A Case Study On The Value Assessment Of Technology Start-ups

The enterprise economy is the backbone of China's social and economic development,and the technology enterprise is the most special one of all kinds of enterprises.With the growing of science and technology enterprises,entrepreneurship and entrepreneurial enterprises economic has walked into people's horizons,entrepreneurial activity can realize the transformation of science and technology to benefit product commercialization and industrialization of the technology,can push forward the pace of high technology and new technology enterprise,leading to the sustainable and healthy development of the national economy.The party clearly put forward the scientific and technological innovation is to improve the strategic support of social productive forces and overall national strength,along with the science and technology start-ups frequent IPO,market,enterprise restructuring,international economic activities,such as the need to accurately assess the value of science and technology start-ups,scientifically guiding investment decisions.In accordance with the relevant provisions of the existing asset appraisal system,the asset appraiser accepts the evaluation methods that can be used in the evaluation business including the income method,the market method and the cost method.Technology-based start-up companies typically have a number of intellectual property rights and intellectual property rights technology,enterprise value greatly reflected in the value of intangible assets,depending on the intangible assets for the enterprise to bring the future profits,if use cost method to calculate,is unable to cover the value of intangible assets,at the same time,it is difficult to find similar domestic enterprise's property rights trading case,unfavorable also market method is adopted to improve the measure,so this article aiming at this problem,study of science and technology start-ups and case analysis.The research contents of this paper include the following four parts: first,the applicability of enterprise value assessment research status and income method,market method,cost method and option pricing method are systematically reviewed.Second of all,the science and technology enterprises in the initial,growth period,mature period,decline phase four stages are analyzed,and found in each life cycle stage characteristics of science and technology enterprises and fit the characteristic of the enterprise evaluation method.Technology-based start-ups is a phase in the development of science and technology enterprises,and then found based on EVA measure the reality of the enterprise profitability and based on the option pricing method estimates the potential profit ability of composite method is suitable for technology-based start-up enterprise value evaluation.Third,using the evaluation methods of the identified,AnPuDe listed based on the purpose of tianjin science and technology co.,LTD.,the value of the evaluation are studied,when using the EVA method,based on historical data to calculate the growth rate of EVA and EVA,will the electron and communication equipment manufacturing industry for high technology industries decline rate,growth rate of the net profit growth rate of decline rate as EVA will finally get to EVA in accordance with the high speed development,development and stability at low speed development three stages discount to get real profitability of enterprise value;Selection based on the forecasting potential profitability,sichuan zhisheng,visionbank,banyan base software,silver jiang shares a weighted average of the annual average volatility as a mark of variance to measure volatility.Fourth,in this paper,the influence factors of EVA sensitivity analysis,get the net profit is the strong sensitivity of factors influencing the EVA value,and EVA and net change,therefore enterprise value based on measuring the expected range.Finally,this paper discusses the determination of the variance of the underlying asset and the risk-free rate.