Research On Valuation Method Of High And New-tech Enterprise

With the rapid development of high and new-tech enterprise of China, activities of enterprise merger, financial administration of enterprise, enterprise's public issuing and advisory services of risk investment become active particularly, which has led to the enormous demands for enterprise's valuation. The high and new?tech enterprise value consists of both the physical assets and the growth opportunity value. However, the traditional valuation methods can only make the accurate valuation to the physical assets and neglect the opportunity value. The discussion about the enterprise valuation methods in China just emerged, and by now a system of the integrity and the mature high and new- tech enterprise valuation methods hasn't been formed. In order to improve it, carry on the research, combining theory analysis with case analysis, doing quantitative analysis with qualitative analysis. Its main contents as followings:(1)In the part of the appraisal about the existing enterprise valuation methods, based on the introduction of the concept of the high- and new- tech enterprise value and the valuation methods, analyze the applicability of the existing methods, and discuss the status and difficult of the application of China's enterprise valuation methods.(2)In the part of building up the valuation methods of the high- and new- tech enterprise, firstly describe the principles adhered to by building up it, and then begin to build up the methods. Its main route is: Assess the value?driven factors of the high? and new?tech enterprise, valuate the physical assets with discounting cash flow (DCF) model and the growth opportunity with real option pricing model.(3)In the part of the case analysis, with the example of ZTE, carry out the applied research. Use the quantitative analysis tools to valuate Use trend extrapolation to forecast sales revenue, linear regression to forecast the future cash flows, tow?stage discounting cash flow model to valuate the physical assets of ZTE CO. and Black?Scholes option pricing model to valuate its growth opportunity or real option. And from the qualitative perspective analyze the reasons for deviations from the enterprise value.(4)In the part of the conclusion and perspective, further point out the positive significance of the research, the existing problems and the field to expand it.