Valuation Of High-tech Enterprises Based On Real Option Method

After entering the 21 st century,science and technology has become the first productivity.The Chinese government in a variety of tax policies and government subsidies to encourage and support the development of high and new technology enterprise,ended in 2014,the state-level economic and technological development zone has reached 114.Founded in 2009,the success of the gem is a high and new technology enterprise provides new financing channels,however,the three tenors phenomenon existing in the gem(high price,high p/e ratio,high recruiting)showed that the growth enterprise market exists the problem of deviation of price values.And high and new technology enterprise development relatively late,the product value is relatively high,the system risk is bigger,the influence of such factors as show that the traditional evaluation method for high and new technology enterprise value evaluation has some limitations.The research of high and new technology enterprise value assessment,can provide useful decision information for enterprise stakeholders,but also to the healthy development of high and new technology enterprise itself.High and new technology enterprise value is different from traditional enterprises constitute a large part of its value is its potential profitability.As a result,the value of high and new technology enterprise is the current value and potential asset profitability aggregation.In this paper,based on real option theory at home and abroad,the traditional income method and real options method,makes up for the traditional income approach potential profitability of happy technology enterprises ignore shortcomings.And through the case analysis of "the enterprise,the following conclusions: 1.the characteristics of high and new technology because of its unique value,the traditional income method separately applied to the enterprise value evaluation has its limitations.2.The real option model to high and new technology enterprise of more flexible and reasonable evaluation on the potential value.This paper builds the income method and the combination of real options evaluation model can better assess the value of high and new technology enterprise.3.Introduction of real options in the value assessment system,its applicability is expounded.However,the real option method is of high and new technology enterprise value assessment of the traditional income approach complement rather than denial of its theory.