High-new-tech Enterprise Valuation

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 soon. 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.This paper is composed of five parts. The first part presents the actuality, significance and problems of high-new-tech enterprise valuation. The second part introduces the correlative theories of business valuation,and surveys the meanings, characteristics and lifecycles of high-new-technological enterprise , analyzes the specialty of high-new-tech enterprise valuation in comparison with ordinary companies valuation. The third part discusses the approaches and the factors of high-new-tech enterprise valuation. Based on the introduction and the criticism of the traditional valuation approaches, the forth part presents suggestions how to set up our country' s system of approaches and how to choose approaches to valuate the high-new-tech enterprise on different phases., and give an example at last.the last part is the analsys result of the article.