Research On Discounted Cash Flow And Black-scholes Model Evaluation In High-tech Enterprises

Recent years, with rapid growth of economy, the pace of technological innovation is becoming faster than before. Growth Enterprises Market board (GEM) has also provided wide spaces for the development of high-tech enterprises. How to precisely value the high-tech companies is being a hot issue. Owning to particular characters of the high-tech companies, traditional valuation methods cannot be entirely applicable. Precise valuation to high-tech companies is not only essential to outside deciders, but also to internal management of the companies. Therefore, it is realistically important to research the valuation of high-tech companies.The article is mainly divided into five parts. The first part introduces meanings and background of the research. The second part discusses the different theories and methods of business valuation on each period. On the next part, the three widely used methods—"Discounted Cash Flow", "Discounted Cash Flow" and "Black-scholes Model" are fully discussed. According to their characters, the operability of these methods is particularly analyzed. On the fourth part, the "Black-scholes Model" is further improved, so that it can be more suitable to high-tech companies. For the characters of high-tech, a new valuation model is built. On the last part of the article, empirical testing models are built to verify the new valuation model, which can more objectively value high-tech enterprises.