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

At present, high and new technology enterprises of listing, restructuring mergers andacquisitions, risk investment and other economic activities become increasingly frequently,this needs us to evaluate the value of the high-tech enterprises. It has five characteristics,such as a high proportion of intangible assets, high growth, high risk, high profitabilityand high update. According to these characteristics, we deal with the traditional evaluationmethod and adjust reasonably, in order to find the most suitable combination modelmethod of high and new technology enterprises. On the basis of previous studies, thisstudy uses cash flow prediction method for the quantitative improvements, and appliescase analysis to verify the combination models, the main contents are as follow:Firstly, we analyze the research background and significance of the high and newtechnology enterprise value evaluation, review the relevant document of high and newtechnology enterprise value assessment, combing the framework of the article. Secondly,this study defines standard and its characteristics of high and new technology enterprisesas a starting point, analyzes the value structure of enterprises, points out that using a singletraditional method to deal with the difficulty of evaluation, and puts forward that thecombination method of the discounted cash flow method and option pricing method issuitable. Thirdly, when we discuss the value evaluation, in order to make forecasts moreobjective and truth, the model is constructed based on a combination of discounted cashflow analysis and option pricing method. The discounted cash flow method is corrected todetermine the parameters. And the parameters of option pricing methods are explained forthe high and new technology enterprise value evaluation. Then, we select the appropriateenterprise, using the case study method to build the model assumptions in this study andvalidate the model. The conclusion considers that the model assumptions can reasonablyassess the value of the enterprise. Finally, on the basis of the analysis and research, wegive a further research direction in the future.