| If science and technology thrive,the country will thrive,and if science and technology are strong,the country will be strong.Our country has entered a stage of high-quality development.The 14 th Five-Year Plan clearly puts out that innovation drives development and strengthens the status of enterprises as a mainly innovation.Strengthening its leading role.They have not only become the source of wealth creation for the country’s economic value,but also the source of economic growth.With the rapid development of 5G,artificial intelligence,big data and other technologies,countries have supported emerging industries and high-tech enterprises from top-level policies.Technological innovation has become an emerging cornerstone of economic development and a key support for national strength.Since The Science and Technology Innovation Board came out in 2009 and the Beijing Stock Exchange was formally established in 2021.With high frequency of its financing,mergers and acquisitions,restructuring,equity transactions,and property rights transactions of high-tech enterprises,The importance and urgency of high-tech enterprise value evaluation have become increasingly prominent.High-tech enterprises have the characteristics of a high proportion of intangible assets,intensive knowledge and intelligence,high risks and high returns.And scientific evaluation of their corporate value has become a frontier and hot issue in the field of business management.H company who is the leading role in our country’s Fiber Optic cable industry,being listed in 2003,ranking 500 among Chinese enterprises,100 among our privite enterprises,encourages its prominent technology,which has strong value and meaning for our research.In addition,this thesis takes the value evaluation of high-tech enterprises as the research entry point,which takes H company as the research object,adopts the literature research method,qualitative and quantitative combination method,case analysis method,comparative analysis method,and combines researches of characteristics,values and life cycle of high-tech enterprises First,based on researches of the process and outcome of domestic and overseas students.Then systematically organize the management traits,evaluation characteristics,evaluation difficulties,evaluation methods and applicability of high-tech enterprises.The case part mainly focuses on the macro operating environment,industry economic characteristics,development stages,which conducts basic analysis of H company value evaluation from multiple perspectives such as R&D investment,human resources,company strategy,competitive landscape,operating characteristics,and financial characteristics,Also with research and judgment on the applicability and advantages of the FCFF model based on the free cash flow method.It can provide basis for evaluation.Then the FCFF model is used to calculate and evaluate the value of the company which reflects its ability to continuously obtain future cash flow,as well as the duration of the company’s profitability,future operating trends,and development prospects.We reveal company’s factors of value creation that provide countermeasures and suggestions for value enhancement reference for other domestic high-tech enterprises.Understanding value is also the basic experiences of many management activities.This article also provides case support for exploring the application of high-tech enterprise evaluation theory in practice,especially the practical application of high-tech enterprise value evaluation methods,which enriches high-tech enterprises value evaluation theory system. |
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