Research On Value Evaluation Of High-tech Enterprises Based On Real Options

Along with the science and technology strategy in China's deployment,the supply side structural reform,"13th Five-Year" National Science and technology innovation plan launched,China is all-around way,strengthen technology to boost the economic development and social progress.High tech enterprises as an important carrier of the development of science and technology,is in the momentum of vigorous development,how to correct and reasonable assessment of the value of high-tech enterprises has become an important issue.The high-tech enterprise is a knowledge intensive economic entity,it is the main resource of intangible assets,high technology products,dependence on intellectual capital has been far more than the tangible assets,the intangible assets in the early stage of development and can not generate revenue,but managers in the development process for the intangible assets investment the scale of investment,investment decision,time points have a choice,but this choice determines the profitability of the intangible assets in the future,so this option itself is the value that is hidden in the high-tech enterprises in the value of the opportunity.The value of high-tech enterprises consists of two parts,one is the independent value of existing assets,and the other is the potential value of investment decision-making.The traditional evaluation methods generally underestimate the value of high-tech enterprises,so we need to find a way to evaluate the potential value of high-tech enterprises.Real option is the return of an investment project that includes not only the benefits of the use of the existing portfolio,but also the value of future investment opportunities.The value of high-tech enterprises has the characteristics of integrity,uncertainty and dynamic,at different stages of growth also implies different types of real options,such as expansion options,growth option,option to defer,so the assessment of the value of high-tech enterprises of the real option method has certain applicability,it can reflect the uncertainty brought the value can also reflect the corporate investment decision flexibility is evaluated in a dynamic perspective of enterprise value.This paper firstly introduces the definition,characteristics and the life cycle theory of hightech enterprises and its value,then reviewed traditional assessment methods,which leads to the feasibility of the real option method,and introduces the real option characteristics of high-tech enterprises which,finally through a combined model to assess the value of high-tech enterprises,namely: independent the value of the discounted cash flow model to evaluate the enterprise's pricing model to assess the potential value of B-S model.The model is applied to the flames of communication company's enterprise value assessment,the price is slightly higher than the market price,to verify the rationality of evaluation model of real option has the potential value,and the parameters of real option model sensitivity analysis has been done,so that a more intuitive understanding of the model.Finally,the article makes a summary and points out the shortcomings.