The Research On The Improvement Of Value Evaluation Of XX High-tech Enterprises

In recent years,the evaluation of high-tech enterprises has become a hot area of M&A transactions dominated by listed companies.In the process of determining t he price of mergers and acquisitions,enterprise value evaluation plays an important role in price reference.Whether the evaluation is scientific or not is related to the evaluation of the effect of M&A activities and the interests of all parties concerne d.discounted cash flow method is widely used in the evaluation of high-tech enterprises.In this context,it is necessary to improve the value evaluation of high-tech enterprises with different life cycles.This paper is divided into four chapters.The first chapter is the introduction of the background of this paper.This paper introduces the background and significance of the evaluation,reviews the relevant research literature,and constructs the logical framework of the paper.The second chapter is th e theoretical basis of this paper.This paper introduces the theory of enterprise life cycle,and analyses the suitable valuation methods of high-tech enterprises in each life cycle.This paper analyses the real option theory and constructs an evaluation m odel suitable for evaluating the value of high-tech enterprises in the growing period,that is,a combination of discounted cash flow model and B-S option pricing model.The third chapter is the case review and analysis.Firstly,the current situation of c ash flow discount method in practice is explained,and the existing problems of cash flow discount method are analyzed.Then,the applicability of the improvement based on real option theory is analyzed.The application of real option theory will promote t he scientific valuation of high-tech enterprises.It takes into account the option value,life cycle factors and future risk factors of potential profit opportunities,and the value of high-tech enterprises will be more fully reflected.Chapter four is the improvement of XX high-tech enterprise evaluation.This paper evaluates and improves XX high-tech enterprises by combining discounted cash flow model with real option model.In this paper,real option theory is introduced into enterprise value evaluation by using enterprise life cycle theory,which will provide scientific reference for enterprise value evaluation of new high-tech enterprises on the third board of China,and promote orderly,healthy and sustainable development of capital market.