Research On Valuation Of High-tech Enterprises Based On Ohlson Model

In the increasingly competitive globalized modern society, as an important productivity, high-tech has grown rapidly in the national economy,and has more and more prominent position and role. With becoming more and more activly in the operations, the value of the listed high-tech companies will increasingly be concerned by stakeholders,such as investors, business managers and government departments,which makes the evaluation of their intrinsic value becomes a huge market demand. Therefore, searching for the theory and method which suits the evaluation of the intrinsic value of high-tech enterprise ,that has a very practical significance for certain economic activities of modern society.Ohlson model is a valuation model gradually became popular since the nineties of the twentieth century in the West, which corporates financial reports accounting information into business evaluation, and enhances reliability and objectivity of business evaluation. Also, according to the residual income ideas of Ohlson, managers should focus on the ability that companies creating abnormal returns, namely, the residual income. Therefore, the source of residual income has also been related to theoretical analysis in this paper, and later researches which factors are the source of residual income and their impaction on the residual income,though building models and hypothesis.In this paper, theoretical analysis and empirical research methods are combined to apply the Olsen model to the evaluation of High-tech enterprises,and improve the model according to the characteristics of their own. The results support the three hypotheses proposed in this paper, namely:the intrinsic value of corporate which said by the improved Ohlson model can explain the stock price; compared with other variables, the residual income of enterprise before and after the evaluation period can explain more stock price movements; the explanatory power of stock prices of the intrinsic value of corporate which said by the improved Ohlson model has been increasing year by year.The paper also in the fourth part analysis the sources of revenue of the enterprises, which comes to the conclusion that business activities are mainly to create the residual income, in turn, which can guide the investment and management and other activities of the stakeholders.