Research On The Value Evaluation Of High-Tech Enterprises

At present,China is in the wave of economic transformation and upgrading.Traditional enterprises need to eliminate backward production capacity,looking for new economic growth point.At this point,high-tech enterprises have played an increasingly important role in the economic development and become an important driving force in promoting economic growth.If enterprises would like to achieve long-term development,they need to continuously upgrade their own business value,which requires a reasonable and applicable enterprise value assessment method.Based on this,this paper adopts the research method combining theory analysis with case study,and adopts the enterprise valuation method based on EVA.Combined with the characteristics of high-tech enterprise,this paper chooses the applicable accounting adjustment items and establish a model of high-tech enterprise valuation.In the theoretical analysis,this paper believes that the traditional enterprise value assessment methods have their own scope,advantages and disadvantages,and they are not applicable to the valuation of high-tech enterprises.This paper uses the EVA-based enterprise valuation method to make up for the deficiency of the traditional evaluation methods,which include:considering the cost of equity capital and the cost of debt capital,so that the evaluation results are consistent with the enterprise's financial goal of maximizing shareholder wealth.Besides,the accounting adjustment items which accord with the characteristics of high-tech enterprises make the evaluation results more close to the market value and reflect the actual value of the company.Furthermore,the method encourages enterprises' R&D investment,to avoid their short-sighted behavior.What's more,the data needed by the EVA enterprise value evaluation method is easy to acquire and the evaluation model is clear and easy to understand and easy to popularize.In the case study,I use the leading enterprise in the field of artificial intelligence-iFLY TEK as an example to do a case study.The main method I use to do its valuation is the EVA enterprise valuation model with several accounting adjustments.Finally,I draw conclusions and recommendations.Specifically,by summarizing the characteristics of high-tech companies,this paper chooses six accounting adjustments for high-tech companies:enterprise R&D expenses,financial expenses,non-recurring gains and losses,various reserves,deferred income tax,construction in progress and involve them into the EVA basic valuation model.After analysis,it is found that the error rate between the measured company value and the actual market value of the company is 9%,which is less than the standard error rate of 20%between the estimated value and the market value of the enterprise,which verifies the validity and application of EVA valuation method.The innovation of this paper lies in the following two aspects:On the one hand,at present,the research on the evaluation of enterprise value in China is mainly centered on the main board enterprises or state-owned enterprises,with more empirical research,but less case study.Based on the EVA enterprise valuation method,this paper chooses a representative high-tech enterprise to carry out case study,which enriches the connotation of EVA enterprise valuation method and provides a reference for the application of the model in the field of high-tech industry.On the other hand,the paper puts forward corresponding suggestions from the angle of how to optimize the EVA valuation model.Throughout the previous studies,few cases write from the angle and draw corresponding suggestions.