Research On Value Evaluation Of Growing High-Tech Enterprises Based On Real Options Theory

In recent years,how to better cultivate and protect this emerging industry form has become an important issue because of the explosive growth of high-tech enterprises.Besides the support of national policies,the most important thing is the correct evaluation and guidance of the market for the industry.For high-tech enterprises,enterprise's operation,strategic positioning and value management need to carry out value evaluation.Mergers and acquisitions between enterprises and investors'investment activities need value evaluation of enterprises.Therefore,the value evaluation of high-tech enterprises is becoming more and more important and urgent.The existing traditional valuation methods mainly consist of three categories:cost method,market method and income method.These three methods are scientific and practical for the valuation of general enterprises.However,due to the unique risk and value characteristics of growing high-tech enterprises,it is often difficult to get accurate assessment results when applying traditional enterprise valuation methods to evaluate their business value.The research and application of real option theory make up for the shortcomings of traditional enterprise valuation methods,and develop a new way for value assessment of growing high-tech enterprises.Based on the traditional enterprise value assessment theory and real option theory,combined with the characteristics of growing high-tech enterprises,we choose the GEM COMPANY Huijin Technology Co.,Ltd.(300561)as the research object and use the real option method to assess the value of the Huijin technology Co.,Ltd.Since its inception,the Huijin technology Co.,Ltd developed rapidly,the main business scale and income of which constantly to increase,and has more obvious technical advantages in the industry.As banks continue to promote the construction of information and intensive,its great potential is huge in the future.When We adopt real option method to assess its value,we not only consider the value of existing assets,but also consider the potential value of real option.Evaluation result reflects the true value of Huijin technology Co.,Ltd.,which illustrates that traditional assessment methods are easy to underestimate its value and the application of real option theory can make up for the shortcomings of traditional enterprise valuation methods.The real option method provides a value assessment method for the growing high-tech enterprise and assessment results are superior to the traditional value methods.In the future,we still need to continue to deepen the understanding of the value of growing high-tech enterprises,select the model and parameters combined with practical experience in a more in-depth study and as far as possible to reflect the true value of high-tech enterprises.