High-tech Enterprise Valuation Of Real Options Method Is Discussed

With the advent of knowledge economy, high-tech companies in whichintellectual capital is the principal factor of production, becomes the main body ofmarket. Because of its difference with the traditional companies in the aspect ofincome, risk and capital structure, it is needed to supplement, revise and refresh thetraditional appraisal methods in order to value the high-tech companies correctly. Forreaching this aim, in the light of applying shortage on the evaluation of high-techcompanies using the traditional appraisal methods, combining the evaluatingcharacteristics of high-tech companies themselves, it is suggested that we shouldapply the real options thinking and methods to evaluate high-tech companies'variouskinds appraisal internal causes(such as intangible assets, R&D projects, the entiretyassets of company etc), thus to better suit the increasing requirements of evaluatingthe value of high-tech companies.It is carried out the exploring research on the application of real options on theevaluation of high-tech companies in this thesis. Real option thinking is applied in thedecision of high-tech companies'project investment and production management. Weprovide revised valuation formula to evaluate the value of patents right.