Valuation Research Of High-tech Enterprises In Growth Period

With the rapid development of China's economy and the continuous opening of the financial environment,new high-tech technologies emerge in endlessly in China.Around the industrial merger and acquisition integration of high-tech enterprises,activities such as investment and listing are also increasing.At the same time,these increasing financial and economic activities also increase the demand for value evaluation of high-tech enterprises,especially in the growth stage.At this time,it is particularly important to correctly evaluate the value of high-tech enterprises in the growing period.High-tech enterprises generally experience the growth process from entrepreneurship,growth to maturity.At different stages of enterprise growth,the parameters of enterprise value evaluation also need to be adjusted.How to scientifically evaluate the overall value of long-term high-tech enterprises is not only the demand of capital market,but also the requirement of the development of high-tech enterprises themselves.After more than 20 years of steady development,equity investment in the capital market as an important way of asset allocation has attracted more and more attention.The traditional methods used in equity investment in the past are increasingly unable to adapt to the characteristics of high proportion of intangible assets and strong potential profitability of high-tech enterprises in the growing period.Therefore,the main research content of this paper is to point out the shortcomings of relevant research and put forward new ideas which are different from the traditional single valuation method on the basis of reviewing the relevant theoretical research at home and abroad and combining the characteristics of high-tech enterprises in the growth period and the specific stage of their growth period.Specifically,first of all,this paper starts with the definition of the concept of the growing high-tech enterprises,and focuses on the analysis of the characteristics of the life cycle and the characteristics of high-tech enterprises,as well as the overall value composition of enterprises.Then,through the analysis of the traditional application methods,this paper points out that they can not meet the needs of practical development.Then,this paper proposes a more practical evaluation method for the characteristics of the growing high-tech enterprises.The core is to divide the value of the growing high-tech enterprises into potential value and existing value,and to estimate the existing value of the enterprises by residual income method,and to evaluate the potential value of the enterprises by real options method.Then adjust the valuation parameters under the comprehensive analysis of various factors,and finally use this evaluation method to get the potential value and the existing value of the growing high-tech enterprises,and combine the two to get the final value of the enterprises.Finally,Ningxin New Material,the leader of the special graphite industry in the high-tech industry,is selected as the object of case evaluation,and compared with other third-party evaluation reports.The rationality of the scientific evaluation of this method is pointed out.Thus,a new practical valuation method suitable for the growth of high-tech enterprises is put forward,that is,residual income method is used to evaluate the existing value of the growth of high-tech enterprises,and real option B-S method is used to evaluate the potential value of the growth of high-tech enterprises.The overall value of an enterprise consists of the combination of the two.The main innovations of this paper are as follows:Firstly,on the basis of the theory of enterprise life cycle,the traditional single income method model is improved according to the characteristics of the growing high-tech enterprises.Secondly,the real option method and residual income method are introduced to make a scientific evaluation of the overall value of the growing high-tech enterprises.Thirdly,according to the characteristics and evaluation requirements of the growing high-tech enterprises,the parameters of the new model are defined and adjusted more reasonably than those of the traditional enterprises.In a word,the new valuation idea has solved the problems of unilateral evaluation and underestimation of enterprise value commonly existing in the traditional single model in the evaluation of high-tech enterprises in the growing period,and has successfully completed the evaluation of the overall value of long-term high-tech enterprises.