Research On The Value Assessment Of Jingshi Mecha.&Elec Based On Real Option Theory

With the development of science and technology and the rise of knowledge economy,High-tech enterprises have also developed rapidly,and its value assessment are become more and more extensive.So,the investors began to focus on the rationality,objectivity and impartiality of the High-tech enterprises' evaluation results.Compared with the traditional enterprises,there are many particularities of High-tech enterprises in evaluation.Therefore,it is necessary to explore more applicable evaluation methods based on the characteristics of High-tech enterprises.This paper firstly analyzed the background and significance of the High-tech enterprises' value assessment,reviewed the research literatures,and then sorted out the framework of this paper.Secondly,the paper made an in-depth analysis on the value composition of the High-tech enterprises based on their definition and characteristics,and believed that the value of high-tech enterprises is consisted of existing assets value and potential option value.Then introduced the real option theory by pointing out the limitations of traditional methods to evaluate the High-tech enterprises' value.Thirdly,the paper discussed the option characteristics in Jingshi Mecha.&Elec and constructed the real option value model evaluate the value of Jingshi Mecha.&Elec,after comparing,analyzing and assessing various real option models.Lastly,the paper used both income and real option methods to evaluate the enterprise's value,and then compared and analyzed the two evaluation results.The analysis results indicated that the real option method is not a subversion of the traditional methods,but is the improvement and correction.The traditional methods have certain scientific and practicability for the traditional enterprises evaluation.However,the value of High-tech enterprise is not only contained static value,but also enclosed the potential value.The difficulties of evaluate the High-tech enterprises lie in the handling of uncertainty,the real option method can measure the value of enterprises' uncertainties and tap the potential value of enterprises' flexibility.Introduced the real option theory into the enterprise evaluation,which made up the defects of the traditional enterprise evaluation methods,and opened up a new idea for the value assessment of the High-tech enterprises.