Research On Value Evaluation Of High-tech Enterprises

Hi-tech enterprises take R&D and technological achievements as main business activities,take the core intellectual property rights as the survival basis,create new fields through scientific and technological means and technological inventions,or carry out innovative operations in existing fields.In the era of Internet technology background,high-tech enterprises with large data platform,follow the pace of change in global science and technology,the constant innovation of business structure upgrade,while strengthening the research and development of the core of independent intellectual property rights,pushing a new layer for the market to provide new products and services with high technology,in order to maintain strong competitiveness in the fierce competition in the market,improve the overall value of the enterprise.With the listing of high and new technology enterprises,the activities of mergers and acquisitions are increasingly active,and investors and owners have paid more attention to the enterprise value.However,there is no unified research system and method for the evaluation of the value of high and new technology enterprises in the current academic circles.For such enterprises,the valuation of such enterprises often follows the traditional valuation method,which neglects the characteristics of the high-tech enterprises and the development of the whole industry.Therefore,based on the analysis of the characteristics of hi-tech enterprises,this paper tries to find out a new method and model which is more suitable for the evaluation of high-tech enterprises than the traditional valuation methods.This article has made a clear definition of the high-tech enterprises,and analyzed the characteristics,life cycle and evaluation ideas of the high-tech enterprises in detail.Then,the related theories and models of traditional enterprise valuation methods are introduced,and the applicability of these methods and models applied to high-tech enterprises is analyzed.Aiming at the production and operation mode and development status of high-tech enterprises,the related concepts and models of economic value added and real option method are introduced,and the EVA/B-S combination evaluation model is used as the main method to evaluate the value of high-tech enterprises.The value of high-tech enterprises is divided into two parts,one is the existing asset value,the two is to create the potential profitability of the value of the combination of EVA/B-S evaluation model can fully consider the characteristics of high-tech enterprises,from two aspects of current value and potential value,comprehensive consideration of the benefit of enterprise,enterprise value evaluation ability the objective reality of creation,compared to traditional enterprise value assessment methods,EVA/B-S combination evaluation model has a huge advantage There is nothing comparable to this.This paper adopts the form of case analysis of the high-tech enterprise value assessment of specific research,case for the A shares of listed companies iFLYTEK,mainly adopts EVA/B-S combination evaluation model to assess the value of the.In order to make the evaluation result more comparable,this paper also uses the mainstream method of the traditional enterprise value assessment free cash flow discount method to study and evaluate.Finally,the evaluation results obtained by the two methods are compared with the market value of the stock market.The study found that using EVA/B-S combination evaluation model evaluation results and the case in the stock market are basically the same,and the evaluation of free cash flow results by far,we can think that the application of EVA/B-S combination evaluation model of high-tech enterprise value assessment is feasible,and can make clear the source of enterprise value creation and to provide reference for its strategic planning,is conducive to the long-term development of the future.