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High-tech Enterprise Value Assessment Methodologies Selection

Posted on:2004-09-30Degree:MasterType:Thesis
Country:ChinaCandidate:N LiuFull Text:PDF
GTID:2206360125957152Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
The valuation of high-tech corporation is a difficulty in valuation field. Which method is to be selected is the key problem of it. This paper takes the analysis method of comparison from three perspective of the valuation principle, the precondition of extortion and the difficulty extent of parameter data obtainment to evaluate the applicability of all sorts of methods. The proper valuation methods are chosen after taking consideration of the characteristics of high-tech corporation of different phrase and domain type.Start with analysis to high-tech corporation's characteristics, the paper discusses the value source and the special requirements to high-tech corporation.Then, the aggregation of valuation methods is selected according to the valuation characteristics of high-tech corporation. The meaning of valuation method in the valuation field in our country includes the two concepts of valuation approach and valuation model in the International Valuation Standards. So the selection of valuation method follows this consequence: the first step is to select the proper valuation approach and the second step is to select the proper model.Finally, the high-tech corporations are classified to different phases and domain types. Deeper analysis is taken to the characteristics of them and the proper methods are selected from the aggregation gained from former research. In the process of selection, some valuation models are adjusted according to the requirement of the different high-tech corporation. For example, considering the great uncertainty of the high-tech corporation of developing stage, the cash flow is dealt with the method of probability instead of just consider the risk in the discount-rate.
Keywords/Search Tags:high-tech corporation, Valuation method, Valuation approach, Valuation model
PDF Full Text Request
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