Research On Human Resource Value Evaluation Of High-tech Enterprises Based On DCF-BS Model

In the era of digital economy and knowledge,high-tech enterprises are a powerful driving force to promote China’s economic and social development.Human resources are the precious wealth of high-tech enterprises,and it is very important to evaluate their value.As a special intangible asset of an enterprise,human resources make a significant contribution to the increase of enterprise benefits.The research on its value evaluation is helpful for stakeholders to understand the value information of human resources,increase the success rate of M & A activities,effectively stimulate the vitality of micro subjects,improve the training and use benefits of enterprise human resources,and increase the possibility of making capital contribution at the price of human resources to a certain extent,promote the scientific and longterm development of enterprises.However,at present,China lacks scientific and feasible human resource value evaluation methods for high-tech industries,and the relevant contents of human resource valuation are not involved in the intangible assets evaluation standards,which leads to the limited evaluation and makes the human resource value unable to be reflected correctly.Therefore,constructing a method suitable for determining the value of human resources in high-tech enterprises is of great significance to the development of enterprise management and asset evaluation theory and practice.Taking human resources as the research object,this thesis uses DCF-BS portfolio model to evaluate the human resources value of high-tech enterprises,in order to enrich the evaluation methods of this kind of assets and provide reference for the human resources value evaluation of similar enterprises.On the basis of combing the research status of human resources at home and abroad,this thesis has completed the following aspects.Firstly,it expounds the scope and characteristics of high-tech enterprises,introduces the basic connotation of human resource value and the theoretical basis of its evaluation,and answers the two questions of why enterprises need to evaluate human resource value and whether they can evaluate,that is,the necessity and feasibility of evaluation.Secondly,it summarizes the common methods of human resource value evaluation,analyzes the advantages and disadvantages of various evaluation methods,compares these methods,comprehensively considers the characteristics and basic elements of human resources evaluation of high-tech enterprises,considers that the real option method is more in line with the requirements of human resource value evaluation of high-tech enterprises,and identifies that the option characteristic of human resources is a European(call)option,Its value includes the option value brought by future uncertainty.Therefore,this thesis constructs a DCF-BS combination model suitable for the human resource value evaluation of high-tech enterprises,defines the accounting method of the main parameters in the model,and applies this model in Thunisoft,a high-tech enterprise in software and information technology service industry to evaluate the existing value and potential value of human resources,so as to obtain the overall human resource value of high-tech enterprises composed of these two parts.In order to verify the reliability of the evaluation conclusion and the stability of the model,the sensitivity analysis of the main parameters in the real option model is carried out,and the evaluation results are compared with the traditional economic value method.It is considered that the model can quantify the implied option value of human resources,make the value measurement more complete and the evaluation results more reasonable,and verify the scientificity and feasibility of the evaluation model.Especially in high-tech enterprises,DCFBS model is more suitable for the evaluation of the overall value of human resources.The innovation of this thesis is mainly reflected in the following two points.First,the DCF-BS combination model is used to evaluate the value of enterprise human resources,which solves the problem that the traditional measurement model cannot fully reflect the full value of human resources,and makes up for the defects of relatively static and isolated analysis of economic value method.Second,in determining the main parameters,it reduces the possible impact of unreasonable parameter calculation on the evaluation results.The improved C-D production function is used to calculate the contribution rate of human resources,which provides a scientific and clear quantitative basis for enterprise human resources to participate in enterprise income distribution according to their contribution.In order to reduce the impact of sample selection on the accuracy of regression analysis,the panel data of 35 listed companies in the same software and information technology service industry as Thunisoft in recent 10 years are selected to calculate the contribution rate of various elements,which improves the feasibility of the evaluation method,enhances the accuracy of the model and makes the evaluation results more reasonable.