Valuation Of Yinghe Technology Based On Real Options

In the era of knowledge economy,science and technology have increasingly become the main factor of national comprehensive national strength competition.High-tech has gradually formed an important influence on the long-term development of enterprises.High-tech enterprises have increasingly become the driving force and core of promoting the development and progress of science and technology and economic growth.Therefore,the objective and reasonable evaluation of the value of high-tech enterprises has become increasingly important,but the characteristics of high-tech enterprises determine that traditional value evaluation methods cannot accurately evaluate their value.The emergence of real option theory has ended this state.It fully considers the uncertainty in the development process of high-tech enterprises,can identify and evaluate the potential value it contains,and helps researchers more objectively and rationally treat high-tech enterprises to evaluate the value.This article takes traditional enterprise valuation method theory and real option theory as the research basis,analyzes and researches high-tech enterprises,builds a high-tech enterprise value evaluation system,and examines the above content on the basis of actual case analysis.In the second part of this article,I first introduced the definition standards and characteristics of high-tech enterprises,and then introduced three traditional value evaluation methods,respectively,the replacement cost method,the cash flow method,and the relative value method,and also elaborated the real option theory.At the same time,the three main models of real option theory,including Black-Scholes option pricing model,binary tree option pricing model and Monte Carlo simulation model,were introduced and analyzed.The following chapters analyze the applicability of the replacement cost method,cash flow method,relative value method and real option method to the valuation of high-tech enterprises based on the characteristics of the four value evaluation methods.The conclusion is that the cash flow method and The real option method is applicable to different profitability of high-tech enterprises.Secondly,based on the real option method to build a high-tech enterprise value evaluation system,clearly establish the real option method of high-tech enterprise evaluation implementation steps,and at the same time explain the key points in each step.The first step is to introduce the case company Yinghe Technology,including analysis of its main business,analysis of the status quo and competitive landscape of its industry,and clarification of the reasons for choosing it as a case company.Combined with the actual case company Yinghe Technology,the company's financial statements are analyzed in detail.Based on the company's historical financial status,the relevant industry conditions are integrated,and the cash flow method is used to assess the value of the company's existing assets.Identify the option project of Yinghe Technology,select the Black-Scholes option pricing model to estimate the option value of the target project,and then add it to the value of its existing assets to evaluate the overall value of Yinghe Technology.Finally,through the analysis of the case value evaluation results,it is found that the traditional cash flow method ignores the real option value of the enterprise,which will cause the value of the enterprise to be underestimated.At the same time,the evaluation results are verified by the market value of Yinghe Technology on the evaluation base date,and it is concluded that there is a certain degree of underestimation of the value of Yinghe Technology by the market.The conclusions of the research at the end of this article are as follows: First,the uncertainty of the high-tech industry has potential profit value.Ignoring this part of the value will cause the overall value of the enterprise to be underestimated;The traditional valuation method and the real option method can be used to evaluate the value of existing assets and potential value of high-tech enterprises,respectively.The third step is to apply the real option method to the valuation of high-tech enterprises.Including options,appropriate selection of appropriate models,reasonable estimation of various parameters,and calculation results.This article summarizes the assessment steps in order to provide modern companies with comprehensive and comprehensive management investment advice,lead the long-term development of the enterprise,and also provide certain investment references for various investors.