A Case Study On Value Evaluation Of High-tech Enterprises In Start-up Period Based On Decision Tree Improvement

Nowadays,the country is at a critical moment of economic transformation and upgrading,and high-tech enterprises are constantly emerging and playing an increasingly important role.The value assessment business of high-tech enterprises in the start-up period caused by investment and financing problems has been increasing.However,due to the uniqueness of the high-tech enterprises in the start-up period and the limitations of traditional evaluation methods,it is difficult to accurately evaluate the value of the enterprise by traditional evaluation methods.Therefore,it is extremely urgent to explore a more scientific and rational evaluation method for high-tech enterprises in the start-up period.This paper combines theory with case studies to study methods that are more suitable for value evaluation of high-tech enterprises in the start-up period.Firstly,this paper analyzes the characteristics and value connotation of high-tech enterprises in the start-up period from the theory.The high-tech enterprises in the start-up period have the characteristics of stage development,uncertainty and decision-making flexibility.These characteristics make the enterprise have the characteristics of options.Then evaluate the value of the total equity of MJ shareholders using the traditional cash flow discounting method and analyze the results of the assessment.Then the decision tree model is established to improve the income method.The cash flow discount method is used to evaluate the enterprise value of MJ in the market stage.Then the decision tree model is used to recursively get the enterprise value of MJ including three options on the base day.Finally,on the basis of comparing the two evaluation conclusions,the conclusion of this paper is drawn.The conclusion of this paper is that the traditional income method can not quantify the option value caused by uncertainty and flexibility of high-tech enterprises in the start-up period,thus underestimating the value of enterprises.The income method improved by the decision tree model simulates the staged development process and decision flexibility of the start-up high-tech enterprises.At the same time,the decision tree model quantifies the uncertainty.The enterprise value assessed by the improved evaluation method based on the decision tree model is more reasonable and reliable,which proves that this method is more suitable for the value evaluation of the high-tech enterprises in start-up period than the traditional income method.