Research On The Value Evaluation Of Scientific And Technological Start-ups Based On The Expansion Of NPV

Group enterprises usually invest in projects in the form of subsidiaries or joint ventures.They have abundant funds,mature management experience,and relatively controllable investment risks.In contrast,start-ups are built by natural investors,usually characterized by light assets,lagging profits and high growth.Their financing channels are narrow and uncertain.The value of start-ups comes from the company's future growth potential.Successful Tech start-ups usually have "profit lag"characteristics.With the entry into force of patents technology,increased value-added products,improved user experience,and expanded production scale,start-ups will eventually through the "accumulation of quantitative changes" stage,reaching the"mass change point" to create high returns.The early fund support of venture capital is very important.It can help start-ups to survive the difficult period and get to"quality point" as soon as possible.How to accurately assess the potential development value and give priority financing to valuable enterprises is a key link for venture capital to make investment decisions.This paper makes a systematic study on the value of start-up enterprises with a case study of the General Technology Venture Capital invest in Senna Biology Start-up.This paper analyzes in detail the characteristics of technology-based start-ups,the key influencing factors in value evaluation,and the difficulties in the evaluation and the limitations of traditional methods in the value evaluation of technology-based start-ups.It creatively introduces the extended NPV model into the valuation of start-ups.Draw the interaction curve between enterprise value,NPV and real option in different stages of life cycle.Using model constructing and calculation analysis to develop traditional value evaluation method,modify NPV analysis deficiency,and verify the whole process enterprise value promotion.In the case section,two methods are designed to calculate the real option value of the enterprise,and the results are compared and analyzed to explain the reasons for the difference.At the same time,the results are analyzed sensitivities,the main factors of uncertainty are found,and the preventive measures are put forward to ensure the stability and reliability of the research.