Research On Valuation Of The Venture Investment In High-tech Enterprise Based On Asset Option

In recent years, high-tech enterprises play a more and more important function for the national economic development, and they are gradually becoming the main motivation of economic development. While high-tech enterprises need a great deal of funds in development process, they are also facing huge risk.So the traditional credit type can not satisfy the capital requirements of enterprises at all. As a kind of newly arisen hurl margin tool, the risk investment has successfully solved this problem. High-tech enterprises'most obvious characteristics are high investment, high risk, high return, forming a certain amount of venture capital, through gathering the community idle funds,it will investing in technological innovation, technology enterprise development, etc, for achieving its capital appreciation through the withdrawal of investment by listing, merger or other equity transfer ways in the future.Since it was introduced into China. The risk investment has made considerable progress. At present, there are many risk investment cases in our country, but each risk investment will experience the process of negotiation and decision-making through the cooperation with high-tech enterprises. In this process, the risk investment organization has to solve a practical problems that whether the high-tech enterprise has value to be invested in. It can clearly be seen that risk investment valuation problem is the core problem to be faced in the operate process of risk investment.This thesis proceeds from the basic concept of the value of high-tech enterprises first, combines to the main theory, method and index sign system of venture investment valuation at home and abroad, starts on a thorough research in the risk investment to the high-tech enterprises, points out the existent key problem in the related research of the risk investment and the research necessity in our country. Secondly, it analyzes the main investment object of the risk investment which is the characteristic of the high-tech enterprise and reveals that high-tech enterprises are facing great indetermination during there growth and development, however, there investment opportunity and growth potential are also great in the future. Afterward, this thesis through the analysis and comparison to the traditional valuation method, get that the traditional valuation method has been hard to completely evaluate the value of a enterprise, and has make the valuation exist great blemish, and can not satisfy the request of risk investment valuation, and will underrate the value of business enterprise. Then this thesis leads the asset option theory into risk investment valuation, elaborated in detail that the asset option is valuation method, and combines the characteristics that the venture capital to High-tech enterprises has high risk and many stages. It divides the risk investment project into several stages according to investment process, carries on valuation to each stage respectively and sets up a stages and dynamic state risk investment option pricing model, thereby it can make sure the whole value of the risk investment. Finally, it has got the different project value that carrying on the verification and analysis in selected cases by the traditional valuation method and the asset option method.The results show that for the analysis of the venture capital to high-tech enterprises which has high uncertainty, the asset option method can acquire more objective valuation results. Hope that this evaluation model will contribute to actual operation of the risk investment in our country.