Research On The Value Evaluation Of New Generation Information Technology Enterprises

In recent years,China’s new-generation information technology industry has flourished and become a strategic and innovative industry supported by the government.At the same time,the establishment of the Science and Technology Innovation Board reflects the government’s focus on supporting high-tech industries in six major fields,including new-generation information technology,and strategic and innovative industries.The listing mechanism of the board is also more inclusive,allowing companies that are not yet profitable or slightly profitable to be listed.The openness of the system also makes the new-generation information technology sector highly valued by the capital market,and investors must evaluate the reasonable value of new-generation information technology companies when making investment decisions and managers when making operational decisions.Based on the above background,the core objective of this research paper is to study a set of proven value assessment methods for new generation information technology companies.And further decompose the problem into the characteristics of next-generation information technology companies,the value drivers of nextgeneration information technology companies,and which enterprise valuation method to be used for valuation for analysis.Through combing the existing literature,it is found that there are few studies on the valuation of technology innovation enterprises,and most of the current valuation methods on traditional enterprises need to be improved.Based on enterprise value assessment theory and intellectual capital theory,this paper firstly investigates the market characteristics and value-driven reasons of next-generation information technology companies and argues that the value assessment idea of market approach can be adopted,but the traditional market approach valuation method still has problems and defects.Then,by improving the key aspects of the market approach,the introduction of principal component analysis in the selection of comparable companies can improve the objectivity and certainty of comparable companies,while the introduction of VAIC value multipliers can improve the market approach.Finally,the improved market approach is applied to the case companies for validation.Compared with the traditional valuation results,the enterprise value assessed by the improved market approach is more similar to the actual value of the enterprises,thus verifying the validity and feasibility of the modified valuation model.The research and application value of this paper is to study the valuation of newgeneration information technology enterprises in the science and technology innovation board based on the intellectual capital perspective,analyze the characteristics and core value drivers of new-generation information technology enterprises,and provide new valuation ideas for new-generation information technology enterprises by improving the market approach.In the future,as more companies with attributes of science and technology will be listed on the science and technology board,the research ideas in this paper will help to arrive at a more reasonable valuation and pricing basis for companies in the listing process.