Research On The Valuation Of High-tech Enterprises

After studying the production and operation mode of high-tech enterprises,we can find that the R&D and output of their products are mostly carried out in the form of project management,and these projects are the main source of future earnings.At the same time,high-tech enterprises are still facing great uncertainty in the market,and the speed of product's change is very fast.It may be the 4G era today,and tomorrow it will enter the 5G era.Therefore,high-tech enterprises can not invest all from the very beginning for each project.They can only proceed step by step,looking at the market's reaction,whether the demand for supply is hot or the demand for supply exceeds demand.If we invest too much in the beginning and produce too much,it will cause a situation in which the ship is too big to suck in a difficult position.Therefore,the investment in high-tech enterprises can only be changed quickly with the market reaction.And,the value of high-tech enterprises can not only assess the value of cash flow.However,currently the valuation of such enterprises is still a method of valuation of traditional enterprises.These traditional approaches ignores The characteristics of high-tech enterprises and the development trend of the entire industry.Therefore,this paper attempts to find a method and model that is more suitable for the value evaluation of high-tech enterprises compared with the traditional assessment method.First of all,this paper studies the characteristics and risks of high-tech enterprises.Then it introduces the traditional enterprise value assessment methods and models,and analyzes the applicability of whether it can be applied to high-tech enterprises.Aiming at the business model and characteristics of high-tech enterprises,the binary tree model of real option method and FFCF model is introduced,and the FCFF/real option combination evaluation model is taken as the core research idea.This paper divides the value of high-tech enterprises into two parts.One is the cash flow created by existing projects,and the other is the value of real options implied by project investment.The former is the relatively certain value that an enterprise's existing projects can create in the future,that is,the parts we can predict based on past data and use FCFF model to evaluate.The latter is that after the enterprise invests in a certain project,during the life of the project,the enterprise can adjust the scale of the investment at any time according to the market conditions and have the right to choose in the future,and this part is the value brought by this option.The value of the option has not yet been realized at the time of the assessment,but it still needs to be seen as an integral part of the intrinsic value of the firm.This paper adopts the writing form of case analysis.The case object is listed company Guangdong Shengyi Technology Co.,Ltd.,which mainly uses the FCFF/real option combination evaluation model.In order to make the evaluation results more comparable,this paper also uses the mainstream method of traditional enterprise value assessment to evaluate the free cash flow discount method FCFF,and finally compares the evaluation results of these two methods with the stock market value of the enterprise.Through analysis,it is found that applying the FCFF/real option combination evaluation model to evaluate the value of high-tech enterprises is feasible,which not only enables enterprises to clarify the source of their value creation,but also provides a reference for strategic planning,which is conducive to the long-term development of enterprises.