Research On Value Evaluation Of High And New Technology Enterprise Based On Income Approach-Option Pricing Method

With the rapid development of economy and innovation of science and technology, high and new technology enterprises develop very fast, and they play an important role in various fields of economic and social development. Nowadays, because many economic activities of enterprise such as recombination, annexation, and listing become increasingly frequent, value management becomes more and more important in enterprise management, and also because of the special needs of high and new technology enterprises to investment risk, the value evaluation of high and new technology enterprises grows very quickly. As a new category of enterprise groups, high and new technology enterprises have great differences with general enterprises. Traditional value evaluation methods have considerable limitations to the value evaluation of high and new technology enterprises because of its own features. So, the study of value evaluation of high and new technology enterprises has great theoretical and practical significance.This study is mainly divided into four parts: Firstly, we detail the basic theories and evaluation methods of enterprise value. Secondly, we start with the definition of high and new technology enterprise, and then we systematically analysis the value formation, special characteristics of value evaluation and the value evaluation methods of high and new technology enterprises. We analysis the application and the pros and cons of traditional evaluation methods in the value evaluation of high and new technology enterprises further, and propose that option pricing method is a useful supplement to traditional value evaluation methods in value evaluation of high and new technology enterprises. Thirdly, we construct the value evaluation model of high and new technology enterprises based on income approach and option pricing method. In application of the model, we amend the parameters of income approach, change the situation that people determined parameters only by experiences in the past, and reduce the impact of subjective factors in evaluation process. So we can evaluate the value of high and new technology enterprises more accurately than before. At last, we choose an enterprise to research, and evaluate its value from existing and potential value of the enterprise to evaluate the value of high and new technology enterprises more scientifically. This study can supply theoretical and methodological guidance to value evaluation of high and new technology enterprises.