Valuation Of High-tech Growth Enterprises Based On PEG Valuation Method And Real Option Method-

High-tech growth industries are the most dynamic and vibrant industries in the world today,and factors of production such as technology and knowledge are playing an increasingly important role in the development of the capital market.High-tech growth enterprises are a new economic growth point and a powerful engine to drive the upgrading of China’s industrial structure and the transformation of its economic growth mode,and are also increasingly value-driven.With the gradual stabilisation of novel coronavirus pneumonia(COVID-19)in 2022 and the introduction of various national laws and regulations to improve the capital market,more investors are turning to value investment.Based on the gradual rebound of value investment by enterprises themselves,whether stock prices with high P/E ratios can truly and rationally reflect the value of enterprises has triggered extensive thinking among market participants on whether the stock prices of high-tech growth enterprises reflect the value of enterprises and how to reasonably assess the intrinsic value of high-tech growth enterprises.The theory of enterprise valuation has been developed for more than a century and has formed a very complete theoretical system.Whether this valuation theory can be applied to the valuation of growing high-tech enterprises needs to be explored in depth.At the same time,the sources of value in various industries are changing to become more complex.In this case,the limitations of a traditional single evaluation method are very obvious.Therefore,multiple evaluation methods can be chosen to evaluate companies in order to overcome the limitations of a single model and to combine the advantages of different models in order to improve the accuracy of the evaluation results.A comprehensive analysis of biopharmaceuticals reveals that most biopharma ceutical companies are science and technology innovators with high growth chara cteristics.Based on a detailed analysis of the applicability and advantages and di sadvantages of the current traditional valuation methods,combined with the chara cteristics of high growth of biopharmaceutical enterprises,the PEG method and t he real options method can be applied to the valuation of growing high-tech ent erprises,but their practical application has yet to be verified through case studies.In this paper,we select a biopharmaceutical company with typical characteristics of "high growth,high return and high risk" as a case study,and use the PEG method and real options method to analyse its intrinsic value and the reasons for its over-or under-valuation.Through the study of this paper,the PEG method and the real options method can make reasonable valuation in the valuation application of Ji Fei Bio.This provides a new way of thinking for the valuation of high-tech growth enterprises,which helps to improve the accuracy of the market pricing of high-tech growth,and also helps to practice the concept of "value investment",providing assistance to the decision making of enterprise managers and investors,and ultimately contributing to the improvement of the effectiveness of China’s capital market.