A Study On The Value Evaluation Of High-tech Virtual Enterprise Based On Product

Under dynamic market, modern science and technology, the shortening of the productlife cycle, diversification consumers, competition complicated, the enterprise makes survivalvery difficult and couldn’t occupy the absolute dominant position in the market. It requiresenterprises to integrate the product value chain and keep the concentration of superiorresources and enhance core competitiveness, and so the enterprise has a dominant position inmarket and brings lasting benefits t with the help of external superior resources.To this end, a new corporate organizational model is born-the virtual enterprise. Sincethen, the study of virtual enterprises and high-tech virtual enterprise has become researchfocus. The business community also pays more attention to the virtual enterprise model andwidely used them. With the increase of virtual enterprise, these are unavoidable questionsincluding the allocation and adjustment of interests between virtual enterprises, corporatemergers and acquisitions, transfer among the enterprises, and thus it is very importance toevaluate the virtual enterprise value. The high-tech virtual enterprise are the important part invirtual enterprises, so the paper select the high-tech virtual enterprise as the research object,which both focused and achieve research from the point to the surface, and lay a solidfoundation for researching the virtual enterprise value in future.This article builds a high-tech virtual enterprise valuation model from two aspects. Thefirst one is about the high-tech virtual enterprise itself. We study in-depth its concept,connotation, the law of growth, enterprise boundary, options characteristics of the high-techvirtual enterprise and probe the content and structure of the value, which become thefoundation in theory to build a high-tech virtual enterprise valuation model. The second one isabout a study on the evaluation method. After comparative analysis the applicable conditionsand limitations of the various enterprise valuation methods, we should select the appropriatevaluation method combined with the unique properties and characteristics of the high-techvirtual enterprise. Finally, after the synthesis of the two aspects, we build the ideal valuationmodel including single mode virtual type, dual combination of virtual type and fullcombination of virtual type of virtual high-tech virtual enterprise valuation model, andcombining with the enterprise case for empirical analysis, including various types ofhigh-tech virtual enterprise valuation model with business cases for empirical research.The research has made innovative achievements as follows:(1) We specific and clear its concept and content based on redefine the high-tech virtual enterprise, then study these problems including the high-tech virtual enterprise growth law,boundary, option characteristics, and explore high-tech virtual enterprise value content, valuecomposition and value formation mechanism, so as to choice appropriate valuation methodsto assess different types of high-tech virtual enterprise value.(2) We establish a framework about high-tech virtual enterprise value assessment andthink that it should follow the following procedure about product-based HNTVE valueassessment: type identification-Characteristics Analysis-Comparison of methods andmodeling-value assessment. The paper firstly analysis the phase characteristics of varioustypes of high-tech virtual enterprise; Then, we constructed the HNVTE value assessmentmodel based on traditional NPV, HNVTE Valuation Model based on the binomial tree method,HNVTE value assessment model based on B-S theory, HNVTE value assessment modelbased on compound option theory; Finally, we study three examples about the virtualproduction HNTVE established by DONG-soft CT Scanner, the forward virtual HNTVEestablished by millet technology smartphone project and the full combination virtual HNTVEestablished by "BEI-BEI-JIA" project of YI-PING company in TianJing.(3) We build a high-tech virtual enterprise valuation model in fuzzy theory. Due to thecomplexity of the uncertainties of the market environment and technological innovation itself,variables or parameters of future investment opportunities, cash flow, income volatility of theunderlying assets, the discount rate and the risk-free interest rate is difficult to describe acertain value,Using the theory of fuzzy numbers can solve this problem. We assume that thepresent value of expected future cash flows V~, the volatility~of the underlying asset price,the discount rate r and the risk-free rate~rare fuzzy numbers, construct the product-basedHNTVE value assessment models under the general form of fuzzy numbers, including theHNTVE valuation Model based on traditional valuation evaluate theory, the HNTVE Modelbased on binomial tree evaluate theory, the HNTVE Valuation Model based on B-S theory andthe HNTVE Valuation Model based on compound option theory under general fuzzy numbers;Finally, we constructed HNTVE value assessment model about particular fuzzy numbers,which make up shortcomings of the current value assessment methods.