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Discussion Of Valuation Theory And Methods Of High-tech Enterprises

Posted on:2004-05-13Degree:MasterType:Thesis
Country:ChinaCandidate:Y LiuFull Text:PDF
GTID:2206360092490533Subject:Accounting
Abstract/Summary:PDF Full Text Request
With the advent of knowledge economy, high-tech company in which intellectual capital is the principal factor of production, becomes the main body of market. Because of its difference with the traditional company 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 company correctly.For reaching this aim, in the first part this essay is designed to introduce various opinions about classification of high-tech company, related value characteristics and development level and the theory and practice of appraisal of high-tech company in our country. The first part points out that due to high revenue and high risk; high input of R&D and market expense; the dynamic and sequential characteristics of decision-making, it is needed to survey the related appraisal methods. At the same time, by analyzing the actuality of appraisal of our country, the opinion is pointed out that the theory research and methods in practice of high-tech company are relatively backward and it is necessary to strengthen the related research of appraisal of high-tech company.In the second part, this essay introduces and analyzes the related theory basis of the application of appraisal method in high-tech company valuation. In the part of economics theory, through introducing value theory and the theory of structure of value factors, the opinion is pointed that the appraisal value type of present value of revenue, present market value should be chosen and the valuation of intellectual assets should be paid more attention than other general assets such as labor and money. In the part of investment and corporate finance theory, through analyzing the theory of time value of money, efficient market theory, CAPM model, option-pricing model, the concrete theory basis of the application of appraisal method. At the same time, treating our stock market as the research objective, positive research is used to confirm the necessary correction of application of related theory in our country.In the third part, on the basis of related theory and the characteristics, the opinion is pointed that corresponding appraisal method is adopted according to the development stage of high-tech company. By the real case, the application of concrete appraisal methods, which is the replacement cost valuation, discounted cash flow valuation,amended discounted cash flow valuation, option pricing valuation and market valuation, is carefully studied in the high-tech company appraisal. The applicability and restriction of these methods in our country is analyzed contemporarily.
Keywords/Search Tags:High-tech company, Value theory, Option pricing theory, Efficient market theory, Discounted cash flow valuation, Replacement cost valuation, Market valuation
PDF Full Text Request
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