Research On Value Assessment Of High-Tech Enterprises Based On Exit Multiple Method

Under the background of social and economic transformation,the construction of a modern industrial system has become a major aspect.In the process of accelerating industrial transformation,innovation is the main factor in the development of productivity.At the same time,high-tech enterprises,as an integrated innovation base of “production,study and research”,have great significance in economic construction and transformation.Therefore,it is important to give high-tech enterprises a reasonable and objective value in market transactions.This paper uses the exit multiple method to assess the value of high-tech enterprises,including five aspects: Firstly,combing the classic literature of domestic and foreign research enterprise value assessment,high-tech enterprise value assessment and exit multiple method;secondly,portraying the value characteristics and management characteristics of high-tech enterprises;thirdly,summing up the methods for assessing the value of high-tech enterprises,and explaining the basic principles and scope of application of the exit multiple method;fourthly,case analysis,explaining the reasons for choosing Fiberhome as a case,adjusting financial Reports,financial capability analysis,and then forecasting financial data.At the same time,the exit time point is analyzed,and the exit multiple X is calculated by the gray correlation analysis.On the basis of this,the assessment value is obtained.Finally,in the process of using the exit multiple method to assess the value of the Fiberhome,analyzing the advantages and disadvantages of the exit multiple method when it is used to assess the high-tech enterprises.The study found that the exit multiple method can assess the value of Fiberhome on the basis of the two-stage model of traditional income method,and more rationally assess high-tech enterprises whose future growth potential is closely related to macroeconomic fluctuations.On the one hand,the exit multiple method combines the income method with the improved market method,and can better fit the value of the high-tech enterprise at the assessment time from the perspectives of the base period and the forecast period,and the financial performance as well as the comparable market;on the other hand,based on the situation that the intangible assets of high-tech enterprises account for a large proportion of total assets,the gray correlation analysis can be used to more reasonably assess the returns during the forecast period.At the same time,we can find that when assessing the high-tech enterprises by using the exit multiple method,we need to pay attention to two points: First,to grasp the cyclical characteristics of high-tech enterprises,we must observe and analyze from the past financial data,but also combine the future and the possibility of macroscopic fluctuations;the second point,using exit multiple model must be carefully grasped when the assessed company would exit,which is meaningful to further predict and analyze financial data on the premise of exiting.The exit multiple method is generally used to evaluate the value of high-tech enterprises,taking into account the relationship between the future growth potential of high-tech enterprises and macroeconomic fluctuations,so as to avoid the deviation of the results obtained by the income method from the market price of listed companies at the time of evaluation.In addition,from the perspective of the method of previous evaluation of high and new technology enterprise value,exit the multiple method of two-phase model on the basis of the income method,combined with the income method and market method,better to simulate the uncertainty of future earnings,and simplifies the evaluation process,and can get more close to be assessed market value of listed companies evaluate the results.At the same time,when determining the withdrawal multiple,based on the solution of the previous withdrawal multiple method,combined with the grey relational analysis,so as to get a more appropriate withdrawal multiple,which is a contribution of this paper.