Evaluation Research Of High-tech Enterprises Based On The Real Option

With the development of knowledge-based economy, the pace of technological innovation of enterprises has been accelerating. High-tech enterprises have a bright future. Elements such as knowledge,technology and management so on have significant contribution to enterprise value. At the same time, the dependence on intangible assets is much stronger than factory buildings and facilities. Obviously, traditional enterprises evaluation methods are not fit for High-tech enterprises. It is urgent for High-tech enterprises to look for new ways to assess enterprises value. To find a scientific and reasonable methods to assess High-tech enterprises value is very important for their financing, IPO,and merger. For this research purposes, mainly do the following studies:(1) On the basis of descriping the meaning of High tech enterprises and their different value types, then overview the applicability and limitations of the traditional evaluation methods such as discounted cash flow method on the High-tech enterprise evaluation.And puts forward a new method to assess High tech enterprises’opportunity value--option pricing method.(2) Emphatically analyze the High-tech enterprise’s opportunity value assessment method,then constructs the complete valuation framework:the High tech enterprise value is equal existing assets total value p growth opportunity option value.Through specific empirical case to test evaluation model on High tech enterprise, and analyze the key factors which affect the option value, finally put forward specific policy suggestions on how to improve the expansion option value.Trying to study on the innovative in the following two aspects:(1) Real Options valuation method is particularly suitable for the enterprises which are in embryonic stage and the value have large fluctuations. The paper select one High-tech company which is in a stable period of development as a case study, use CRR model to assess enterprise expansion option value,and further explain the method is suitable for stable development High-tech enterprise.(2) Real option is usually associated with project investment. A new perspective is put up in the paper:assume the discounted value of the future cash flow is the company current value and the initial investment cost is the execution price. Use CRR model to evaluate the value of the option in the condition that the company expand double, and then adjust according to the factors such as national development policies, industry conditions and companies themselves development.Combined with traditional discounted cash flow method to assess High-tech enterprise’s true value.