Research On Value Evaluation Of HY Electronic Technology Company Based On Modified Black-Scholes Model

With the emergence of high-tech enterprises,the methods and ideas of this kind of enterprise value evaluation work are different from the traditional enterprise value evaluation work.This leads to the fact that traditional asset valuation methods cannot be perfectly applied to the valuation of high-tech enterprises in such industries.Therefore,the asset valuation practice community urgently needs to introduce the real option pricing theory in order to evaluate the potential option value of such enterprises,and to enrich the evaluation ideas and structure of enterprise value evaluation.This article first summarizes and analyzes the relevant theoretical research and evaluation of high-tech enterprise value evaluation,It is found that the overall value of such enterprises can be regarded as the value of existing assets and the value of potential profit,The traditional income method cannot directly assess the potential profit value of high-tech enterprises.Therefore,the single income method will reduce the accuracy of the evaluation results,and should be improved in conjunction with the real option method.Try to use the income method to estimate the existing value of the high-tech enterprise value,and the real option method to estimate the potential profit value of this type of enterprise,the two together constitute the overall value of the enterprise.However,high-tech enterprises belonging to the printed circuit board industry,with the promotion of national policies,electronic chips and the 5G industry,it is likely that the potential profit value will be overestimated.Therefore,this paper introduces the technical factor as a parameter to modify the model for evaluating this part.Starting from the principle of the Black-Scholes model,the technical factor parameters are introduced to obtain a new modified Black-Scholes model,and then the new model is combined with the revenue method to obtain a new combined model.Finally,the new combination model is used to evaluate the value of the enterprise,and the historical value approximation method is used to estimate the volatility parameters to reduce the subjectivity of the evaluation,thereby obtaining the improved combination model evaluation results.Simultaneously,the author performs parameter sensitivity analysis on the modified Black-Scholes model,compares the evaluation results under the two ideas,and presents a summary and outlook.Research indicates:(1)When assessing the value of a high-tech enterprise,it should consider disassembling and evaluating the right medicine,taking into accountthe industry characteristics and the cycle of the enterprise.(2)The overall value of high-tech enterprises in the growth period can be regarded as the value of existing assets and the value of potential profits,which are respectively evaluated by the income method and the real option method.(3)Combining the characteristics of high-tech enterprises,introducing technical factors into the Black-Scholes model to prevent the potential value from being overestimated,thereby improving the accuracy of the overall value assessment.It is of significance to the value evaluation of high-tech enterprises in the printed circuit board industry.