Research On The Valuation Of Science And Technology-based Unprofitable Enterprises

On November 5,2018,a new section,independent of the existing motherboard market,was officially established.Regardless of whether it is an enterprise or an investor,the degree of attention to it is very high.The scientific and technological innovation board has given more space to emerging technology companies and also brought new valuation requirements.PE valuation based on corporate profits is the most common situation in the current A-share market.However,the listing standards of the science and technology board have broken the limit of corporate profits,and the six major areas supported even allow loss-making companies to go public.This undoubtedly poses a new challenge to traditional valuation methods.This article analyzes the characteristics of the companies to be listed on the science and technology board,and finds that the science and technology enterprises have the characteristics of high technological content,strong growth and high risk.Some difficulties arise.The real option method can better evaluate the value of high-tech companies in an uncertain environment,and effectively makes up for the shortcomings of traditional valuation methods when valuing science and technology-based unprofitable companies.This article takes the unprofitable companies Hejian chips that apply for listing on the science and technology board as an example.Based on the analysis of enterprise value driving factor,it uses the real option method to value it.The valuation result is 20 billion RMB.In order to improve the robustness and rationality of the valuation results,a comparative analysis was performed with comparable companies in the same industry using methods such as price-to-book ratio and market-to-sales ratio.The valuation conclusion of this article is that the reasonable value of Hejian chip companies is between 18.1 billion to 20 billion yuan.The company's value-driven factors mainly come from five aspects:the broad integrated circuit market,the favorable national institutional environment,the strength of the parent company,the improvement of the company's investment capital utilization efficiency,and its strong technological competitiveness.