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Application Research of Real Option Theory in High-tech Enterprises Evaluation

Author: LiangMei
Tutor: ZhaoLiSan
School: Hebei University
Course: Accounting
Keywords: High-tech Enterprises Appraisal of Valuation Real Options Method Discounted Cash Flow Method
CLC: F276.44
Type: Master's thesis
Year: 2009
Downloads: 119
Quote: 0
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Abstract


Recently, with high-tech enterprises vigorous developing, the importance of high-tech enterprises has been widely recognized. Value of high-tech enterprises also became more and more concern. Value of high-tech enterprises is consisting of the existing property value and the growth opportunity value. The traditional valuation methods can be more accurate assessment of the value of existing assets, while ignoring the value of growth opportunities. How do you assess the value of high-tech enterprises have become an important issue.The introduction of real options theory has been more than 20 years of history, has been the use of many areas outside of Real Option Theory. China’s real options research is still in its early stages. This article introduces the real options theory and propose using of real options appraisal method to assess value of high-tech enterprises the use of real options theory to assess the value of high-tech enterprises overcome the short of traditional methods, giving policy makers an arrangement in light of future market conditions or decision-making right to choose, Including the value of growth opportunities, real option assess of the value of high-tech enterprises more accurate.First, this article reviewed and summarized over the past few decades the theory of real options, pricing model, as well as applied at home and abroad. Followed, this article introduces characteristics of high-tech enterprises, difficulty in assessment of enterprise value and analyzed the value of the traditional limitations of assessment methods.This article propose to make use of real options method to assess the value of high-tech enterprises and discusses the real option method relative advantages of traditional methods. It put forward high-tech enterprises to identify the real options, build a real option based on the framework for assessing the value of high-tech enterprises. Finally, this article make the use of discounted cash flow method and the combination of real options method of to asses the value of YI YANG XIN TONG listed companies.The value per share of YI YANG XIN TONG listed companies slightly higher than the market value per share, to a large extent a reflection of the value of the company. Through this thesis research, the following conclusions:the value of high-tech enterprises is to a large extent on the value of the future have the opportunity, as a result of traditional assessment methods ignore the enterprise value of future growth opportunities will underestimate the value of the business, therefore, the use of real options approach to assess the value of high-tech enterprises to conduct high-tech enterprises can better reveal the true value.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Joint enterprise economy > High-tech enterprises
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