Research On Valuation Of High-tech Enterprises Based On Real Option Method

Today,the value assessment of enterprises has become a very important social issue.At present,China generally adopts the income method,the cost method and the relative valuation method to evaluate the value of the enterprise.However,the business operation has flexibility.The traditional valuation method cannot take into account the essence of this operation,so it cannot be accurately evaluated.The overall intrinsic value of the business.The market and business management model has also undergone a huge transformation,so we need to evaluate the value of the company from a new perspective.Real option theory is a valuation method that takes into account the value of real options included in the valuation object.It is an application of financial options in the valuation of physical assets and is a new type of valuation theory.Science is an important internal driving force for development.High-tech enterprises refer to the continuous research and development and transformation of technological achievements in the "high-tech fields supported by the state",forming core intellectual property rights of enterprises,and conducting business activities based on them.A resident enterprise registered in China for more than one year(excluding Hong Kong,Macao and Taiwan).It is a knowledge-intensive,technology-intensive economic entity.High-tech enterprises have the characteristics of long investment cycle,large investment capital,and relatively large proportion of intangible assets.When using traditional valuation models for valuation,they do not take into account the uncertainty of the market and the potential profitability of assets.The greater the uncertainty brought by the income,the greater the value of the option that the enterprise has.Therefore,the overall intrinsic value of the hightech enterprise estimated by the real option method is more accurate and more adaptable to social changes.More able to meet the needs of society.Especially for companies like BOE,there are a large number of real options,and using traditional valuation methods will make us underestimate the value of the company.In this paper,we will analyze the corporate background and corporate value characteristics of BOE,and use the future cash flow discounting method and the BS model in real option theory to evaluate the overall intrinsic value of the enterprise,and combine the advantages and disadvantages of other traditional enterprise value assessment methods.After the applicability,comparative analysis was carried out.And use the market value of the year and the revised P/E model to verify the estimation results.Provide reference for asset valuation agencies,asset investors,and managers in the enterprise.This paper has certain research significance: First,the combination of the traditional valuation model,the future cash flow discount method and the real option method,is conducive to the promotion of the real option method in the evaluation field,and is also conducive to the improvement of the method and theory of enterprise value evaluation..Second,BOE is a high-tech enterprise.It has always been an industry that China has vigorously supported and developed.It is also an industry that promotes China's scientific and technological progress.It is even more important to accurately assess the value of enterprises.BOE is a leading enterprise in its industry.Leading listed companies have spillover effects on enterprises in the industrial chain.Therefore,it is possible to have a good value orientation for the entire industry by using BOC's more accurate real option method for value evaluation.