| With the burgeoning development of China’s finance and economy, science and technology are becoming more and more important. Nowadays, the decadence of traditional industries has inevitably led to the new revolution of technology and high-tech industries will be the leader during this process with no doubts. Apart from the rapid growth of high-tech enterprises, the related economic activities also have become more actively than before, including business mergers, IPO, consulting of venture investment etc. which has substantially increased the demand for assessing the value of high-tech enterprises. Therefore, it’s very crucial to take efficient evaluation methods to assess the value of high-tech enterprises precisely and make the results equal to enterprises’objective evaluation. Unlike traditional enterprises, high-tech enterprises more rely on factors such as knowledge, technology, management etc. whose proportion of intangible assets is much higher than the former’s. So obviously, traditional assessment is no longer suitable for such situation anymore. This paper used the Real Option theory as the supplement, set up a combined model, analyzed and verified the new model based on the traditional assessment methods. Figuring out suitable, reliable and comprehensive methods for the evaluation of high-tech enterprises is the main objective of this paper.First of all, this study introduced the concept of high-tech enterprise and the confirmation criteria in order to ensure the evaluated objects and analyze the characteristics, life cycle and value composition of high-tech enterprises. Secondly, the study identified traditional assessment methods’ limitations and shortcomings compared to high-tech enterprises’ based on the analysis and comparison. Moreover, according to object’s evaluation characters and value composition, the paper established a new combined evaluation model which is more applicable to the object. And the writer also made some modification and adjustment to model’s parameters. The study’s basic idea is to separate high-tech enterprises’ overall value into two parts:one is the profit value of enterprises’ current products and assets, and the other one is the growth value of enterprise’s potential development. The writer cited DCF model to evaluate enterprises’ current assets and assess their value of growth opportunities under the competitive condition based on B-S model. And then the combination of above two evaluation models was conducted in order to get a enterprise’s overall value. In the end, the study applied the new combined evaluation model to a certain technology company practically. And the assessment results proved that this paper’s assessment method and the modified combined evaluation model can basically predicted enterprises’ value as accurate as possible. Thus, for high-tech enterprises, a combined evaluation model will overcome one-sided problem of single models successfully. Meanwhile, people can realize the comprehensive estimation and quantification for high-tech enterprises through this model and provide references for the evaluation of business emerged, IPO, venture investment and so on. |
