Research On Value Assessment Of High-Tech Listed Company

Science and technology played a very important role in the whole process of human society development. State leaders want to improve China's economic construction and development by high-tech. While the high-tech companies itself are high-tech pioneers and implementers. In recent years, especially for the capital market reforms, China's capital market became more and more mature and perfect along with the deepening of China's market economy development. Major companies all hope that they can expand the size of companies and improve the company capability rapidly through on market. High-tech companies are no exception. However, it's very important that makeing full use of fund to increase company value and company capability enhanced should take in to consideration. Because of its own characteristics of on-market high-tech companies, we can't use the traditional way to evaluate on-market high-tech companies as it before. There are large number of invisible assent in high-tech enterprises that didn't count in to company's whole assets. So we need to introduce a new way to evaluate the value of high-tech listed companies. Also this method can be used to resolve other problems, such as corporate mergers and acquisitions, enterprise financial management, enterprises listed, the risk of investment, advisory services and other activities.At the beginning of this paper, we talk about research condition of company value assessment in domestic and abroad. Second, we focus on calculation process and assessment procedures of various traditional assessment method which include cost approach, market approach and income approach. Also we summarize the question and defects of the traditional assessment method. Third, integrate discounted cash flow method and real option to conceive a new solution of company assessment. In the end, use this method to the assessment of Qing Dao Haier CO. LTD.Qing Dao Haier is a model of Joint-stock enterprises in china. It has been investing much more money in new product development and innovation over the years. Especially in recent years, Haier has introduced U-home to market which have good profits and market prospect. However, this product is particularly fit for the assessment of real option, this the very important reason why the author chose it as evaluating example. In the process of assessing the example, author use alternative methods or other mathematical methods to solve some technical problems and eventually acquire a rational result.