| During the knowledge economy era, the high-tech enterprise is gradually replacingthe traditional enterprises, and becomes a symbol of the embodiment of a country’s comprehensivestrength, as it is the sound combination of high and new technology, high-tech talent and high-tech enterprise value management mode, there is no denying the factthat it has increasingly become the core driving force of technological progress andeconomic development, so as to the comprehensively national strength. Whether fromthe policy support for high-tech industry, or from the stage of development of hi-techenterprises itself, or even from the attention of high tech enterprise’s management mode that draws to the market, the development of high-tech industry are highly valuedby various industries, regions, as well as the policy makers. Therefore, it is particularly critical that the objective, impartial, independent assessment of the value of high-tech enterprise, can it be reasoned during the economic merger and acquisitions, investment decision, and enterprise value management also, thus to some extent can reduceblind speculation, promote to a standardized operation market, and to effectively suppress short-term fluctuations of the capital market, the last but not the last, it can make the capital market a steady growth.This paper first review and summarize the domestic and foreign enterprises valueassessment of the relevant theoretical basis and practical application, then define the type ofhigh-tech enterprises’ value, distinguish the difference of its composition factors between thetraditional enterprise value, and point out that the real option characteristics lies in the projectinvestment value of the high-tech enterprises. Further to deeply recognize the high-techenterprises in the real option types in different stages of the life cycle of the projectinvestment. This paper divide the value of high-tech enterprises into two parts,the profitability of existed stable value and the enterprises’ potential profit ability valueto have the R&D project investment. Accordingly, based on the combination of thediscounted cash flow method and the Black-Scholes model, then take the electroniccomponent manufacturing listing Corporation crystal, Zhejiang Crystal-Optech CO.,LTD as acase, through the empirical test of the value assessment model construction, to prove therationality of the evaluation method. And last to point out the deficiencies of this model then give some improvement suggestions. Finally, through the sensitivity analysis on the value ofthe company comes to the main factors that affect most of the value of the company, in orderto analyse the situation of enterprises’ future management, and last to give some improvementsuggestion.Through this study, draws the following conclusion: the value of high-tech enterprisesconstitute for a larger proportion of project investment opportunity value, and the traditionalenterprise value assessment method without considering the enterprise future growthopportunities value will underestimate the value of high-tech enterprises to a certain extent.So the combination of discounted cash flow method and the real option method in theevaluation of the intrinsic value of the model can be more effectively to reveal the high-techenterprises’ value. |
