Evaluation Of High-Tech Enterprises Based On Industry Life Cycle

As the global information ages, high-tech industries gained rapid developmentin China, subsequently, assessment of the value of high-tech enterprises areincreasingly becoming concerned by the theory and practice. Unlike generalbusiness, high-tech enterprises have a high investment, high risk, high yield,obvious periodic and so on. The specialty of high-tech enterprises have led manyscholars propose method of valuation different from the traditional from differentangles. But no matter what assessment methods will have to abide by the principlethat the assessment of business value should start from enterprise value influentfactors. Value drivers of high-tech enterprises in different life cycle stages aredifferent. Therefore, it is necessary for us to explore the valuation of high-techenterprises starting with high-tech enterprise life cycle.Based on the theory of high-tech enterprises valuation, this paper detailedanalyzes the characteristics of high-tech enterprises and the characteristics of thevalue composition in various stages of the life cycle. And according to thecharacteristics outlined above, this paper screen the key value drivers in itsembryonic stage, growth stage and mature stage. On this basis, this paper hasconstructed the high-tech enterprise value evaluation index system based onindustry life cycle. Selecting high-tech industry in growth period, this paper usedcorrelation analysis to verify the existence of relationship of mutual influencebetween certain indicators of key value driver and the value of enterprises, and makearrangement analysis of value drivers by its impact on enterprises'value. Using theevaluation index system of high-tech enterprises in growth stage designed above,the authors established a comprehensive assessment model of the high-techenterprises value in growth stage based on the analytic network process. Weselected 35 listed companies of the information technology industry, and thencarried on the appraisal use the comprehensive assessment model of high-techenterprise value which is based on the ANP model. This paper has carried on thecomparative analysis to the appraisal result. The analysis result indicated that, theappraisal results of comprehensive appraisal model established by this paper aremore scientific, objectivity and reliability. Finally, thinking about the empirical analysis results, the paper pointed out that the limitation and future direction of theresearch. The research will provide the empirical analysis basis for the valuemanagement implement and the exploration of the high-tech enterprises newmethods for value appraisal.