Scientific And Technological Innovation Attributes,Financial Verifiability And Scientific And Technological Enterprises Valuation

With the successful establishment of the science and technology innovation board(SSE STAR Market),more and more enterprises file listing application for its special listing policy and high-quality financing environment.Among these enterprises,there are many leading enterprises in their industries,as well as many high-quality enterprises with good profits.What is more remarkable is that enterprises with continuous losses for many years are also listed on SSE STAR Market.Indeed,SSE STAR Market provides more resource support to many enterprises that focus on innovation and entrepreneurship and adhere to research and development innovation,but it also attracts some relatively traditional enterprises to embellish their financial data in order to obtain such resources,so as to meet the listing standards of the science and technology innovation board.However,this will lead to form a circumstances in where there are the confusion of enterprises on the science and innovation board,misallocation of resources,and disruption of the investment order of enterprises on the science and innovation board.Therefore,it is of great significance to identify the real science and innovation enterprises and to have an accurate valuation of them.The first part is the introduction,which explains the relevant background and significance of the research,as well as the basic situation of this research,including methods,ideas,as well as the innovation points and deficiencies of the article.The second part reviews the domestic and foreign research theories of enterprise valuation and the current situation of research on the valuation of science and innovation enterprises by referring to relevant literatures and based on previous studies.The third part defines the related concepts such as the attribute of scientific innovation and financial verifiability,and expounds the related theories of enterprise valuation.The fourth part elaborates on the various angles of judging the scientific innovation attribute of an enterprise based on financial verifiability.The fifth part selects two typical enterprises of SSE STAR Market--HANGZHOU HUAGUANG ADVANCED WELDING MATERIALS CO.LTD.(HUAGUANG)and CHIVD CHEMCLIN DIAGNOSTICS CORPORATION(CCDC).First,the verifiability analysis of the scientific innovation attributes and financial data of these two enterprises is carried out,and the conclusion is that HUAGUANG has a weak guest attribute,while CCDC has a strong scientific innovation attribute.Then,the valuation model of comparable company PE ratio is adopted to evaluate HUAGUANG.Valuations of different businesses are carried out by segment method,free cash flow(FCFF)and economic value added model(EVA)of CCDC.Finally,the valuation results are obtained by summing up.Then,the overall valuation of CCDC is carried out by using the valuation model of comparable company price-to-earnings ratio.The sixth part is the comparative analysis of the valuation results.This paper adopts two comparative analysis methods: one is the comparative analysis of the valuation results of CCDC comparable P/E ratio valuation method and segment valuation method;Another is the comparative analysis of the valuation results of CCDC and HUAGUANG.The seventh part concludes the following research theories :(1)the verifiability of financial data is helpful to identify the essence of the scientific innovation attribute of an enterprise;(2)The strength of sci-tech innovation attribute is the key to distinguish traditional enterprises from sci-tech enterprises,and it is an important factor affecting the choice of valuation method of sci-tech innovation enterprises.(3)The price-earnings ratio method of comparable companies is not applicable to the valuation of science and innovation enterprises;(4)When there are many kinds of businesses and these businesses are not closely related,the division valuation method is more reasonable than the whole valuation method.The expected contributions of this paper are as follows :(1)With the diversified development of enterprises of SSE STAR Market,a new valuation perspective is proposed,that is,the verifiability analysis of science and innovation attributes and financial data is more conducive to the establishment of the valuation model of science and innovation enterprises;(2)It points out the shortcomings of the Guidelines for the Evaluation of Science and Innovation Attributes,and puts forward suggestions to supplement and increase the substantive judgment of science and innovation attributes.