Research On Optimization Of EVA Valuation Method For High-tech Enterprises Based On Real Option Theory

At present,China's stock market is not yet mature.Especially for the technology companies listed on SMEs and SCM boards,there are some cases of overvaluation or undervaluation of enterprise value.A set of evaluation methods specifically for high-tech enterprises can promote the success rate of M&A,improve the rationality of IPO pricing,and guide individual and institutional investors.Rational investment is not only conducive to promoting the development of the evaluation industry,but also conducive to standardizing the stock market and ensuring the smooth development and growth of high-tech enterprises.However,at present,the evaluation industry in our country has not given a reasonable and accurate evaluation method according to the actual situation of the operation of the growing high-tech enterprises.Especially for many high-speed growth technology-based enterprises,the existence of a large number of venture capital projects and intangible assets makes its growth potential and potential benefits difficult to estimate.In reviewing the literature at home and abroad,we find that when evaluating the value of high-tech enterprises,the effect of traditional evaluation methods in practical application is not ideal,and more advanced evaluation methods such as EVA method,real option model are more popular.The renewal and upgrading of high-tech valuation methods in the growth period has become a key issue in academic research.Based on the real option theory,this paper optimizes the valuation method of EVA for high-tech enterprises,and rebuilds the EVA/B-S portfolio model as the core model of value evaluation for growing enterprises.In the process of constructing the portfolio model,this paper analyses the life cycle,enterprise characteristics and value connotation of the growing high-tech enterprises,and divides the enterprise value of the high-tech enterprises into the existing value(profitability under the condition of the present assets of the enterprises)and the future value(potential income value of the investment assets project).In order to evaluate the value of high-tech enterprises comprehensively and reasonably,this paper uses EVA model to evaluate its current value,uses B-S model to evaluate its future value,and uses B-S model to evaluate its future value.The investment project is treated as real option,which solves the problem that the traditional method can not evaluate the potential profits of enterprises in the future,and adjusts the traditional EVA model.According to the characteristics of high-tech enterprises,it adds the analysis of market development fee,personnel training fee and non-recurring profit and loss,and makes market development fee and personnel The capitalization of training fees eliminates the impact of non-recurrent gains and losses on business profits,making the EVA-B/S combination model more in line with the characteristics of the growing high-tech enterprises.Finally,this paper uses the method of case analysis.The object of analysis is IFLYTEK Co.,Ltd.and IFLYTEK Co.,Ltd.is the leading enterprise in the information technology industry.It has a long listing time,perfect financial data and good fundamentals.It is suitable for case analysis.Through dividing the value of high-tech enterprises in the growing period,this paper evaluates the value of the company by using the EVA/B-S model,and compares the results with the stock market value by using the cash flow method which is widely used in the traditional evaluation method.IFLYTEK Co.,Ltd.did not underestimate or overestimate it.Finally,through theoretical and case analysis,this paper argues that the EVA/B-S model based on real option theory is feasible and suitable for the valuation of high-tech enterprises.