The Research On Appraisal Of Transformation And Upgrade Enterprises Based On Real Options

Big data,Internet of Things and Artificial Intelligence have set off another trend of science and technology in recent years.In order to catch up with the trend and seize the opportunity,traditional enterprises keep increasing the investment on R&D projects,mergers and acquisitions.They hope to transfer from low-end manufacturing to high-end research,from downstream of the supply chain to upstream of supply chain,from traditional industrial sector to high-tech sector,from labor-intensive industry to technology-intensive industry as soon as possible so that they can transfer and update to a high-tech,high value-added innovative enterprises and earn more profits.However,the appraisal of these enterprises which are in the process of transferring and upgrading has become a major problem in professional fields,as traditional evaluation theories only reflect the basic value of these enterprises and ignore the real options in high-risk and high-growth investment projects owned by enterprises in this period.Therefore,it is more likely to obtain the complete and accurate value of a transformation and upgrade enterprise by using real options theory to analyze the value of uncertainty in R&D and acquisition projects.It is important for both investors and managers.Based on the characteristics of Chinese transformation and upgrade enterprises,this dissertation reveals the problems of current valuation methods of transformation and upgrade enterprises,points out the necessity of using real options,provides an idea of using real options concept as a supplementary of current methods and offers an appraisal way based on the idea.Moreover,this dissertation takes Great Star Industrial as an object of case study to show the value calculation process of this transformation and upgrade enterprise,to get the accurate appraisal of Great Star Industrial,and to verify that the idea and appraisal way we have provided are rational.The primary purpose of this dissertation is to provide a reference of scientific appraisal of transformation and upgrade enterprises.