Reserch On New High-tech Enterprise Valuation Based On EVA

With the development of economic globalization, knowledge economy has arrived, as a result of the economic era, high-tech enterprises have developed rapidly, and it plays an important role in economic development. High-tech enterprises As the main partment of the market economy, whether the investor to invest in the acquisition or the, mergers and acquisitions in the market require detailed knowledge of economic behavior of the real value of enterprises, so the value assessment of high-tech enterprises will highlight its importance. On the one hand, China's securities market is still in its infancy, it is a weak market, this market can not effectively reflect the true value of the enterprise; on the other hand, the high-tech enterprises and traditional enterprises are quite different, which has a high risk , high input and high-yield and other characteristics, their value is difficult to determine, so the traditional valuation methods can not accurately assess the value of the high-tech enterprises. Based on the above two points can be drawn that it is necessary to assess the valuation of high-tech enterprises .In this paper, we based accounting, financial management, management science and economics and other disciplines theory, we based the EVA theory , we use standardized research methods combined with practical case assessment of the value of high-tech enterprises have been studied. By studying the characteristics of high-tech enterprises, and further demonstrates the characteristics of high-tech enterprise value assessment; on the basic theory of EVA, we apply the EVA valuation model to assess the value of the high-tech enterprises ,and combined with typical high-tech Technology companies - Teamsun Technology Co., Ltd. case in this study to assess its value.Through this study, we conclude that: high-risk high-tech enterprises a large initial investment, the latter is large and significant earnings growth potential; EVA valuation model is applicable to a larger initial investment, the larger the enterprise the late growth potential, which can be obtained EVA valuation model of these features just to meet the high-tech, and the EVA valuation model can reflect the value of high-tech enterprises more accurately than other valuation methods.