| In the late20th century, the rapid development of science and technology has brought about a new industrial revolution for the world, a lot of Hi-tech enterprises emerge as the times require. All the countries in the world recognize the importance of the Hi-tech industry in the future competition in the world economy, have introduced corresponding policy support, the U.S NASDAQ stock market was established to attract the attention of global investors quickly, listed companies got the necessary funds, investors made lots of money. However, due to lack of proper understanding of the Hi-tech enterprises and their value, the2000stock market crash of technology stocks made people to rethink the understanding of the value of Hi-tech enterprises.Our Hi-tech industrial development is lagging behind. With China’s entry into the market economy, the gradual improvement of the market making business valuation produced a demand, especially the demand form the restructuring of state-owned assets. In2009,GEM was established in Shenzhen Stock Exchange, in a few years, more than300companies listed on the financial success of funds, came to the front of the majority of investors. The study on methods to assess the value of Hi-tech enterprise can provide decision-making reference for investors, to realize capital market more sophisticated resource allocation; as well as provided a reference value of acquisitions; can also provide Hi-tech enterprise operators management basis. Therefore, it is of great theoretical and practical significance to the study of new Hi-tech enterprise value assessment methods.Thinking on the assessment of the value of Hi-tech enterprises, this article launches the research from the following parts:Part I:Discussed the background and significance of the study on method of Hi-tech enterprise value assessment.Part II:Summarized the domestic and foreign related research results of Hi-tech enterprises value assessment methods.Part Ⅲ:Descripted of the characteristics of Hi-tech enterprises, analysed the features and component of the value of Hi-tech enterprises.Part Ⅳ:Descripted the theory of traditional assessment methods, and according to the value characteristics of Hi-tech enterprises and the analysis of its applied limitations in the evaluation of hi tech enterprises,then constructed the more suitable combined method for Hi-tech enterprise value assessment.Part Ⅴ:Selected the Eastsoft as a case to test the combined method, Calculated its specific value of the company.Part Ⅵ:Briefly summarized the content and innovation of this article, pointed out the problems and Prospect of the research.I made the following innovation on the basis of the related studies:Firstly,I divided the value of Hi tech enterprise into two, the value of existing assets and the value of potential profit ability. The value of existing assets also includes profitable assets and non-profitable assets. Secondly,based on the analysis of applicability of traditional evaluation methods, the paper built a combined evaluation method. Finally, I innovated the method to calculate parameters. I hope to provide some reference for the practice.Because my knowledge and ability is limited, there are still many deficiencies in the study. On the one hand, many non-financial indicators have not been considered. On the other hand, there are many assumptions and simplification in the process of the case analysis. I hope I have a deeper study on method of evaluation of Hi-tech enterprises in the future. |
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