Research, Valuation Methods Based On The Value Chain Of Technology Innovation Projects

The valuation of the technique innovation items is the initial problem in the technique innovation process of enterprises. Currently, an important reason that the enterprises lack enough enthusiasm to technique innovation is that there is no reasonable valid means to value the technique innovation items.Currently,when the enterprises value the technique innovation items,they like to use the Discounted-Cash-Flow method, namely NPV method. This method usually causes the under-estimation to the technique innovation items. The option method can partly resolve this problem, but can't resolve this problem all. When we use the value chain theory of Michael E Porter to analyze the technique innovation, we find that not only the economic value is imporant,but the recessive values as the inrease of manpower capital, technique capital and business prestige are also important. An important reason that the NPV method causes the under-estimation to the technique innovation items is that it pays no attention to the recessive values of the technique innovation items. So it is necessary to modify the NPV method. The thesis puts forward the Discounted-Value-Flow method to value the technique innovation items. This model brings the recessive values into the analytical frame,which were neglected in the long term.And it provides a new analytical frame for the valuation of the technique innovation items.To some extent, this method makes up the shortage of the traditional NPV method.