Application Research On Valuation Method Of High-tech Companies Based On Real Options Perspective

Reasonable valuation of the company is an important prerequisite for the healthy development of China's capital market,as well as an important way to protect investors' interests.Although many classical valuation methods have been put forward in the academic world,the valuation methods of multiple valuation methods are different and the results are far apart.How to select appropriate valuation methods is a difficult problem.High tech companies have the characteristics of short establishment time,less basic assets and low profit level.Because of their excellent growth,they may bring rich returns to investors and have been paid much attention by investors.However,high technology companies have big investment,late effect and great uncertainty.How to rationally evaluate the value of high-tech companies and whether the value of high-tech listed companies are overvalued is the focus of current investors.By comparing the A share market,the H-share market and the Nasdaq market,this paper draws a conclusion that the high valuation premium level of the high-tech companies in the A share market is relatively high.Secondly,through the comparison and analysis of the conventional valuation method,the real option valuation method is more suitable for the value evaluation of the high-tech companies.The valuation and comparison of the B-S,two forked tree and S&M real options are used to evaluate the company.The results show that the S&M model is more scientific and applicable to the high-tech companies.