Research On The Value Evaluation Of Growing Science And Technology Enterprises From The Perspective Of Life Cycle

In the era of knowledge economy,science and technology enterprises focusing on the improvement of the substitution ability of traditional industries and the value creation of emerging products have attracted more and more attention from national policies,because science and technology enterprises play an important role in boosting national economic growth.Science and technology is not only the primary productivity,but also the embodiment of national core competitiveness.There are obvious differences between scientific and technological enterprises and traditional manufacturing enterprises in many aspects,such as the characteristics of production products,the driving factors of enterprise value and the choice of enterprise value evaluation methods.Especially for science and technology companies in different life cycle stages,due to the frequent trading activities such as investment,equity purchase,merger and reorganization,and the single structure of traditional evaluation methods in the past,the value of science and technology enterprises can not be accurately reflected.Therefore,starting from the life cycle of science and technology companies,this thesis uses the model of the combination of EVA method and real option method to evaluate the value of science and technology enterprises in the growth stage,introduces the grey prediction model and GARCH model,establishes a composite evaluation model applied to science and technology enterprises in the growth stage,and applies the evaluation model to Lansi technology,a case company.From the perspective of enterprise life cycle,this thesis analyzes the characteristics of different life cycles of scientific and technological enterprises,explores the value driving factors of different life cycles,and studies the applicable evaluation model of each cycle.According to the life stage and industry type of scientific and technological enterprises,we introduce EVA method,real option method and other valuation methods,try to build the selection path of applicable valuation methods for scientific and technological enterprises,take Lansi technology as the research object,and determine that Lansi technology is in the growth stage through multivariable factor method and cash flow judgment method,The value of the company consists of the existing value based on the current profitability and the potential value contained in technological R & D and innovation.EVA method adjusts accounting items such as R & D expenses and goodwill amortization,which can accurately evaluate the value creation ability of scientific and technological enterprises through high R& D investment.Based on the characteristics of flexible decision-making,real option method quantifies the uncertainty of R & D projects of scientific and technological listed companies,and fully considers the potential value of scientific and technological listed companies.Therefore,to evaluate the current profitability value of Lansi technology,this thesis will adopt EVA method,and on this basis,apply the grey prediction model to predict the future operating income of Lansi technology;The real option method evaluates the potential call option value of Lansi technology,and uses GARCH model to estimate the volatility of Lansi technology.The sum of the two parts constitutes the overall internal value of Lansi technology.Finally,this thesis compares the appraisal results with the market value on the benchmark date to further prove the applicability of this valuation model.After the above research,this thesis believes that applying the evaluation model combining EVA method and real option method to the value evaluation of growing science and technology enterprises can fully consider the existing profit value and potential profit value of growing science and technology enterprises.At the same time,GARCH model and grey prediction theory are introduced to improve the evaluation model,which can evaluate the value of science and technology enterprises more objectively,It provides new ideas for the value evaluation of China’s science and technology enterprises.