Research On The Evaluation Of High-tech Enterprises Valuation

With the rapid development of modern science and technology and the economy, high-tech enterprises and high-tech zones increasingly rise over the country, and it plays an important role in promoting economic and social development as well as promote the development of many industries. In order to better develop, high-tech enterprises usually require public financing enterprises, joint acquisitions, restructuring, introduction of venture capital, technology transfer and other activities, the activities of these companies need to assess the enterprises’value. But the high-tech enterprises are typically knowledge-intensive enterprises, and its proprietary technology, patents and other intangible assets have a large proportion of enterprises’value. As well as its high-risk, less historical financial data and other characteristics led to the traditional assessment methods are difficult to accurately assess its value. Research on the method of enterprise value assessment one can explore and improve enterprise value especially in the method system of the evaluation of high-tech enterprises, promoting the development of evaluation theory; on the other hand, it can guide the evaluation practice, improve the accuracy of the enterprise value assessment and reliability, meet the need to assess the objective requirements and capital market, promote the development of economic activities.This thesis consists of five chapters. Firstly, it introduces the background, research significance, the development procession and research framework. Secondly, it briefly describes the high-tech enterprises value, characteristics and the difficulties. Analysis of the three traditional business valuation methods and their respective limitations. More, it explains the basic theory and pricing model of real options, building on the evaluation method of value of high-tech enterprises:Combining the traditional valuation method and real option method, the income method to evaluate existing asset value, the real option method to evaluate opportunity value, according to the two part plus we can get the enterprise value. Then, taking H software company as an example, it obtains High-tech enterprise valuation and the results were analyzed. Finally, briefly summarizes the conclusion of the thesis and further study.