| With the arrival of knowledge economy,the status of intellectual capital in modern enterprises is rising,and it has been playing an important role in the survival and development of enterprise.And to promote the development of the science and technology enterprise has been an important part of a country’s economy growth,industrial structure adjustment and the improvement of an national core competitiveness.However,there are huge differences between science and technology enterprises and ordinary enterprises in the value form and growth characteristics etc,which makes the traditional enterprise value evaluation methods can’t be good use into science and technology enterprises.So,it’s difficult for a science and technology enterprise to do transactions in property and value based management.Whether the reform of mature ordinary enterprise value evaluation method or the introduction of the real option theory,is using a single model in the existing academic research on the question of science and technology enterprise value evaluation,which has ignored the growth stage of the science and technology enterprise is more significant,and the one-size-fits-all approach would be bound to lead to bias for science and technology enterprise value evaluation ac-curacy.So,the development stage and characteristics of science and technology enterprises is defined and identified in this article,and the different stages of a major source of value for science and technology enterprises are explored in the perspective of life cycle theory firstly.And then a brief summary of enterprise evaluation theory and comparative analysis of evaluation methods were made.Finally,this article obtained the suitable methods to evaluate the value of science and technology enterprises in different stages through the selection and correction of the ordinary enterprise value evaluation methods which been directed against the matching differences between ordinary evaluation methods and science and technology enterprises,combined with analyzing four examples.Hoping to enrich the existing related research and provide reference for other scholars.Owing to the complexity of the science and technology enterprise value evaluation,this article can’t give mature consideration to all aspects of a question in a shorter length.Although it’s already interpreted in the dynamics of science and technology enterprise value,but there are also insufficient place which not detailed enough.And despite the combination multiple case analysis,the conclusions and methods proposed in this article has certain representative and persuasive,but it is still not enough to fully prove rationality of the method.And the above short-comings remain to be researched by other scholars. |
