The Research On The Value Assessment Of High-tech Listed Companies Based On EVA Model

With the rapid development of economy in our country, the high-tech enterprises, based on high-tech products and services, become more and more important in national economy. As merger and acquisition (m&a) activities between high-tech enterprises are more frequent, the owners and investors pay more attention to the value of the enterprises. It is significant to assess the value of hi-tech listed companies correctly, and make evaluation results close to the enterprises’ objective value.First, this article clearly defines the definition of high-tech enterprises and analyzes the characteristics which is different from other general enterprises of high-tech enterprises in details, make sure the difficulties in value assessment. Then this research introduces the basic theory of traditional enterprise value assessment methods and models, and discusses their applicability and limitations of high-tech enterprise value assessment. After that, we introduce the economic value added (EVA) evaluation index for high-tech companies have the characteristics of high-growth, high yield and high risk. EVA, as a comprehensive index to review the enterprise operating performance, totally measures the capital cost of the enterprise and evaluate the enterprise’s value creation ability objectively. Combines EVA index and enterprise value assessment theory, to build EVA valuation model, it has incomparable advantage over traditional valuation models.This article adopts EVA model to assess the value of high-tech enterprises, compare the evaluation results with the traditional discounted cash flow model, and analysis the similarities and differences between the two methods. Results show that: the application of EVA model,based on the adjustment of accounting subjects, is able to assess the value of high-tech enterprises more accurately, and help enterprises realize its value source, so that promote the long-term development of the enterprise.