EVA-based High-tech Enterprise Value Assessment

Today’s society has entered the knowledge economy society,the development of high and new technology has been rapid development.National high technology development status not only affects China’s economic development strength,but also affect the status of the country in the international competition.High and new technology enterprises as a market economy an important part of,when the enterprises acquisitions,mergers,equity transfer,the introduction of risk investment behavior and needs to grasp the intrinsic value of the enterprise transactions provide a reference value and in assessing the value of high-tech enterprises is necessary.High-tech enterprises and traditional enterprises have great difference,high income,high risk and intangible assets accounted for a larger proportion,many factors affect the value of high-tech enterprises,the traditional methods of enterprise valuation is difficult to accurately assess the value of high-tech enterprises.Increase economic value(EVA),the difference between the enterprise all capital gains and total cost of capital as the enterprise value creation,evaluation index,if their application to the evaluation of enterprise value,enterprise value assessment provide more accurate basis for the lack of existing evaluation methods of enterprise value assessment of enterprise value creation.This paper discusses the construction of high and new technology enterprise value evaluation method of EVA based,through the analysis of the characteristics of high-tech enterprise,essence of existing value evaluation methods and theory of EVA,the establishment of EVA as the basis for the assessment of enterprise value,combined with the characteristics of the high and new technology enterprise income model for evaluating the value of,a new evaluation method to provide an accurate assessment of the value of high-tech enterprises.Through the research,we draw the conclusion: high risk of high-tech enterprises,pre investment is large and the latter growth potential and high yield;EVA valuation model is applicable to pre investment is large,the late growth potential greater enterprise,which may be the characteristics of EVA valuation model to meet the high technology and EVA valuation model than other valuation methods can be more accurately reflect the value of high-tech enterprises.