| Since the last century 80's, many high-tech enterprise run by the University of relying on talented people, technology and other resources, market competition has gradually established its own brand strength and the formation of a certain high school model, such as Founder, Tsinghua And so on with the business side, whether their products or services are very good public awareness. It can be said that Chinese colleges and universities in colleges and universities to accelerate the transformation of scientific and technological achievements, promote industrial restructuring and upgrading to promote the country's economic growth, played an important role.With the Chinese economic development, Chinese colleges and universities and start-up enterprise development environment has undergone tremendous changes in China's colleges and universities in scientific research into growth and business has been faced with severe challenges. Sci-tech companies and start-ups and growing up in society compared to other business has a special law, only a very small number of high-tech enterprises will eventually develop into mature enterprises, listed companies, most of the high-tech enterprises in different stages of their growth, inevitably M & A occur, or even re-clearing, closed. Since 2002, 2006, the number of enterprises from the National Higher Education 5047 decreased to 3988; the National Science and Technology Industry College from 2216 the number decreased to 1933.University C equipment to the University of C Co., Ltd. is a technology investment and social enterprises to set up a joint venture of the high-tech enterprises. In recent years, the rapid development of the company, by virtue of the ability of independent innovation series has developed a new product, the first to be completed in the domestic food security analysis, multi-parameter water quality analysis and so on in order to speed testing on-site technical characteristics for a series of special instrumentation and techniques, gradually In our analysis of the test equipment market to occupy an important position.The Instruments of the past five years to analyze the financial situation, can be seen running in good company. Ever-increasing profitability in recent years has always maintained a good level of profitability. Accounts receivable and inventory turnover improved, a more adequate cash flow. Cheng Bolang return on equity on the rise, indicating capital and a gradual increase in operational efficiency.The instrument's analysis of the macroeconomic environment, we can see that the political and legal environment for food safety put new demands on the Government's industrial policy instrument for the development of the company's firm support for the policy; economic environment is conducive to the company's long-term, health, Rapid development; science and technology with each passing day, the company set up to implement the strategy of product innovation platform; social and cultural environment for the future development of the reserve officers. From a macro point of view the environment is conducive to the development of the company.From the sectors of the economy, as China's rapid economic growth, investment in fixed assets remain high, driven instruments and meters industry to continue the rapid development of instruments and meters industry sales and profits sustained and rapid growth has been 5 years in a row to achieve 20 % Of the revenue growth. Most of the analysis of China-made products in the international instruments in the early 1990s, the level of the medium-term. In the reliability of the product, function, intelligence, products, technology update cycle, object-oriented solutions for specific areas, such as the existence of a larger gap. The overall industry development trend was upward, with the exception of foreign-funded enterprises, Chinese enterprises focus on the main bright spot has been a certain size and strength of private enterprises, the reform has been a success from a small number of state-owned enterprises and universities and research institutions to create the high-tech enterprises . Through competitive analysis, we can see now the main instrument of the United States rival Agilent Technologies, the United States hash, Beijing Rayleigh Analytical Instruments at the North (Group) Co., Ltd., Beijing East-West Analytical Instruments Limited. For potential entrants are concerned there are serious technical barriers. In addition to technical barriers, economies of scale, product differentiation, financing, marketing channels, the labor cost advantage has also posed a potential entrants into the barriers. The main alternative as reflected in the rapid development of science and technology, in order to better meet the needs of the user based on the original replacement. With the bargaining power of suppliers, equipment companies to strengthen the concept of credit, in accordance with the contract, positive due to pay the debt, there has never been a bilk phenomenon, it has a certain advantage. Instruments of the customer base for the municipal administration of industry and commerce, quality inspection, commodity inspection, public health disease control, environmental protection, corporate governance, and other air units. These customer base of the back section of a high quality, non-existent debt to us. However, due to a large number of centralized purchasing, the bargaining power of buyers is still very large.From the analytical instruments market, in our good macro-economic environment to stimulate demand, coupled with analytical instruments to promote technological development of analytical instruments to replace old ones, over the next five years, domestic demand for 190 billion yuan, the analytical instruments industry has great Market development.In this paper, the use of discounted cash flow analysis on the value of the equipment to carry out the assessment. First of all, the future of the company's free cash flow was forecast discount rate to adopt international WACC model weighted average cost of capital for 13.90 percent, the cash flow model used in the two-stage growth companies to estimate the value of the equipment. For the first phase of the extraordinary growth phase, expected to be in 2012, the second phase from 2013 and entered into a normal and stable growth period. The assessment concludes that, C Instruments University overall value of 51,520,100 yuan. Taking into account the company's future free cash flow by the industry's competitiveness, market share, and other factors of uncertainty, using a combination of qualitative and quantitative methods of model parameters related to the amendment.The instruments assess the value of the Limited, so that the C of the University of decision-makers are able to understand and grasp the development prospects of investment and real value for the future, whether through equity transactions, in whole or in part from the shares in order to achieve value-added cash to complete the invisible Tangible assets and operating assets and increase the value of the goal, provided a basis for decision-making. At the same time, for the University of C shares of other companies to provide assessment of the value of the future can learn from the way, it has a very practical guide. |
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