| With the continuous adjustment and improvement of China’s high-tech industry policies,as well as the continuous upgrading of infrastructure,the scope of services that the Internet can provide is also constantly expanding.Various types of high-tech enterprises are rapidly developing.In recent years,with the arrival of the big data era,technology-based enterprises are also facing new opportunities in their development.While welcoming opportunities,enterprises are also facing various challenges,The fierce competition and expansion among enterprises have led to an increasing number of cases of mergers and acquisitions among technology-based enterprises,while also bringing many issues related to enterprise value evaluation.Due to the unique nature of technology-based enterprises,more reasonable methods are needed to evaluate the value of science and technology innovation enterprises.However,traditional evaluation methods do not seem to be fully applicable to the value evaluation of technology-based enterprises.The main value of technology-based enterprises lies in the embodiment of intangible assets such as patent technology,intellectual property,and human resources.Enterprises have the ability to grow quickly and make profits,but there are also high risks and great future uncertainty in the process of operation.When evaluating the value of such enterprises,in addition to considering the existing value brought by existing profitability,it is also necessary to consider the potential value that intangible assets may bring.Profitability,innovation ability,and external environment can all have an impact on the value of a company.Objectively evaluate the overall value of a company through reasonable evaluation methods,identify the driving factors that affect the company’s value,and then propose some possible solutions to enhance the company’s value,providing reference for managers and investors.This article takes KD Company as the research object,sorts out relevant literature on enterprise value evaluation,analyzes the applicability of the real option method to technology-based enterprises,and constructs a technology-based enterprise value evaluation model based on the real option method.This article uses the discounted cash flow model to evaluate the value of existing assets of enterprises and the Schwartz Moon model in the real option method to evaluate the potential value of enterprises,Summarize the values of the two parts to obtain the overall value of KD Company,and then analyze it by comparing the stock price on the evaluation benchmark date to verify the evaluation results.It is concluded that it is more reasonable to evaluate the value of technology-based enterprises based on the real option model.Use sensitivity analysis to identify key parameters that affect enterprise value,and identify factors that should be emphasized in enterprise operation,such as strengthening cost control,technological innovation,and enhancing industry competitiveness.Then some suggestions were proposed that may enhance the value of the enterprise;The countermeasures proposed for financial driving factors mainly include strengthening working capital control,increasing main revenue,and reducing unnecessary costs.The strategy for enhancing the value driving factors of non-financial enterprises is to enhance brand value,increase investment in scientific research,attach importance to technological innovation,and focus on talent cultivation. |
