Research On The Valuation Of Listed Companies In The TMT Industry

The TMT industry is an Internet-based and highly integrated emerging industry that integrates communications and media with high-tech enterprises.In recent years,with China's economic development entering the “new normal” and the country's strong support for the development of science and technology,China's TMT industry has been developing rapidly,and the frontier of its concept has also made the TMT industry receive more and more attention in the capital market.The prior R&D input is high but the predictable market space is broader,and management styles are more flexible in this industry.Traditional valuation methods cannot reflect the characteristics of the listed companies in TMT industry and may possibly deviate largely from the true value in value assessment,which is not conducive to investors to make a reasonable value judgment and analyze the enterprise thus affecting the long-term development of the TMT industry.Based on the background situation above,this thesis discuses using appropriate methods to evaluate the value of listed companies in TMT industry,and selects Hikvision,which was listed in Shenzhen Stock Exchange in 2010,for valuation research.The thesis adopts literature research method,comparative research method,case study method and qualitative and quantitative combination method,and combines the valuation theory and practice of listed companies with data,charts and other methods.The main research route of this paper is to compare the applicability of DCF method,real option method and comparable company method in TMT enterprises.At first,this thesis summarizes the common valuation methods of listed companies from the relevant valuation theories of listed companies,and expounds the characteristics of TMT industry,and analyzes the basic operating conditions of Hikvision.Then,the thesis analyzes the valuation of Hikvision by DCF method,real option method and comparable company method,and calculates the corresponding valuation results.Finally,through the analysis of the valuation results,this thesis summarizes the different application situation of various valuation methods by comparing the valuation results,and selects the valuation method suitable for listed companies in TMT industry,and puts forward the prospect of the future research direction according to the research results.