Valuating The Investment Opportunity Of Hi-Tech Enterprise

This thesis analyzed the status quo of domestic hi-tech enterprises' development and discussed the necessity and the feasibility to valuating the investment opportunity of hi-tech enterprise. By studying the status quo of domestic and foreign valuation theories and methods of hi-tech enterprise, the thesis analyzed the existing deficiency of the studies, and put forward a model of valuation of the investment opportunity of hi-tech enterprise on the base of features of hi-tech enterprise and the domestic practicalities.The thesis chose ShuangMa project of Northwest Chemical Industry Academe as example to testify the model and deeply discuss the impactions on the result of the valuating the investment decision from fixed jumping frequency to random jumping frequency. Furthermore, this paper made staged analysis and sensitivity analysis of the factors', including technology, market, management, capital and policy environment, impaction on the result of the valuation of the hi-tech enterprise's investment opportunity. The analysis result indicates that: many parameters such as the competition intensity, the time lag of investment, the investment effective-life and the riskless interest rate beside the varieties of the market supply and the market demand make great impaction on the result of the valuation of the investment opportunity of hi-tech enterprise.The thesis achieved such following main results and innovation points: (1) The valuation of the investment opportunity plays an important role in the valuation of hi-tech enterprise. (2) Based on putting forward the model and combined with practice, this paper deeply discusses the impactions on the result of the valuation of the investment decision on condition of random jumping frequency. (3) It proved that the factors such as technology, market, management, fund and policy environment make different impaction on the result of the valuation of the investment opportunity of hi-tech enterprise during different developmental phases. (4) The competition intensity, the time lag of investment and the riskless rate make great negative impaction on the option value of hi-tech enterprise. (5) The conclusion of analysis achieved from which the varieties of the market supply and the market demand make impaction on the result of the valuation accord with the conclusion of analysis achieved from which the varieties impact to price on economics. Generally, the results of this thesis not only play important role in theory, but also take elicitation and direction to practice in the real world.