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High-tech Enterprise Valuation Method

Posted on:2006-10-07Degree:MasterType:Thesis
Country:ChinaCandidate:H J HuangFull Text:PDF
Abstract/Summary:PDF Full Text Request
With science and technology progressing and various new- and high-tech enterprises rising, the evaluation of the enterprises is 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. As the characteristics of the new- and high-tech enterprises differ from those of the traditional enterprises, there is some difficulty in their valuation. Many scholars have put forward corresponding solutions, including the introduction of real option method and the improvement of the traditional methods. Although the real option theory has been accepted in the valuation theory, particular analysis still lacks in different stage of the new- and high-tech company's lifecycle. With some study in the value and the lifecycle of the new- and high-tech enterprises, this paper flexibly combines the traditional evaluation methods and the real option method in the valuation and aims to find out compatible methods in different stage of the whole lifecycle. Besides, it will emphasize on the evaluation of the new- and high-tech enterprises for the purpose of Merger and Acquisition. When a reasonable and feasible evaluation system comes into reality, it will facilitate the health and rapid development of the new- and high-tech enterprises and the market.
Keywords/Search Tags:New- and high-tech enterprise, Enterprise valuation, Real option method
PDF Full Text Request
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