Research On Enterprise Value Evaluation Of Hanwei Company Based On Real Option

In recent years,activities such as mergers and acquisitions,asset restructurings,and public listings have become increasingly frequent.The goal of enterprise management has also been shifted to the maximization of corporate value.The value assessment work has become more and more important.A reasonable assessment of the company's value not only helps investors make sound investment decisions,but also helps business managers make the right strategic plan.Technology-innovative companies listed on the GEM have been the object of investors' enthusiasm for investment,and they are also actively encouraged by the government.However,the rapid technological upgrading and the uncertainty of operating environment,make it difficult for investors to accurately assess their true value.Traditional assessment methods cannot adapt well to the nature of these companies.The real option method can just evaluate the value of this uncertainty.In addition,the application of the real option assessment method can not be applied impersonally,it is necessary to combine the actual situation of the company,and identify the factors that affect the value of the company.In this way,we can make appropriate improvements to the method.So we can obtain a more reasonable results.This thesis selects a representative Hanwei company as a case of value evaluation for research.Hanwei is a technology-innovative enterprise supported by the state and it has established a leading position within the industry.In order to evaluate the enterprise value of Hanwei company.The first part of this thesis,we sort out the literature related to the valuation of enterprises,and select the real option method.In the second part,we introduce the theoretical of the real option and analyze the applicability of real option method.We also describe the construction process and improvement method of binary tree option pricing model.In the third part,we analyze the value assessment environment of Hanwei company based on the company's basic situation and the development of the industry.We also analyze the government subsidy since the listing of Hanwei company and its impact on the company's performance.In the fourth part,we use the improved binary tree model to evaluate the corporate value of Hanwei company and analyze the evaluation results.It is concluded that the improved binary tree model is very suitable for the evaluation of the corporate value of Hanwei company,and the assessment results are also more reasonable.Finally,some suggestions are made about the corporate value management of Hanwei company and value evaluation for those companies listed on the GEM.