Research On Value Evaluation Of High-tech Service Enterprises Based On Improved DCF Model

Since the reform and opening up,our country's economy has developed rapidly and achieved an economic miracle that has attracted worldwide attention.Now it is about to enter a new era of reform and development and a new stage of building a modern and powerful socialist country in an all-round way.Under this situation,high-tech technologies continue to emerge and business models continue to innovate.New high-tech technologies such as big data,5G,artificial intelligence,and cloud computing have spawned a number of new service industries,especially with the diversification of market demand and service requirements.Individuation continues to deepen,and part of the service items such as R&D,design,consulting and technology transfer are gradually separated from the high-tech industry value chain,forming a knowledge-intensive,high-value-added,supporting and serving industries and enterprises.High-tech service system.These emerging high-tech service industries have now become one of the areas recognized by high-tech enterprises as my country's key support,aiming to spread high-tech achievements through high-value-added specialized services,promote the upgrading and optimization of traditional industries,and achieve high-quality economic growth..With the rise and rapid development of such enterprises,their related property rights transaction activities have become increasingly active,which has also spawned a huge demand for the value evaluation of high-tech service enterprises.Compared with traditional enterprises,the characteristics of high-tech service industry put forward more stringent requirements on the value evaluation work of such enterprises.Therefore,how to find an effective evaluation method and accurately evaluate the value of high-tech service enterprises is of great significance.In view of this,this article takes a metallurgical industry design institute as an example to study the value evaluation of high-tech service enterprises.Firstly,based on the literature review of high-tech service enterprise value evaluation theory,method and practice,it expounds the theory and method system of enterprise value evaluation.Secondly,on the basis of clarifying the connotation of high-tech service enterprises,clarify the evaluation objects,analyze the characteristics and value composition of high-tech service enterprises based on this,and comprehensively and deeply analyze the value of the three traditional methods in enterprise value evaluation for high-tech service enterprises.Applicability of the assessment,choose to use the cash flow discount model in the income method to assess the value of high-tech service companies.Third,build an evaluation model suitable for high-tech service companies.Based on this,a case study of a metallurgical industry design institute was conducted to test the evaluation model.When constructing the evaluation model,in view of the shortcomings of the discounted cash flow model,Monte Carlo simulation is used to determine the amount of income of the target company,and the value of the target company is evaluated based on the improved cash flow discounting model mentioned above,and the improvement is made through comparative analysis.Based on the evaluation value of the DCF model and the traditional model,it is concluded that the improved model has a certain rationality and feasibility,and corresponding countermeasures and suggestions are put forward accordingly.It can be seen that for high-tech service companies,the improved evaluation model successfully overcomes the limitations of the traditional evaluation model,realizes the accurate quantification of the value of high-tech service companies,and achieves the economics of property rights transactions for high-tech service companies.The valuation purpose for which the activity provides reference.