Research On Value Evaluation Model Of Software And Information Technology Service Enterprises Based On EVA And Real Options

As a strategic emerging industry,the software and information technology service industry has the characteristics of fast technology update,high added value of products,and full utilization of human resources.The traditional enterprise value evaluation model cannot adapt to the above characteristics of the industry,and it is easy to distort the evaluation results.To this end,it is necessary to construct a set of enterprise value evaluation models that are suitable for the characteristics of the industry,and effectively evaluate its value,so as to provide a certain method of support for related parties' investment,financing,mergers and acquisitions and other decisions.Therefore,on the basis of analyzing the characteristics of the industry,this article combines the ideas of EVA and real options,and constructs a model method suitable for the valuation of enterprises in the industry.The main work and conclusions are as follows:(1)This article first briefly describes related concepts and basic theories,including cnterprise value evaluation theory,EVA model theory,and real option theory;then analyzes the development status of software and information technology service companies,and then based on software and information The characteristics of technology service enterprises,it is obtained that the value of software and information technology service enterprises includes the real option value,and the traditional enterprise value cvaluation method is difficult to fully reflect the conclusion of the enterprise's overall valuc.(2)In order to fill the shortcomings of traditional value assessment methods,this article introduces the real option method as an important supplement,constructs a combination of EVA method and real option method of software and information technology service enterprise value evaluation combination model,and calculates the value of its existing assets And the value of potential profitability(real options),and an in-depth analysis of the feasibility of the model to obtain the conclusion that the combined model is suitable for the valuation of enterprises in this industry.(3)Finally,taking Neusoft Group as an example,the above model is used to calculate the value of the company's existing assets and potential profitability(real options),and finally the total value of the company is obtained by summing up the overall value and the company's value.Comparing market prices,it is concluded that the overall value calculated by the combined model constructed in this paper more accurately reflects the intrinsic value of the enterprise than using only traditional value evaluation methods.The research results of this article can provide a reference for a series of economic activities such as mergers and acquisitions,investment financing,and additional stock issuance of software and information technology service companies in China,and provide more accurate information to corporate stakeholders to help them make scientific and reasonable decisions.Better promote the development of the industry.