The Research On High-tech Enterprises Valuation Model

Today’s world, the knowledge economy and intellectual economy in the global economy has been growing significantly, around the world, many countries have set up a high-tech industrial zone, as a variety of favorable conditions for boosting the national high-tech enterprises growing rapidly. High-tech industry in China started late, originated in the late1980s, but at this stage, China is in a period of rapid development of high-tech enterprises. By high-tech enterprises in China started late, and the lack of exit mechanisms, capital market participation and enthusiasm is not higher factors of high-tech enterprises, making the value of high-tech enterprises established existing a certain degree of difficulty. For now, the choice of valuation methods on high-tech enterprise, has not yet formed a unified understanding, there are some difficulties when we measure the value of high-tech enterprises, and thus adversely affect the development of high-tech enterprises. Therefore, the search for high-tech enterprise valuation model is in theory and practice community to discuss the problem, but also to promote the requirements of high-tech enterprises in the era of rapid development in China.In view of this, on the basis of analysis commonly used in business valuation methods, combined with the characteristics of high-tech enterprises, the evaluation object and the value of the connotation of the theoretical analysis, that the high-tech enterprise value is the value created by the existing profitability, and potentially profitable ability to create value and environmental costs of the value of the credits of three parts. Thus the discount now flow method and real options method to analyze the application in the valuation of high-tech enterprises, and after considering the competition on the basis of improved traditional growth options, discounted the assessment of the current flow method now credits the value of the profit the ability to create value and environmental costs; to assess the potential profitability of the value created by improved real options method, then built a high-tech enterprise valuation model and made an example to verify the application.