Case Study On Software Enterprise Value Evaluation

In recent years,with the development of society and the progress of science and technology,the software industry in our country under the government's strong support has obtained rapid development and progress,with the growing economic activity.Enterprises as a special commodity in the capital market,corporate restructuring,mergers and acquisitions or against risk investment and other economic activities of enterprise,all need accurate valuation of target enterprise.And there was some difference of the software industry and traditional industry itself,software enterprises is always more technology-oriented,so how to more accurately according to the characteristics of software enterprises understand the value of software enterprises became a hot topic of investors.Along with the development of the value assessment system,the modern value evaluation system and evaluation model also increasingly rich and perfect,so in this background,the research on software enterprise value assessment what evaluation model more applicable has the very vital significance.First of all,this paper analyzes the characteristics of software enterprises and their value factors,on the basis of the discussion of several options for enterprise value evaluation methods and advantages and disadvantages.According to the characteristics of software enterprises,the author thinks that the use of EVA model and discount cash flow model to evaluate the software enterprises and value is more applicable.Then this paper with the examples of kingdee software enterprises.through the analysis and application of the example,the value of Kingdee software was evaluated by two kinds of valuation models,and the data obtained from the model for the past five years were calculated.Statistical analysis of the data by making a significant and correlation T test and market value of the mean comparison,the paper analyzes the applicability and validity of the two evaluation models to evaluate the software enterprises,and finally it is concluded that EVA model compared with discounted cash flow model is more suitable for the software enterprise value evaluation.