Research On The Value Evaluation Of Seed Enterprises Based On DCF Metho

In the context of the shortage of cultivated land per capita and the unabated demand for food,there is a large space for development and growth in the global high-quality seed market.As an agricultural "chip",seed industry is the front-end foundation of agricultural development and has strategic significance at the national level.With the intensive introduction of relevant policies and opinions on the domestic seed industry in recent years,the protection of variety rights has been strengthened,the seed source security has also been promoted to the strategic height of national security,and the country is also accelerating the cultivation of internationally competitive seed industry leading enterprises.This paper focuses on how to objectively evaluate the internal value of seed industry enterprises.Through the analysis and comparison of the applicability of common enterprise value evaluation methods,and combined with the development status of seed industry at home and abroad and the characteristics of seed enterprises,the discounted free cash flow model is selected as the evaluation model.At the same time,considering that the seed industry is a policy industry,the policy preference may cause the virtual increase of enterprise profits and high enterprise valuation,this paper takes Longping high tech,the leader of the seed industry,as the case study object,and uses the traditional DCF model and the DCF model excluding the impact of some policy preferences to evaluate Longping high tech respectively.The study found that the evaluation results are quite different before and after excluding the impact of the policy.The false increase in profits brought by the policy preference will lead to the high valuation of seed enterprises.At the same time,the market will be affected by the policy,and the value of seed enterprises will be overestimated to a certain extent.The innovation of this paper is to modify the traditional DCF model combined with the policy oriented characteristics of seed enterprises,and explore a more reasonable evaluation method of seed enterprises,which can provide some reference for the value evaluation of other seed enterprises in the same industry,and then help seed enterprises understand the shortcomings of their own management,and also provide reference and suggestions for the government to formulate preferential policies for seed enterprises more effectively.It is of great significance for the revitalization of China’s seed industry and the cultivation of seed industry leaders with international competitiveness.