Study Of New High-tech Enterprise Valuation

After joining WTO, on the increase of the scientific and technological strength of our country and with the support from state policies, the development of new high-tech enterprise will be swift and more violent, and its competition is fiercer. This must lead to the fact that merged among enterprises, bankrupt behavior of transactions clearing, the judicial dispute etc, take place even more frequently; On the other hand, the new high-tech enterprise is the enterprise of " high investment, high risky, high income", so it must supplement financing on different scales at its different development stages and carry on the effective value management taking value chain as the core, to satisfy the shareholder's request of high repayment by creating value as possible as it can. All of these behaviors should base on the assessment of the value of new high-tech enterprise. So it is extremely urgent to carry on the research on the value of new high-tech enterprise so as to strengthen the understanding to the value of new high-tech enterprise of assessor, risk investment entrepreneur, enterprise administrator and the masses of investors, heighten the level to assess the value of new high-tech enterprise, and promote the sound development of the new high-tech enterprise in our country.The value of the new high-tech enterprise and its influence factors have been cooked and analyzed systematically in this text. And set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess, to revise existing assess model of new high-tech enterprise value. This text is divided five chapters altogether:Chapter one: Analyze the meaning to study the assessment of new high-tech enterprise value, and give a summary of the current situation that studies the assessment of new high-tech enterprise value in domestic and abroad, and work out the trains of thought and the method about thesis study.Chapter two: Offer the definition and cognizance standard of the new high-tech enterprise after definitizing the new and high technology. At the same time, the classification and the characteristic of the new high-tech enterprise, and life period to the new high-tech enterprise are analyzed. This chapter is the base on this text.Chapter three: Give out the specific meaning of the value of new high-tech enterprise on the basis of analyzing the meaning of traditional enterprise value. Analyze systematically the characteristic of new high-tech enterprise value and the mechanism in which the value forms, and emphatically the influence factor of new high-tech enterprise value. This chapter is the base to carry on the assessment of new high-tech enterprises value, and to set up revise index systems in the back part this text.Chapter four: Summarize the conception, the essential and the principle of new high-tech enterprise appraisal, and analyze the characteristic of new high-tech enterprise appraisal. Assesses the traditional approaches of evaluating the enterprise value, and point out its defect while assessing the value of new high-tech enterprise. It's supposed to assess the value of the new high-tech enterprise rationally and exactly by combining cash flow valuation method with option pricing method. And the author also has discussed the calculation of the parameters in this combing method.Chapter five: Set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess on the basis of pointing out the problem in calculating the parameters in chapter four. And adopt the Multi-level Grey Evaluation Model to determine revising coefficient that revises assess model of new high-tech enterprise value in chapter four.