Research On The Value Evaluation Of The Start-up Enterprises

With the huge development of such new high-tech as electronics, information, biology etc. since 1980s, a great number of start-up enterprises based on the high-tech come forth in the market. At the same time, the continuous improvement for the investment environment in China has brought in much venture investment on our start-up enterprises, which to some extent facilitates their financing problems. In the course of investment, value evaluation for start-up enterprises is inevitably involved. Therefore, the investors and the enterprisers are at all times concentrate on how to evaluate the value for start-up enterprise relatively scientifically.Neglecting the operating feasibility value contained in the start-up enterprises, our traditional enterprise value evaluation does not apply to evaluating the start-up enterprises; while by handling it relatively objectively, the real options methods manages to evaluate the value for the start-up enterprises relatively scientifically.This paper mainly addresses the deficiencies in the research status quo home and abroad. It begins with the introduction of some notions and characteristics on the start-up enterprises, enterprise value evaluation as well as start-up enterprises value evaluation, followed by raising of the difficulties in start-up enterprises value evaluation. Afterwards, common methods for enterprise value evaluation is elaborately illustrated, and then their inappropriateness for enterprise value evaluation are also interpreted in detail, which leads to the introduction of the real options methods into start-up enterprises value evaluation. As a result, a model for start-up enterprises value evaluation is brought forward. It is the parameter values in the model, however, that are impeding the extensive application of the real options appraisal methods. Thus, by wielding the Trapezium Fuzzy Number Set method together with the start-up enterprises risk evaluation system, this paper tries to determine such parameters as expected revenue of start-up enterprises, variance of asset value, etc, for the sake of figuring out the start-up enterprises value in the end.