The Evaluation Method And Application Of High-tech Enterprise--Case Analysis Of Zhongxing Communication

Valuation to enterprise attracts most investors and managers. Academician have put forward many methods to value enterprise. With the development of IT and information economy, High-technology enterprise play more and more important role in the economy. However, traditional valuation methods do not fit high-technology enterprise' s character. In recent years, Academician found real option adapt to the character of high-technology enterprise.This dissertation first introduces traditional enterprise valuation methods, such as methods based-on balance sheet or earnings statement or invisible assets and discounting net cash flow. Then the dissertation analyzes the character of High-technology enterprise and introduces modifying models of traditional models to adapt to the character of High-technology enterprise. I also set forth financial option and real option, and explain why real option fir valuation of High-technology enterprise. Last the dissertation uses real option and revised EVA to value ZhongXing Communication. I think this is a good idea for valuation of China' s High-technology enterprise.