Research Of The Methods Of High-tech Enterprise Evaluation On The Basis Of Real Options

High-tech enterprise evaluation has real option characters, which results the failure of traditional methods of enterprise evaluation, also decides the combination of high-tech enterprise evaluation and option theory. The paper researches on application of real option theory in the high-tech enterprise evaluation, and provides the methods of high-tech enterprise evaluation on the basis of multiple real options from the angle of investor, and modified the compound real option evaluation model.Firstly, the paper takes high-tech enterprise's characters as its starting, analyses the real option characters of high-tech enterprise evaluation. Then it analyses the suitableness and limitation of both the traditional methods and real options methods. Furthermore, it compared real options methods with the traditional ones, and points out the advantages of real options methods in high-tech enterprise evaluation. Secondly, according to the characters of high-tech enterprise evaluation, it provides the methods of high-tech enterprise evaluation on the basis of multiple real options from the angle of investor, which means that high-tech enterprise is evaluated as venture investment project containing compound real option. And it modified the real option evaluation model. Last, this method is verified by the historical data from Tsinghua Tongfang, and the result proves that the method and the model can forecast enterprise's value and developing trend, and can direct investor to make correct decisions.The main innovations are as follows: First, according to the characters of high-tech enterprise evaluation, it provides the methods of high-tech enterprise evaluation on the basis of multiple real options from the angle of investor, which means that high-tech enterprise is evaluated as venture investment project containing compound real option. Second, it modified Geske multiple real option evaluation model, which enterprise's present value of EVA take the place of project's present value of future cash flow.