Research On The Application Of B-S Model In The Value Evaluation Of High-tech Enterprises

With the rise of high-tech industries in the Chinese market,they have become China's leading industry,enterprises in these industries have promoted the sustained growth of China's economy.At the same time,horizontal integration,vertical integration and mixed-integration events between high-tech companies have always occurred,however,the value judgment of high-tech enterprises is still the difficulty of these alliances.The characteristics of high-tech enterprises,such as rapid development,high level of technology and large uncertainties,have determined that the traditional method of corporate value assessment has great limitations.In this context,this article attempts to introduce the option pricing theory and uses the relevant evaluation model to evaluate the value of high-tech enterprises,providing valuable reference for stakeholders to make decisions and judgments.This article first summarizes domestic and foreign research scholars' literature on the evaluation of the value of high-tech companies,starting with the basic theory of high-tech enterprises valuation,defining the particularity of high-tech enterprises valuation and clarifying the limitations of three traditional assessment methods in the process of enterprise value evaluation,bringing out new ideas for using the real option pricing method to evaluate the value of high-tech enterprises.Secondly,analyzing the applicability of the B-S model in the valuation of high-tech companies which makes a conclusion that the B-S model is superior to the traditional valuation model.Thirdly,analyzing the structure of the value of high-tech companies,pointing out the characteristics of real options in the investment projects of such companies,decomposing the corporate value into two parts: the value of the company's existing assets and the potential profitability of the investment project.Taking ANHUI USTC IFLYTEK CO.,LTD as the object of analysis,through adjusted B-S model to estimate its potential value and verify the feasibility of the model based on the evaluation results.Thus,using real option pricing method can well compensate for the assessment defects brought by traditional methods.Through the correction and adjustment of the model,the market value of the company can be more completely estimated.This article gives a useful attempt to evaluate the value of high-tech enterprises,it is considered that there are certain limitations when assessing the value of high-tech companies by traditional asset valuation methods.The B-S model can better satisfy the high-tech enterprises' traits,assessing its stable profitability and potential profitability value,summing up the value of the company.This research conclusion has a good practical significance and provides a reference method for the value evaluation of high-tech enterprises.