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Research on the Valuation of High-new-tech Enterprise

Author: CaiYaLi
Tutor: JinShiRong
School: Huaqiao University
Course: Business management
Keywords: High-new-tech enterprise The value of high-new-tech enterprise Discounted cash flow method Ratio pricing method Real option pricing method
CLC: F276.44
Type: Master's thesis
Year: 2004
Downloads: 323
Quote: 0
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Abstract


With the coming of knowledge economy era and emerging of a large number of high-new-tech enterprises, how to value the high-new-tech enterprises becomes a new question for discussion in the field of appraisal. As a new-type enterprise, the high-new-enterprise has lots of differences with the traditional enterprises. Therefore, it’s necessary to survey the meaning of value of high-new-enterprise again and look for some valuation approaches suitable for the high-new-enterprise. Valuation plays a very important role in investors’ investment analysis, mergence between enterprises, corporate finance and so on. The settlement of the valuation issues of high-new-tech enterprise will provide the technical prerequisite for solving the financing problems of high-new-tech enterprises and for the healthy development of the securities markets in China. The paper discussed some theoretical and practical issues of the valuation on high-new-tech enterprise.Firstly, the paper made a summary on the value of high-new-tech enterprise. Start with the concept of new technology, high new technology and high-new-tech enterprise, it analyzed the meaning of value of high-new-enterprise and showed the characteristic in the valuating process.Secondly, the paper introduced two traditional valuation approaches: discounted cash flow method and the ratio pricing method .This section mainly discussed how to confirm parameters of the pricing model in accordance with the characteristic of high-new-tech enterprise .On this basis, the limitation and applicability of two traditional valuation approaches was pointed out.A lot of words at the second half of the paper are used to discuss ’the rationality and feasibility of the real option pricing method applied to high-new-tech enterprise valuation. Thereby theory was got to support rational valuation of enterprise. An applying framework of the real option pricing approach was presented. It included four steps, namely, distinguishing the real option, analyzing the correlation between the real options, analyzing influence on the real option’s valve from the market structure, choosing the option pricing model. With practical examples of high-new-tech enterprise, more applications were studied. The real option pricing method has an obvious advantage that it can valuate potential and to be real profit opportunity rationally. It brings the valuation of high-new-tech enterprise with a new thought.

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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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