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A Method Research To Value High-tech Enterprise

Posted on:2006-09-25Degree:MasterType:Thesis
Country:ChinaCandidate:Q W TianFull Text:PDF
GTID:2156360152971360Subject:National Economics
Abstract/Summary:PDF Full Text Request
Valuation to enterprise attracts most investors and managers. Academician have put forward many methods to value enterprise. With the coming of the era of knowledge economy, many new high-tech enterprises emerge, and high-tech enterprise play more and more important role in the economy. However, existing valuation methods do not fit high-tech enterprise character . So it is necessary to find a new approach to value high-tech enterprise.This paper studies the meaning, essence and characteristics of high technology and high-tech enterprises, distinguish between high-tech enterprises and common enterprises, review the existing definitions of enterprise value and then we redefine the value of high-tech enterprises: the value high-tech enterprise composes the value of physical assets and the opportunity . This paper also analyzes the characteristics of high-tech enterprise valuation, compares existing valuation methods, and provides the framework and general valuation method of valuing high-tech enterprises: using method of the cash discount to value the physical asset, and using real option method to value the opportunity.At last, this paper uses the new method to value ZhongXing Communication. I think this good idea for valuation of high-tech enterprise.
Keywords/Search Tags:high technology, high-tech enterprise, the value of high-tech, enterprise valuation, real option
PDF Full Text Request
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