A Application Of Real Options In Valuation Of High-tech Enterprises

With the development of science and technology and the appearance of knowledge economy, the value of high-tech enterprises have become more and more popular. However, the value evaluation of high-tech enterprises is different from traditional enterprises’, which has its own particularity. At present, the traditional value methods have obvious defects, the value of high-tech enterprises not only contain the static value, but also include the potential value. The potential value of high-tech enterprises always have a high risk and the traditional methods regard it as a factor to increase the value of the risk. However, the real option theory has different understanding. The real option also can bring value to the enterprises. Therefore, the method and theory of the real option can be applied to the evalution of high-tech enterprises.Firstly, this paper analyzes the characteristics and value of high-tech enterprises, and points out that the value of high-tech enterprises and traditional enterprises is different, the value of high-tech enterprises is composed of static value and potential option value and defects of traditional ways.Secondly, based on the traditional evaluation methods in the high and new technology enterprise value evaluation limitations, the article introduce real option theory to this paper, and make comparison, selection, analysis and evaluation to real options model, points out its applicability and defect in evaluation of high and new technology enterprise. considering the lack in models and uncertainties features in high and new technology enterprises, The article Introduce the theory of fuzzy mathematics to real option model, to modify the original real option model of related parameters, get the fuzzy real option model, and analysis of the factors of influencing the high and new technology enterprise in industry competition further, overview the enterprise competitiveness in the industry by factor analysis, quantify the enterprise competitiveness in the industry, get a competitive factor, then correct the value of real options further.Finally, The article display and calculate models with case, compare with the traditional real option model, illustrate the improvement of the model to the significance of high and new technology enterprise value assessment by comparing model; make sensitivity analysis to the high and new technology enterprise in evaluation model, points out that the related parameters of the model to the sensitive degree of the enterprise value, provide decision-making guidance in enhancing enterprise value for the enterprise decision makers.Through the analysis and research of this paper, we think that the real option theory is more reasonable and more realistic to reflect the value of high and new technology enterprise.