Research On The Hi-technique Companies's Valuation Based Of Real Option

Valuation to enterprise attracts most investors and managers. Academician have put forward many methods to value enterprise.Hi-tech companies have explored their business fast since 1990s and many listed hi-tech companies highlighted the stock market,the hi-tech companies which take the intellective capital as the main element has gradually become the main body of the market.However such Hi-tech shares price dropped significantly since 2000,and this move brought the issue of identification of the true market value of those hi-tech companies before many experts in the industry.Because these enterprises are different from the traditional enterprises in income,risk,capital structure,many methods which are used to evaluate the value of the companies are not fit for the hi-tech companies,so it is necessary to complement,correct and renew the traditional methods to evaluate the value of the high-tech enterprise correctly.In the modern world,many companies recombine and come into the market frequently,the management of value plays more and more important role in the management of the companies and the special need of the hi-tech companies to the investment,all of these make us believe it is necessary to evaluate the value of the hi-tech companies.The evaluation of such hi-tech companies became the focus in the financial research.This article firstly introduces the meaning of the value of companies and the meaning and the importance of evaluation of value of companies simply and explains the traditional methods and real-option method detailedly.Secondly according to the analysis and discussion of definition and characteristic of the hi-tech companies and the value of the hi-tech companies,it points out the difficulty of the traditional methods meet in evaluating the value of the hi-tech companies and states the method for the hi-tech companies.Thirdly it divides the hi-tech companies into the different development stage according to the different characteristic of the different development stage-seed stage,start-up stage,expanded stage, mezzanine stage and decay stage,and explains the different methods for the hi-tech companies in the start-up stage,expanded stage and mezzanine stage according to the different characteristic.Finally it validates the model of evaluating the hi-tech companies in the start-up stage by the analysis of the listed companies.