Application Research On Value Evaluation Method Of High Tech Enterprises

Valuation theory originated in the last century in the west,and after more than a century of development,has formed a mature theoretical framework.In terms of the evaluation of enterprise value,the main theory of assets based method,market method and income method,with the increasing application of theory in practice,people gradually realize that the traditional valuation theory has been difficult to adapt to the modern enterprise value evaluation.In particular,the traditional methods can not judge the potential development opportunities of enterprises,thus ignoring the huge option value of enterprises.At this point,the application of real options method is introduced into the field of enterprise valuation.In recent years,the domestic high-tech network information enterprises emerge in endlessly,many enterprises are not only satisfied with the development of the domestic market,have listed,restructuring,mergers and acquisitions,in an attempt to develop into a large international enterprise.HUAWEI as a leading global information and communications solutions provider,open collaboration with partners,in the telecommunications network,terminal and cloud computing and other fields to build up the edge of end to end solution.Its unique development model and amazing speed of development have become the object of high-tech enterprises to emulate.The success of HUAWEI has not only become a model of domestic high-tech enterprises is attracting the attention of the world,because HUAWEI belongs to non listed companies,it is difficult to directly in the capital market on the value assessment,assessment of the value of it is more dependent on the assessment of personnel professional level and scientific evaluation method.Therefore,the research on the evaluation methods of enterprise value of HUAWEI and Klc Holdings Ltd is of significance to the research of enterprise value evaluation methods of high-tech enterprises.In our country,the research on the value evaluation of high-tech enterprises needs to establish a set of evaluation system which is suitable for the basic situation of our country.This paper starts with the basic method of enterprise valuation theory,andintroduces the basic method of valuation theory.At the same time,it analyzes the current situation and existing problems of enterprise value evaluation in China,and analyzes the value structure and applicability of traditional methods.The author thinks that the traditional method cannot be applied to the evaluation of hi-tech enterprises,and gives the application steps of the free cash flow method,EVA method and real option method in high-tech enterprises,these three kinds of methods to evaluate enterprise value from different angles,according to the characteristics of the development of high-tech enterprises to make calculation.Finally,take HUAWEI as an example,evaluate the value of HUAWEI by the above three methods,and make a comprehensive analysis of the final results to get the total value of HUAWEI company.It provides a new idea for the application of value evaluation methods of high-tech enterprises.