Research On Pricing Model Of Options Of The High-tech Enterprises

With the development of science and economy, more and more high-tech enterprises have been founded. The Discount Cash Flow Model (DCF) has a big fault that it can not resolve the uncertainty problem, and price Intangible Asset effectively. A new creative method that is fit for high-tech enterprises characteristics must be found. This text aims for the changeable management environment an dun certainty of project investment which enterprises face and combines the international and domestic current study about the investment decision method of the project. It has analyzed the defects of the traditional method of investment decision existed in risk and uncertainty appraising. These defects assume ignoring the value of options in project but the value is important component. At the same time compared with the traditional methods, the author points out: option method of investment decision has obvious advantage on evaluating the flexibility and option in project. It has been emphasized that the option value is important to investor's decision. And then, the paper accounts the relationship between financial option and investment real option and shows the differentiations on calculating the project value from the traditional method of investment decision。Chapter 1 is an introduction.This chapter explains the Characteristics of the high-tech enterprises. For example ,the high-tech enterprises has no earnings or earningses very tiny,so we can't estimate an earnings of future according to the earnings. The high-tech enterprises lacks the history data. The high-tech enterprises lack lacks the business enterprise to contrast. The next in order is the problem that income confirm.Because of the Special of selling of the high-tech enterprises, income and actual income is different, because these four characteristicses ,we can't use the traditional method to evaluate the high-tech enterprises. We must find out a kind of method to evaluate high-tech enterprises.In domestic this respect research fall behind. The abroad scholar adopts the research method of real option to evaluate the value of the high-tech enterprises. In this realm ,Martha Am ram and Nailing Kulatilaka make a big Contribute,they all think of the value of real option can't be neglected.In Chapter 2, Introducing the Localization of The Discount Cash Flow Model (DCF),the method of risk adjusted discounted has its blemish,we can not use this method to value the high-tech enterprises. decision, we frequently use risk adjusted discounted rate which could be given by the capital assets pricing model or arbitrage pricing model to discounted cash flows This article make such assumption that the net cash flows are stochastic process, then we build the model to fulfill the risky constrains and maximize the value of the corporate through finding the proper loan quantity and pay back plan. We solve the model using the stochastic programming and utilize it in the real applications.Through leading Real Option into the Valuation area of high-tech enterprises, We can adopt the inputs and concepts in financial market to price Companies. The value of hi-tech enterprise is including two aspects, one Is Tangible Asset value and the other is intangible Asset value. DCF Model can be use to value Tangible Asset and the Real Option Model can be use to value Intangible Asset. The combination between traditional method and Real Option make the price of hi-tech company more precision.This text makes use the price theories of the option on the finance price theories,establishing a kind of method which is able to value the price of hi-tech enterprise. In Chapter 3, inducing five options of hi-tech enterprise which are the basis options of hi-tech enterprise. These options are waiting-to-invest options, growth options, exit options, and expansion options. waiting-to-invest options are the most important options in these kinds of options. This text was detailed to study the characteristic of profit and loss of various options and drawing their profit and loss state graphs from these graphs,we can find that these options are very resemble. Although typical model options is complicacy,the options of hi-tech enterprise can not be these typical options,they are more complicacy, reunite options. reunite options are the combination of the options in different time and different terms. Development programming can be used to solution the problem of valuing the price of hi-tech enterprise. Finally this text combine the theories with practice, calculation the price of a hi-tech enterprise of Guangzhou. comparing with the prctice,we can find this method is right.