The Value Of High-tech Enterprises Based On Improved B-S Pricing Model Evaluation

After experiencing rapid development of Reforming and Opening more than 30 years,Chinese economic growth has slowed down in recent years,and economic development has entered a "new normal." In order to promote the sustainable development of the economy of China,China began to seek economic transformation.The national government attached great importance to the development of high-tech enterprises,and the ‘science and technology board' is also planned to be established this year.Therefore,in order to protect the healthy development of high-tech enterprises,it is necessary to conduct accurate enterprise value assessment.However,due to the late start of China's enterprise value assessment research,the development of relevant theoretical research is not mature enough.Combined with the characteristics of high growth,high risk and uncertainty of high-tech enterprises,the three traditional traditional value assessment methods commonly used in China are not applicable to enterprises in these industries,and will underestimate the value of high-tech enterprises,thus affecting the financing of high-tech enterprises and business development.This paper first briefly introduces the industry characteristics of high-tech enterprises,analyzes the inapplicability of traditional enterprise value assessment methods,and concludes that the B-S pricing model under the real option method is the most reasonable valuation method.However,because the conditions of B-S option pricing model are very strict,the assumption of not paying dividends is inconsistent with reality,and the traditional volatility is not reasonable,and there are certain limitations in use.In order to calculate the value of high-tech enterprises more accurately,this paper proposes to use the cash flow method and the real option method to calculate the value of its existing assets and the potential value of the intangible asset group.The modified B-S pricing model formula is proposed mainly for the limitations of the B-S model,and the Monte Carlo model is used to measure the volatility.Through the model construction,it is applied in the case company.Through the comparative analysis,the combined model has certain rationality and feasibility.