An Empirical Study On The Valuation Of Chinese Listed High-Tech Companies

In view of the leading role of the high-tech industry in the whole economic system,governments around the world are paying much attention to the development of high-techindustries. The establishment of the GEM has helped broaden the financing channels andpromoted the development of the high-tech enterprises. Evaluate the high-tech listed companycorrectly and make the evaluated value converge on its objective value can contribute to thedevelopment of GEM, investors and the enterprises itself.First, this paper introduces the basic theories and methods of traditional enterprise valueevaluation, carry on the comparative analysis of the various methods and discusses itscharacteristics, application range and limitation. Second, analyze the applicability of the residualincome model in the evaluation of high-tech listed companies according to its operating features.Then, select this model to design for the evaluation of listed high-tech companies. The articlegives a systematic discussion on the source, deduction and practicability of the residual incomemodel. According to the thought of exploring the drivers of value, it makes a decomposition ofthe residual income drive factors step by step until the basic financial ratio. At last, select theZTE Corporation as the research object, use logical positivism method to make a detailed list ofthe application of the residual income model, achieve the value prediction and evaluation of theZTE Corporation by the model above, verified the feasibility and effectiveness of the residualincome model for the value evaluation of hi-tech listed companies.The demonstration results of this article show that the residual income model can not onlymake a reasonable evaluation of high-tech listed company, thus helping the investors make betterinvestment decisions, but also help managers explore the driving factor of company valuationand put forward feasible management advice according to the abnormal driving factors.