Research On The Evaluation Of High-tech Listed Corporation

Along with the advent of knowledge-based economic era, the high-tech has become the important productivity to promote the development of the national economy. Today, the high-tech industry has become the first pillar industry of knowledge economy, and become the most rapidly developing industry. And the proportion and status which occupies in the economy is becoming more and more significant.Unlike traditional enterprises, high-tech enterprises have many characteristics, such as high investment, high risk, high income, obvious stage etc. Many high-tech companies that have great potential for development but also suffered a huge risk. Moreover, with the rapid development of high-tech enterprises, the competition among enterprises will become increasingly fierce. At the same time, with the further development of market and enterprise restructuring, merger,bankruptcy liquidation and the whole enterprise sale are more and more frequent.The demand for enterprise valuation is also on the rise around all circles of the society.This paper starts from the characteristics of high-tech enterprises, to explore the factors influencing the enterprise value method,which is based on the basic theory and method of assessment method in the enterprise value. Then research the evaluation of high-tech listed corporation.First, elaborated the meaning of high-tech enterprises and basic evaluation method; then based on the characteristics of high-tech enterprises, introduces two methods, one is discounted cash flow method and the other is the real option method; finally, combined with the specific case to make empirical analysis on the model comparison,and make a summary.According to the analysis, we can find that discounted cash flow method was more suitable to the corporation which have a stable cash flows, with this method, the result is a relatively cautious; but the real option method, in view of the uncertainty of the possibility as a characteristic, will risk as the possibility of making a profit, the result is relatively optimistic, and we can combined the two methods in order to get more reliable results...