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Study on the High-Technique Enterprises Value Base on Realoption

Author: SunShuPing
Tutor: ZhangJianYing
School: Harbin Institute of Technology
Course: Accounting
Keywords: High-tech enterprises Valuation Real Options Binary tree model
CLC: F275;F276.44
Type: Master's thesis
Year: 2010
Downloads: 164
Quote: 0
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Abstract


In recent years, with high-tech enterprises contribution to economic growth in the percentage of increase year after year , the importance of high-tech enterprises has been widely recognized . However , there is a risk of uncertainty investment projects within the high-tech enterprises , how to assess the value of high-tech enterprises has become an important indicator to measure the strength of high-tech enterprises . This paper describes the characteristics of the high-tech enterprises , cash flow method , the relative value of economic value added and real options method four mainstream method of business valuation , analysis of the four assessment methods for the evaluation of high-tech enterprises value of the applicability. Combining with the characteristics of high-tech enterprises , draw the advantages of using real options method and the cash flow method of valuation of high-tech enterprises , which focuses on the advantages of real options method of assessment of the potential profitability of high-tech enterprises . Thus , a high-tech enterprise valuation model , that high-tech enterprise by the stable profitability , value and potential profitability of option value . Analysis of the value of the potential profitability of the paper uses the Black - Scholes pricing model and the binary tree pricing model , which focuses on analysis of the advantages of the binary tree pricing model to calculate the value of the potential profitability of the high-tech enterprises , and on binary tree pricing model is improved, and also has been described on the respective elements of the improved model . Keda Electrical Co. , Ltd. listed companies for the analysis of the case , to build a high-tech enterprise value model verification , to prove the validity of the assessment method . The paper concluded that the lack of research and directions for further research .

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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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