studied the investment valuation of new high-tech enterprises in-depth by combining theoretical research, empirical research with case study in the situation that China enhanced the capability of independent innovation vigorously and ANHUI focused on the construction of a comprehensive reform pilot area in the following three cities of Hefei, Wuhu and Bengbu characterized by independent innovation.In the study, the dissertation handled quantitative indicators by resorting to Decaying Coefficient Method, and ranked the investment value of growing high-tech enterprises in order to select new high-tech enterprises of the higher investment value by using the valuation model based on the evidence theory for the qualitative indicators. On the other hand, this dissertation constructed a valuation model of new high-tech enterprises based on the traditional portfolio method together with the improved relative value method. On these bases, the applicability and feasibility of the above two methods and models was authenticated by a case study. The main research and innovations are as follows.(1) This dissertation analyzed the main features of new high-tech enterprises by comparing high-tech enterprises with traditional ones. Based on a large number of field research, a relatively comprehensive evaluation index system suitable to the high-tech enterprises was established, and the model to rank the investment value of new high-tech enterprises based on expected benefits was constructed on the full understanding of DS evidence theory. Then the mentioned model was applied to rank the growing new high-tech enterprises of Anhui information technology enterprises in order to complete preliminary selection of the enterprises with good investment value.(2) The model to assess the value of new high-tech enterprises was constructed by introducing the concept of portfolio on the basis of the modern portfolio theory proposed by Hariri Markowitz——"Mean-Variance Model". The dissertation analyzed the function and impact of asset structure on corporate performance and investment value in detail, and the reasonableness of asset structure was considered an important criterion for assessing the corporate investment value. The investment value of various new high-tech enterprises was estimated by determining the optimal portfolio mode. In the study, this dissertation built an evaluation model to assess the value of new high-tech enterprises based on effective portfolio and non-effective portfolio. The model used to assess growing new high-tech enterprises whose valuation earnings are positive was verified through a specific case study.(3) The traditional enterprise valuation model based on the relative value method was discussed and analyzed and the limitations of valuating the investment value of new high-tech enterprises by using the traditional method were also identified. On these bases, the improved model was proposed, including the improved earnings model, the improved net earnings model, and the improved income multiplier model. The three improved model, a supplement and perfection of the traditional enterprise valuation model based on portfolio, considered the heavy investment in R & D for new high-tech enterprises, providing a good method to assess investment value of new high-tech enterprises whose yields are negative. In addition, the above improved model was verified by a specific case and the validity of the model used to valuate growing new high-tech enterprises whose yields are negative from a practical point of view.The research in this dissertation helps to solve the investment problem of selecting growing new high-tech enterprises to a certain extent, as well as the valuation modeling of growing new high-tech enterprises, providing much more room for the investment decision-making of new high-tech enterprises and creating a new perspective for the theoretical research of enterprise valuation.
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