Application Research Of Real Option Method Based On Normal Cloud In Value Evaluation Of X High-tech Enterprises

Scientific and technological innovation has always been the cornerstone of a company’s development and the core of the country’s rise,and it is also the ladder to promote the progress of human civilization.At present,China’s social and economic development has entered a new normal.The new round of global scientific and technological revolution and China’s transformation of economic development models meet each other,the development environment of high-tech enterprises is gradually optimized,and industrial support policies are increasingly strengthened.Whether it is from the perspective of enterprise development or national strategic,it is of extraordinary significance to conduct a more accurate assessment of the value of high-tech enterprises.Because high-tech enterprises have the characteristics of high investment cost,high comprehensive risk,abundant intellectual capital,large technical intangible assets and rapid development in the initial stage,the value composition of high-tech enterprises is significantly different from that of ordinary enterprises.The traditional evaluation method based on cost method,market method and income method is not suitable as a means of value evaluation of high-tech enterprises because of its inherent limitations.Therefore,it is necessary to construct a more appropriate high-tech enterprise value evaluation model.Firstly,the paper starting with the definition of high-tech enterprises,analyzes the characteristics of high-tech enterprises,the value composition characteristics of high-tech enterprises and the limitations of traditional value evaluation methods in the value evaluation of high-tech enterprises.Then,based on the above analysis,it is pointed out that it is necessary to establish a value evaluation model that is more in line with the characteristics of high-tech enterprises.Considering the characteristics of high-tech enterprises and the deficiencies of existing evaluation models,the normal fuzzy numbers and normal cloud models are introduced into the Black-Scholes model,and the relevant parameters in the model are corrected by the idea of Delphi method.State Cloud’s real option evaluation model.Finally,combined with the case of Company X.the new model was empirically analyzed,and the evaluation results were drawn into the corporate value normal cloud map using Matlab.which visually reflected the distribution of enterprise value.Through the statistical analysis of the cloud drop distribution of the enterprise value nornal cloud map area and comparing with the results of the current mainstream evaluation methods,the conclusion of this paper is drawn:the real cloud based real option evaluation model has the value evaluation of high-tech enterprises.Certain advantages can reflect the value of high-tech enterprises more reasonably and truly.The calculation results are comparable and are an important supplement to the mainstream value assessment method.