| With the increasing demand for value assessment of information technology enterprises listed on SME Board.Besides,the enterprises have the characteristics of good stability,invisible assets playing the main role,strong potential profitability and dynamic decision-making.Therefore,the traditional evaluation methods cannot satisfy the value assessment of such enterprises.The two stage residual income model improved in this paper focus on future profitability,conforming to the characteristics of the value evaluation of this kind of enterprise.The introduction of P/E reduces the influence of human subjective factors and market fluctuations,and the DuPont analysis system is introduced to make the results more accurate.Moreover,the applicability of the method system is proved through theoretical and case analysis.Firstly,compared with other evaluation methods,residual income model is more suitable for evaluating the value of information technology enterprises listed on SME Board according to the characteristics of this enterprises.And the DuPont analysis system and P/E are applied to improve the two stage residual income model.The accuracy of the evaluation result is decided by the accuracy of the predicted P/E.So in order to improve the accuracy of the P/E,finding out the high similarity enterprises of target enterprise through factor analysis and cluster analysis,then average their P/E to get the predicted P/E with high accuracy.In case analysis,Donghua software is through the above method to get its own predicted P/E,then adding the estimated parameters to the improved residual income model to get the evaluation result.Finally,the result is compared with the evaluation results obtained by the traditional evaluation methods.It can be concluded that the improved residual income model combined with the average P/E of high similarity enterprises to predict the P/E is applicable to the value evaluation of information technology enterprises listed on SME Board. |
PDF Full Text Request