Research On Value Assessment Of High-tech Enterprises In Growth Stage Based On The Combination Of EVA Model And B-S Model

At present,the global industrial competition pattern is undergoing major adjustment.China is facing great challenges in the new round of development.High-tech enterprises,as the main body of the transformation of development mode,are the key to enhance the comprehensive competitiveness of the country.The rapid development of high-tech enterprises has brought new challenges to the field of asset appraisal.Especially for the growing high-tech enterprises,the transaction activities such as IPO,equity acquisition,merger and reorganization are frequent.Therefore,the value evaluation of high-tech enterprises is particularly important at this stage.This paper mainly combines the relevant theoretical knowledge of enterprise value assessment and enterprise life cycle,focusing on the value assessment of high-tech enterprises in the growing stage,and chooses ChinaNetCenter as a typical case for analysis.Firstly,this paper analyses the current situation of the evaluation of high-tech enterprises in the growing period,and briefly introduces three main methods of assets evaluation: asset-based method,market method and income method.These three methods are scientific for the value evaluation of general enterprises,However,due to the unique business characteristics and value evaluation characteristics of high-tech enterprises,it is often difficult to obtain accurate evaluation results by using traditional methods.Then,it analyses the operation characteristics and value evaluation characteristics of high-tech enterprises,and it analyses the value composition and evaluation difficulties of high-tech enterprises in the growing period,I construct the combination of EVA model and B-S model,and analyse the applicability of the combination model in the evaluation of high-tech enterprises in the growing period.In the case analysis part,I use the EVA model to evaluate the current profitability value of ChinaNetCenter,then I use the B-S model to analyze the potential profitability of ChinaNetCenter to calculate the overall value and compare it with the company's market price,finally I calculate the error rate and analyze the reasons.The last part is the summary and suggestion of this paper.The main conclusions of this paper are as follows:(1)In the practice of value evaluation of high-tech enterprises,the composition of enterprise value at different stages of the life cycle is different,and the most suitable methods are also different,so it is necessary to divide the life cycle of high-tech enterprises;(2)There are many shortcomings in using a single evaluation method to evaluate the value of high-tech enterprises in the growing period.Based on the value composition and evaluation characteristics of high-tech enterprises in the growing period,the combination of EVA model and B-S model is an optional evaluation method;(3)The applicability of the combination of EVA model and B-S model is verified by comparing the estimated value of ChinaNetCenter with the market value of the evaluation datum day.The contribution of this paper is mainly to use relatively perfect evaluation theory and methods,and construct a combination model combining the characteristics of value evaluation of growing high-tech enterprises,which enriches the research of value evaluation of high-tech enterprises to a certain extent.At the same time,it has a certain practical significance for enterprise managers and investors to make decisions.