The Value Evaluation Of Small And Medium-sized Technology

Small and medium-sized enterprise based on science and technology (Tech SME) has a strong ability to innovate and grow fast, flexible management features, which is the economic development of the most dynamic business groups and is the important force to promote innovation, promote industrial upgrading, development of strategic new industries. Tech SME in the seed stage have broad prospects for development, but due to the enterprises at this stage only capital investment, no sales, no profit enterprises, leading companies lack of funds. At the same time, banks and other financial institutions do not know what the value of the business, reluctant to lend to businesses, enterprises have the problem of financing. The reason these enterprises have the problem of financing the value of the business has not been found outside lenders, and the reason has not been found in enterprise value is the value of the enterprise has not been reasonably assessed. However, the use of traditional assessment methods is difficult to assess the value of these businesses. Therefore, it is necessary to find a suitable method for Tech SME seed value assessed.In this paper, the value of studying the basis of Tech SME, Tech SME valuation method, the enterprise value theory, enterprise life cycle theory and other literature on the characteristics of the Tech SME seed, constitute value factors are analyzed. Then the valuation of traditional enterprise evaluation method is applicable to the seeds of science and technology enterprises to do the analysis, draw simple traditional enterprise valuation method is not suitable conclusion to assess Tech SME seed stage, and made use of improved DCF thinking this stage enterprise value assessment. Finally, this paper selectedA company for the study, using the improved cash flow discount model of the enterprise value was evaluated.Through this study we reached two conclusions:First, the value of core Tech SME seed is potentially profitable enterprise value, this value determines the size of the potential value factors:technical risks, market potential goodness of fit, future product margins, enterprises to enter the maturity period; second, to assess seed availability of Tech SME modified discounted cash flow method, which focuses on the future development of the enterprise risk measure beta has been amended at different stages prediction;...