Study On The High-Technique Enterprises Value Base On Realoption

In recent years, because of the high-tech enterprises'growth which contribute a lotto economic, the importance of high-tech enterprises has been widely recognized.However, there is the risk of high-tech enterprise investment projects, therefore its valueappraisal is always a difficult problem.This paper analyses the characteristics of high-tech enterprises. This paperintroduces the method of cash flow, the relative value method, Economic Value Addedmethod and real option method which are the main method to evaluate the high-techenterprises and their applicability for the high-tech enterprises. Combining with the hightechenterprise'characteristics, it is reasonable to use real option method and the methodof cash flow to evaluate the high-tech enterprise, and it put emphasis on the real optionsmethod to evaluate the high-tech enterprises'potential profitability. Thus, this paperproposed the model to evalue the high-tech enterprise, that is to say the high-techenterprises'profitability is composed by stable profitability and potential profitability. Inthe analysis of the value of the potential profitability, the paper uses the Black - Scholespricing model and the Binomial Model, and it explains of the advantages of BinomialModel in evaluating the potential profitability. This paper proved the Binomial Modeland explains the elements inthe improved model.This paper carried on a case whichbelongs to the high-tech enterprise according to the improved model. After that, thispaper disccuss the effectiveness of the evaluation method. Finally, the paper points outthe deficiency and research direction of further research.