Research On The Application Of Real Option Method In The Of High-tech Enterprises

As more and more high-tech enterprises pour into the market,how to assess these enterprises’ value accurately and exactly has became a question.The traditional value evaluation methods do not take the value of enterprise’s potential investment opportunities into consideration,which will lead to the underestimation of the enterprise value.On the contrary,the real option method has particular advantages in evaluating the value of uncertainty and flexibility.It reflects the value of potential investment opportunities and managers’ flexible decision-making,makes up for the shortcomings of traditional value evaluation methods.This thesis introduces the assumptions,suitable range,advantages and disadvantage of some classical real option models,and built the B-S model and the Schwartz-Moon model based on the characteristics of high-tech enterprises.After that,this thesis takes Tianzhun Technology Co.Ltd.as an example,evaluates the value of the company and compares the result with the market value.The deviation is in a reasonable range,which proves that the real option method is feasible in evaluating the value of high-tech enterprises.Generally speaking,the Schwartz-Moon model takes the volatility of variables into consideration and reduces the impact of subjective error influence by simulating all possible ranges of future cash flow.So it is more suitable for measuring high-risk enterprises with large or even negative cash flow fluctuations.B-S model takes the flexibility of the project into consideration,which can evaluate the potential value of the project effectively.These two models are effective for the value evaluation of high-tech enterprises,and are good supplements to the traditional value evaluation methods.