Value Evaluation Of High-Tech Enterprises In Growth Period

At present,the world market pattern is undergoing a major adjustment,a new generation of high-tech innovation has brought unprecedented fierce competition,and global problems such as the COVID-19 have brought great impact on human society,making China face serious challenges in the development opportunities.The relationship between China’s scientific and Technological Development and the improvement of its national strength in the first 100 years is a powerful weapon to meet the global challenges.China has also introduced various policies to encourage,support and guide the development of high-tech enterprises.At present,the number and scale of China’s high-tech enterprises are increasing day by day,and they have developed into a crucial positive force of the Chinese economy.Especially,the value assessment of high-tech enterprises in the growth period is very important because of their frequent economic activities.High-tech enterprises will comfront more risk factors in the process of research.Reflecting their enterprise value reasonably and truly and fully reflecting the driving force of their internal value can help managers make business decisions and achieve win-win results.Based on the life cycle theory,this thesis classifies high-tech enterprises into different periods,and research on the value assessment of the characteristics of each period can help to continuously innovate the enterprise value assessment tools and promote the continuous improvement of the business.This thesis selects iFLYTEK Co.,Ltd.,a representative enterprise,as a case.First,the conception and feature of high-tech enterprises are explained,and they are divided into four stages according to the enterprise life cycle theory,namely: start-up,growth,expansion and decline,the value structure and valuation complexities of high-tech enterprises in the expansion stage are analyzed.Then,it constructs the combination of EVA and B-S model,expounds the principle of each model,determines the parameters of this thesis,and makes a feasibility analysis.In the case section,the reasons for selecting i FLYTEK as a case study are analyzed,and the combination of EVA and B-S models is applied to evaluate the total value of i FLYTEK and do the inconsistency analysis.The major conclusions of this thesis are as listed below: first,In business valuation,it is essential to classify the life cycle of high-tech enterprises on the basis of operational features and value components;Second,the combining of EVA and B-S model can make up for the defects of a single value evaluation method;Third,the combining models of EVA and B-S can scientifically,accurately and reasonably assess the value of high-tech enterprises in the formative stage;Fourth,when using the the combining models of EVA and B-S to evaluate the enterprise assessment,the relevant parameters will have a great impact on the evaluation results.When selecting parameters and forecasting parameters,we should consider the historical operation status,economic development trend,market competition and other factors of the evaluated company.