On The Method Of Computing The Discount Rate In The Evaluation Of Hi-tech Enterprises

With the development of Chinese economic and technology,a great many hi-tech enterprises spring up like mushrooms.Faced the rushing of so many hi-tech enterprises and internet corporations,we have to exclaim that the time of hi-tech enterprises evaluation has come.While faced so many hi-tech enterprises which need to become the listed corporations so as to further development,how to identify their characteristics,appreciate their value and distinguish the part of enterprises which are valuable and promising form such a great amount of ones that are waiting for venture capital is the first-line question that the investors must to deal with.This paper started from the problem between the evaluation of high-tech enterprises with cash flow method and the traditional ways to determine discount rate applied improper for high-tech enterprises.To solve this problem,we used fuzzy method theory to quantify the features of high-tech enterprises.A discount rate revised model is built on the base of existing discount rate determination CAPM,and clearly evaluate the risks high-tech enterprises take.Last,for verifying the practicability of modified model,the author investigated a high-tech enterprise at HF,made empirically analysis based on the financial data and drew the conclusion of the superiority of new discount rate over the old one. We summarized the research work of this paper and then presented some likely main research directions.