Evaluation Of High-tech Enterprises Based On Life Cycle Theory Evaluation Method Researeh

With the advent of economic globalization and high-tech era,enterprises want to survive and develop in this era,advanced science and technology and excellent high-tech talents are indispensable.Nowadays,high-tech industry has developed rapidly,the development of a natio nal science and technology have great impact on the economic growth,want to make economic development better,the innovation of science and technology is an important driving factor.At the same time,China's high and new technology enterprises have developed rapidly,and many high-tech enterprises have begun to make frequent mergers and acquisitions,listing and restructuring activities.The completion of these activities depends on accurate and reasonable enterprise valuation.For high-tech enterprise outside investors as well as the internal management,accurately determine the value of the enterprise also is particularly important,in that case,the correct understanding and grasp the method is suitable for high and new technology enterprise value assessment becomes more and more important.In this paper,through the introduction of enterprise life cycle theory,according to the initial,growth period,mature period,decline phase and so on a number of different period of high and new technology enterprise's stage of life cycle,enterprises of different life cycle phase to determine the value of different factors,different financial and operating characteristics,so value assessment methods also have obvious difference.The author hope that through the life cycle of the valuation method is applicable to the various stages of the high-tech enterprise,high-tech enterprise value evaluation results can be more accurate reflection of its real value,thus providing more choices for the practice method of valuation models.The main research methods used in this paper include case study method,literature research method and comparative analysis method.This paper is mainly composed of five chapters,the first chapter is an introduction.This paper introd uces the research background,significance and literature review of domestic and foreign research,then proposes the research methods to be used,and finally introduces the innovation of the article.C hapter two introduces the theory of enterprise value evaluation.Introduced the concept of enterprise value evaluation,and then introduces the traditional method of enterprise value evaluation,and the income method,cost method and the option method and market method analyzes the advantages and disadvantages of these methods.The third chapter first describes the basic concept of high and new technology enterprise and relevant characteristics are introduced,then the high and new technology enterprise life cycle stages division standard and at every stage of the life cycle management and financial characteristics are analyzed,and finally adopted in different life cycle stage of its value evaluation method is analyzed and summarized.The fourth chapter analyzes the case of Z company as the research object.For Z company is introduced first,and then analysis the Z company's stage of enterprise life cycle,the conclusion is obtained by the third chapter to select the appropriate evaluation method to calculate the Z value.Finally,the applicability of the valuat ion method obtained in this paper is verified by the approximation of each valuation method.The fifth chapter is the conclusion of this paper,and illustrates the shortcomings and future prospects of this paper.