Study On Value Influencing Factors And Valuation Method Of High-tech Enterprise In Growth Enterprise Market

Science and technology are the primary productive forces.In the knowledge economy times,high-tech industry has become the one of the most vitality of the pillar industries.Firm management and capital operation puts forward higher requirement to pricing of high-tech firm.With the characteristics of high investment,high risk and high income,high-tech firm has larger uncertainty.It has more complicated value-driven factors and strong potential profitability.Due to the dynamic and flexibility of business operation and investment,high-tech firm has a great potential value.It makes the traditional evaluation methods cannot make reasonable pricing,which led to the value bias problem in the growth enterprise market(GEM).Paper did research around the high-tech firm value and use GEM high-tech firms as object.First,analyzed the characteristics and connotation of high-tech enterprise value.Then,paper did the empirical study on the influence of R&D strength,innovation,risk and growth factors on the value of high-tech firm.The research results show that the four factors have significantly positive correlation with value of high-tech firm.They decided the potential profitability of enterprises,in a larger extent,affect the potential value of firm.Thus,paper argues that high-tech firm value consists of two parts,one part is the value based on existing assets,and another part is the value based on potential profitability.In view of the firm value,this paper further puts forward the combination valuation model,respectively using discounted cash flow method and real option pricing method to evaluate the two parts.In order to test the applicability and rationality of the evaluation model,paper do the case study to practical use and analysis model.And the case study demonstrate that the combination model can reliable and reasonable evaluate the high-tech enterprise overall value.The research of this paper provide reference for the gem high-tech enterprises pricing and has important theoretical significance and practical significance.