High-tech Enterprise's Value Evaluation Based On Real Option's Theory

With the rapid development of technology and economics,the high-tech enterprises in which intellectual capital is the principal factor of production are developing rapidly and playing an important role in the fields of risk investment, public issuing,transaction of property rights, merger and acquisition and business operation. Because of its difference with the traditional companies in the aspect of income, risk and capital structure, it is needed to supplement, revise and refresh the traditional appraisal methods in order to value the high-tech companies correctly. For reaching this aim, in the light of applying shortage on the evaluation of high-tech companies using the traditional appraisal methods, combining the evaluating characteristics of high-tech companies themselves, it is suggested that we should apply the real options thinking and methods to evaluate high-tech companies'various kinds appraisal internal causes, thus to better suit the increasing requirements of evaluating the value of high-tech companies.This paper includes six chapters. The first chapter briefly reviews the research and development of real option in and out and analyzes the shortage on the evaluation of high-tech companies using the traditional appraisal methods, and then introduces the real options thinking and methods. The second chapter describes in detail the basic thinking, essential feature, and application logic, influence variable of real option on the base of financial option and compares financial option and real option. The third chapter introduces the feature, concept, value connotation of high-tech enterprises, and describes the real option in the high-tech enterprise. The forth chapter is the core of this paper. This chapter first constructs a new model including FCFF and real option to evaluate the value of high-tech enterprise, second briefly analysis FCFF and then mainly analyzes the model of Black-Scholes.The fifth chapter uses a sample to exercise this new model to evaluate the whole value of a high-tech enterprise.Finally, in the light of shortage of this paper, propose the problems in the course of evaluating the high-tech enterprise.