| China has involved in the trend of global economic development. Especially after becaming a member of WTO in December 11, 2001, China continues to face various opportunities and challenges of economic globalization. In order to follow the rapid development of the global economy, the party's 17 th National Congress that held in October 2007 put “the improvement in independent innovation” as the first goal of eight tasks, emphasizing that this is the core of national development strategy and the key to improve the overall national strength. High level of technology, high innovation ability, high growth of high-tech enterprises can meet the development needs of the era of knowledge economy in China and it has become the core force to promote the rapid development of China's economy increasingly. However, the high risk, high level of income, high level of growth and short life cycle lead to the development of high-tech enterprises facing many uncertainties. How to promote the development of high-tech enterprises and expand the space for development has become a problem that can not be sustained. As is known to all, the high-tech enterprises and traditional enterprises are very different, but the development process of high-tech enterprises is still high-tech enterprise value added process. Grasping the value of high-tech enterprises can promote its continuous innovation and development. The asset evaluation of high-tech enterprises in the process of promoting the value added of high-tech enterprises has a pivotal position and roleThe importance of estimating the high-tech enterprises accurately include: It can response to the call of the party in building an innovative country and improving China's independent innovation capability and comprehensive national strength; Enrich value evaluation theory of enterprise. Let the enterprise management to understand the enterprise value creation ability in order to adjust the enterprise capital structure on time.The research of value evaluation of high tech enterprises began in 1970 s, the domestic and foreign scholars found that the value of high-tech enterprises to assess the value of the composition and evaluation of the characteristics of the traditional value assessment methods in the practical application had more and more problems encountered. Then a lot of scholars at home and abroad to further explore their views, pointed out the limitations of traditional assessment methods(cost method, market method, income method) in the high-tech enterprise value assessment, and the introduction of the value of high-tech enterprises is divided into two parts which included the existing profitability based on corporate value and potential profitability of enterprise value, and then put forward the idea of building a portfolio model.Therefore, this paper points out the limitations of the traditional value assessment methods in evaluating the value assessment of high-tech enterprises by analyzing the characteristics of the definition, value composition and growth cycle, and puts forward the construction of the EVA economic value added method and the combination model of B/S real options, Through the comparative analysis of the traditional evaluation methods, we get the conclusion that the EVA economic value added method and the real options of B/S can reasonably and accurately assess the value of high-tech enterprises, and this paper also use case analysis, what's more, it also use three assessment methods to assess the representative high-tech enterprises The reasonable accuracy of the combined model proposed in this paper is verified. The purpose of this paper is to meet the needs of the capital market and its stakeholders in estimating the value of high-tech enterprises, at the same time, the theory and practice of the value evaluation of high-tech enterprises in our country is further enriched. |
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