Research Of The High-technique Enterprise's Value Base On Real Option

In recent years, the high-technology enterprise's contribution which grew to the economy enlarges year by year, the high-technology enterprise's importance have been known by the people. But, because indefinite project in the high-technology enterprise, the high-technology enterprise's development is not extremely smooth. Thus, how to appraises the high-technology enterprise's value to become an important target for weight high-technology enterprise's strength. However, because the high-technology enterprise's development is imbalanced in the different time, therefore its value appraisal is always a difficult problem.This paper bases on the real options, proposed to use the real options theory to appraise venture project in high-technology enterprise. This paper effective addressing difficult problem of value pricing for high-technology enterprise. This paper divide into five parts, the following introduces each part of emphasis points in detail.The first part, introduction. First, this paper introduced the importance of the high-technique enterprise and realistic demand for evaluating the high-technique enterprise's value. Second, This paper introduced the depth and the progress of present research about real option theories, then this paper give the new Standpoint.The second part, value appraisal method and high-tech enterprise value appraisal serviceability.This paper introduced basic concepts and the characteristics of the high-technique enterprise.Then, this paper introduced the traditional evaluation method and its process,its applied realm and its merits and shortcomings. At last, this paper considered the characteristics of high-technique enterprise, introducing advantage of adopting real option for evaluating the high-technique enterprise's value.The third part, the object of evaluation under real option theory and the evaluation frame. This part is key part of the value pricing theory.This part, this article proposed the object that will estimate is the key power for real option model.The characteristic of the object that will estimate has affected the following value appraisal model and the improvement of the model. Under this thought, this article analyzed the characteristics of the object that will estimate in high-tech enterprise.In addition, in consideration of widespread standpoint of the real object option, this paper suggests to devide the high-technique enterprise' value into two parts. One is traditional value, another is the latent value. Base on this foundation, this paper discuss whether the above-mentioned method for evaluating the high-technique business' value is possible in order to reflect the overall value of high-technique business.The forth part,the model of the real option and improvement of model. This part, this paper discussed the merit and shortcoming of the classic model of the real option, then selecting the decide trees models. While adopting decision trees model, this paper improve the key parameter and the logic of the model according to the difference of the evaluated object between the real option and financial option. So, the evaluation can reflect the characteristics of high-technique enterprise.The fifth part, case analysis. This paper carried on a case analysis according to the frame and model for evaluating the value of high-technique enterprise. Then this paper explained the way how real option to evaluate high-technique enterprise. After that, this paper discuss the rationality of quotation process, analyzing the key parameter of evaluated model in order to explaining the whole process is rational.