Research On Value Evaluation Of Technological Venture Enterprises Based On Complex Network And FCFF-Geske Method

Due to the lack of uniqueness such as collateralized fixed assets,high credit risk,and high bank evaluation costs,technology-based entrepreneurial companies often use traditional enterprise value evaluation methods to evaluate their value,which is difficult to obtain the favor of banks and other investors.How to solve this problem has always been a hotspot in domestic academic research,but there is still a lack of a method that can accurately assess the value of technology-based startups.By analyzing the existing value evaluation methods of technology-based startups and combining the uniqueness of technology startups,it is not difficult to find that the existing evaluation methods cannot accurately reflect their value.Among the existing evaluation methods,one type evaluates the value of the enterprise by reasonably quantifying the assets or future earnings of the enterprise.This type of method is conservative in considering the future uncertainties in the evaluation,while the technology-based entrepreneurship Enterprises take intellectual property patent technology and other intangible assets as the core of value,and their value changes have higher uncertainty,which determines that the application of such value evaluation methods in the valuation of technology-based startup enterprises is inadequate.The other type is represented by the real option method,which focuses more on the evaluation method of the future value of the enterprise,but this method ignores the impact of non-financial factors on the value of the enterprise and also has certain limitations.This article first analyzes the characteristics of technology startups,divides the enterprise value into two parts: existing value and potential value.On this basis,it constructs the FCFF method to evaluate the existing value of the enterprise,and uses Geske compound real options The method of evaluating the potential value of the company,which combines the advantages of the two theories,makes the evaluation results more accurate.At the same time,non-financial indicators that affect the value of technology-based startups are collected and sorted,and complex network methods are used to mine and construct complex correlations between the indicators,and finally quantify the formation of non-financial factor correction coefficients that affect the value of technology-based startups K,and introduce it into the process of enterprise value assessment,so as to adjust the potential value of the enterprise in order to obtain more accurate assessment results.Finally,this paper takes the software industry company Webpool as an example for empirical research,and compares the evaluation value with the evaluation results obtained by traditional methods to verify the effectiveness of the model.It can be seen from thecomparison that the traditional valuation methods have misjudged the value of technology startups to a certain extent,which is easy to mislead investors.The value evaluation model constructed in this paper can correctly guide investors to invest.Decision-making has certain advantages.