Research On The Intrinsic Value Stability Coefficient Of High-tech Enterprises And Its Application

Technology is one of the primary factors driving the development of the country and society.Strengthening technological innovation and progress is of great significance to the country's promotion of international competitiveness.High-tech enterprises represent advanced science and technology and are the main carriers of technological innovation progress.Their value evaluation and performance evaluation have been closely watched by relevant interest groups of enterprises.This paper first sorts out the relevant literature,mainly the correlation between technology and enterprise value and the stability of beta coefficient.Most scholars believe that technology is positively related to enterprise value,and the beta coefficient,no matter which way it is calculated,is ultimately based on the beta coefficient of the enterprise history,and the assessment needs the future beta coefficient of the enterprise.When the beta coefficient has relative stability,the historical beta coefficient can be used as an unbiased estimate of the future beta coefficient.Scholars generally believe that the beta coefficient is unstable.Then the technical and economic characteristics of high-tech enterprises are summarized as the following four points: one is the strong dependence of high-tech enterprises on technology,and the other is that high-tech enterprises have high risks,high investment and high profitability,and the third is enterprise value.The strong correlation with the value of human resources,and finally the uniqueness of the enterprise.It is precisely because of these characteristics of high-tech enterprises that the law of intrinsic value changes is different from that of general enterprises.Generally,enterprises follow the law of marginal diminution.When the input of a factor reaches a certain value,the marginal benefit of the factor will decrease.Due to the accumulation of technology,knowledge and manpower,some high-tech enterprises show an increasing trend of marginal benefits.At the same time,the wide-ranging application of Moore's Law in high-tech enterprises has made the technology pressure faced by enterprises more and more.When trying to evaluate and evaluate high-tech enterprises,it found that it has the following three problems: First,the company invests a lot of research and development expenses,and the accounting rules of China's accounting standards are vague,leaving a lot of space for the company to manipulate.profit.Second,the change in market value of high-tech enterprises cannot be synchronized with their intrinsic value,and even frequently deviate from each other,causing interference to investors' investment decisions.Third,the performance evaluation of high-tech enterprises does not reflect the status of their core technologies,which leads to obstacles in evaluating the contribution of enterprise management teams.High-tech enterprises are the fuel for China's economic development.However,the income method of intrinsic value evaluation of high-tech enterprises has defects in income forecasting and parameter determination,so its evaluation is necessary.This paper attempts to improve the following: First,the income is corrected at the input end and the commodity output end,and the factor stability coefficient and the commodity stability coefficient are constructed.Second,the beta coefficient is modified to construct a six-factor stability coefficient.That is,factor stability coefficient,commodity stability coefficient,tax rate stability coefficient,exchange rate stability coefficient,interest rate stability coefficient,technical stability coefficient;third,at the same time,the income and beta coefficient are revised,and when the income is corrected,the construction factor and commodity stability coefficient are constructed.When the beta coefficient is corrected,the tax rate,exchange rate,interest rate,and technical stability factor are constructed.The stability coefficient reflects the ability of enterprises to cope with risks,that is,the stability ability of enterprises.The greater the general stability coefficient,the stronger the enterprise's ability to resist risks,the more stable the enterprise,and the intrinsic value of the enterprise has the basis of analysis and evaluation.Finally,we selected Dahua as a leading enterprise in the security industry as a case,and used the above three methods to evaluate its intrinsic value and analyze the evaluation results.