The Research Of Valuation Of Listed High-tech Company

This paper focus on the research of the valuation of listed high-tech company of our country. Brought up the concept of synthesized Book-Value of proprietor right. It included the evaluation of assets with certainty or uncertainty attribute. Beyond this it also considered the influence of risk factor. The assets with certainty attribute are the kinds of assets with stable and certain value. It major include: currency, machine, real-estate, finance securities, there value could easily be calculated though traditional account method. The assets with uncertainty attribute going along with the development of high-tech industry, it's major attribute is there valuation has great uncertainty, and will face great difficult when evaluate though the traditional methods, it include patent, R&D cost, goodwill. After had the valuation results of assets with certainty or uncertainty attribute, then, we have the total valuation result of the company: synthesized book value, and calculated the revised P/B ratio of the share price of some high-tech listed company. The creative works of this paper are follows: 1.evaluated the value of assets with uncertainty attributes though Real-Option methods.2.measured the influence of risk factor of uncertainty asset though VAR methods.3.brought up the concept of synthesized Book-Value (SBV). 4.On the foundation of the concept of SBV, calculated the revised P/B ratio of some listed high-tech company, and analyzed the price of it's shares.