The Value Appraisal Of High-tech Enterprises Based On Improved EVA Method

In recent years,under the background of the public entrepreneurship and innovation of our country,high-tech enterprises with independent innovation as their core driving force have been developing all over the country.As of the end of 2016,the number of high-tech enterprises nationwide reached 104,000.Subsequently,high-tech enterprises need to carry out economic activities such as listing financing,mergers and acquisitions,guarantees,and restructuring for their own development needs.In order to ensure the healthy and orderly development of the financial capital market,in the mean time,market resources are rationally allocated,It is necessary to make a relatively accurate appraisal of the value of high-tech companies.At the same time,this will also help the high-tech enterprises themselves to obtain financial support to further develop their businesses and maximize their valueThis paper deeply analyzes the characteristics of high-tech enterprises,and studies the applicability of the EVA method that is widely used in enterprise value appraisal in the valuation of high-tech enterprises.The EVA method pays more attention to the growth and profitability of enterprises,and is suitable for evaluating the value of high-tech enterprises.However,in the process of applying the EVA method,the prediction of the EVA and the calculation of the discount rate are still difficult problems.Since different scholars have different views,this paper proposes innovative methods to improve these two points on the basis of theoretical analysis.The evaluation is more in line with the value of the enterprise itself.Through case analysis,it is found that the improved EVA method can better combine the characteristics of high-tech enterprises and make the evaluation more accurate and reliable.This paper adopts a combination of theoretical analysis and case analysis methods to conduct research.Firstly,it analyzes the domestic and foreign research status of high-tech enterprise value evaluation.Second,it combines the characteristics of high-tech enterprises and analyzes the life cycle,value composition,and value impact factors of such companies.The theoretical research and applicability of the traditional assessment methods are analyzed,and it is concluded that the core ideas and model methods of the EVA method make it more suitable for evaluating the value of high-tech enterprises.However,according to previous scholars' studies,there are some problems about EVA growth rates and forecasts based on WACC predictions.This paper is committed to improving the existing EVA model to solve these two problems,proposes to predict the growth rate of EVA in combination with the future development stage of the company,and determine its capital structure according to the stage characteristics,and calculate the discount rate according to the WACC.The improved EVA method is used to evaluate the new energy company—Sungrow Co.,Ltd.;finally,the appraisal value was compared with the company market value on the value time,and this paper analyzed and compared deeply the difference between the data.And this paper proposes the further suggestions for improving EVA method based on the deficiencies in the actual application of the EVA method.This paper uses the improved EVA method to evaluate new energy companies,reflects the enterprise's value of Sungrow Co.,Ltd.,and validates the feasibility of using the improved EVA method for assessmenting high-tech companie”s value.