Corporation Valuation For Chongqing Duotai

Enterprise value not only originates from real capital, but also from non-real capital. In special, high-tech enterprise’s inner value depends more on non-real capital, intellectual capital mainly, which produces future investment chance and investment profit whereas traditional enterprise assessment ignores all the time. Conservative methods leads to an underestimated value of high-tech enterprise, as a consequence, it lowers the innovative motivation and inherent ability to continuously innovate of Chinese high-tech enterprises, thus hinder the rapid growth of them.The valuation upon high-tech enterprises should not only appraisal their enterprise value based on their real capital part but also need to apply a reasonable and objective assessment based on their intellectual capital part. First of all, the paper illustrates the relations between enterprise value and theory of labor value, theory of capital value. On the foundation of this illustration, influence factor of high-tech enterprise’s value is divided into real capital and non-real capital. Secondly, basing on instruction of Chongqing Duotai’s present situation, the paper analyse unsuitability of traditional assessment methods and importance of real option method in high-tech enterprise valuation. Besides, the paper trys to promote its enterprise value from three levels, which are macro-environment, industry environment and market situation. The paper considers that Chongqing Duotai’s enterprise contains real capital value and intellectual capital value. By evaluation, integrated physical capital part and intellectual capital part, Chongqing Duotai’s enterprise value is10,997,400RMB based on real option method at Sept.30th2012. In the end, this paper assesses the valuation result under real options method. The enterprise valuation from all respect assets can meet the needs of both parties under the acquisition better and preserve innovation capability.This paper has two main innovation points. On the basis of current value theory integrate and analysis of high-tech enterprise’s value influence factor, the paper points out that appraisal result integrates real capital part and intellectual capital part of high-tech enterprises could reflect the real value of high-tech enterprise objectively and scientifically. Meanwhile, combined with the specific case of Chongqing Duotai, the paper introduces the practical appliance of real option assessment method, which provides a methodological reference for scientific and reasonable assessment of high-tech enterprise value.