Research On The Evaluation Model On The Investment Value Of Small And Medium-sized S&T Enterprises

Evaluation on the investment value of small and medium-sized S&T enterprises is a key problem to venture capital. Firstly, the paper surveys the researches about the evaluation model of S&T enterprises, points out research actuality and problems it has being in these evaluation models. Combining the feature of small and medium-sized S&T enterprises, it analyses the applicability of general evaluation model and points out disadvantage. Then it modifies F-0 model to make it more applicable to small and medium-sized S&T enterprises. We consider the development stage of enterprises and explore the methods of determining the growth rate in the future and the rate of equity capital cost. It modifies the option-pricing model and considers investment scale, investment occasion, venture facts, super-addition and change-production investment, several investment opportunity be restricted in fixed cost. We have researched some small and medium-sized S&T enterprises of HeFei area and chosen two characteristic enterprises to do case analysis. According to the share investors have which is calculated by model, investors, especially venture capitalists could make a better decision. Finally, the paper gives some suggestions and development direction in the future.