With the coming of knowledge economy era and emerging of a large number of high-technological companies, how to value the high-technological companies becomes a new question for discussion in the field of appraisal. This paper is composed of six parts. The first fart presents the actuality, significance and problems of high-tech companies valuation. The second part introduces the correlative theories of business valuation. The third part surveys the meanings, characteristics and lifecycles of high-technological companies, analyzes the specialty of high-tech companies valuation in comparison with ordinary companies valuation. The forth part discusses the approaches and the factors of high-tech companies valuation. Based on the introduction and the criticism of the traditional valuation approaches, the fifth part presents suggestions how to set up our country's system of approaches and how to choose approaches to valuate the high-tech companies on different phases. The sixth part fulfils the new idea in the valuation of Tianjin * pharmaceutics company. |