The Application Of High-tech Enterprises Value Assessment Based On Real Option

The trend of twenty-first Century is the development high technology,in the present,the development of high technology has become one of the main features of the knowledge economy,high-tech enterprises have become the main force of social and economic growth.The high-tech enterprise has the characteristics of option,there are a lot of uncertainty and flexibility in investment decision making,the value of the traditional evaluation method cannot accurately assess the value of high tech enterprise,therefore,the real option theory into scholars.The theoretical and practical circles have carried on the thorough research to the real option method,and promote the development of the value appraisal theory together.Therefore,this paper is based on the asset assessment,combined with accounting and economics related theories,research methods of qualitative research combined with quantitative analysis and case analysis,based on the real option,try method to establish more accurate and reasonable assessment of the value of high-tech enterprises.This paper firstly introduces the related theories and to assess the value of real options and features,described in detail the division of the types of real options,and introduces several classic B-S real option model,two binomial tree option pricing model,the main evaluation model.The next section discusses the applicability analysis of the evaluation methods mainly,the real option method has great flexibility and uncertainty of the investment projects in the assessment,compared with the traditional evaluation method is more suitable for.This paper analyzes the characteristics of high-tech enterprises,analyzes its characteristics,and points out the feasibility of the application of real option method in the evaluation of high-tech enterprises.Secondly,based on the real option theory,establishes the evaluation framework of high-tech enterprises,set out to assess the value of real option method,and the application of real option method identification,the model selection and parameter selection points.Finally,the real option method is applied to the case of A company,combined with the A company's annual report data,using the free cash flow discount method,through the enterprise's financial status of historical assets to assess the existing value of the enterprise.Select the A company's more important options to calculate the operation,with the B-S option pricing model to calculate the potential value of A,in order to get the overall value of A.Through the analysis of the value of enterprise evaluation,we can draw the conclusion that the potential profitability of A company is very important and can not be ignored.At the same time in order to assessthe benchmark stock market price to measure the results of the assessment,the current market is far underestimated the value of A's investment.After the evaluation process of the real option method,real option method can be obtained in our current stage of development,is the investment in high-tech enterprises and enterprise project is full of uncertainty,an important evaluation method effective application method can not when the traditional value evaluation.