Research On The Discount Rate Of Software And IT Services Enterprises Valuation In Growing Period

With the development of the Internet,it has an influence on the way of management and production.Software and IT services are an important branch of the Internet industry,and it maintains rapid growth.It demonstrates the characteristics of industrial service,operational platform and business integration.It provides support for the construction of the country and promotes high-quality development of economic establishments.In this context,how to accurately assess the value of software and IT services enterprises have become a top priority.This paper conducts a comprehensive study on the discount rate of Software and IT Services Enterprises valuation in growing period,so that the discount rate is accurate and the fair valuation can be realized.First of all,this paper introduces the enterprise life cycle theory and uses the principal component analysis method to correspond the life cycle of software and IT services enterprises with the indicators,such as financial benefits,operation status,development capability and debt-paying ability.Secondly,the risk is quantified by the CAPM model,and the method for determining the parameters are specifically proposed.Among them,the risk-free return rate uses the medium and long-term treasury bond interest rate to construct ARIMA time series model;we should consider the difference between the risk premiums under the different sectors.Under the Main-board Market,the CSI 300 Index can be best reflect the market risks through the linear regression.The market premium is the difference of the return on equity and risk-free rate of several quoted companie.SME board and Second-board Market are determined by the average market profitability of the same sector and the same life cycle;the Beta value is expressed by the slope of the target enterprise monthly return rate and the reference enterprise average return rate,and the rationality of the selected method is verified by t test;the factor analysis method is used to identify the reference factors,and establish a comprehensive evaluation function to adjust.