A Case Of Research On Value Evaluation Of X-high-tech Enterprise Based On DCF And B-S Combined Model

In a country,high tech enterprises are the vane of scientific and technological innovation.Therefore,the investment of high-tech enterprises must be the future industry investment orientation or rational investors' inevitable choice.Because of its own characteristics,the traditional enterprise value evaluation method has limitations in the value evaluation of high and new technology enterprises.The single assessment model can not fully reflect the value of high-tech enterprises.Therefore,the high-tech enterprises are booming today.Based on the combined model,the application of high-tech enterprise value assessment is particularly urgent.This paper first introduces the research background,significance,literature review,content framework and possible about innovation.After combing the latest research on B-S model and DCF model,the literature review shows that the main methods of evaluating the value of high and new technology enterprises are still single option pricing model and combination model in China.The research is particularly urgent.Secondly,the definition of the concept of the value evaluation of the high-tech enterprises,the related classification,the characteristics,the common evaluation methods,the related theories of the research are introduced,and the defects and limitations of the single DCF model and the single B-S model in the value evaluation of the high-tech enterprises are introduced,the methods of the combination of the B-S and the DCF model are pointed out.Advantages and practical scope;finally,the article's conclusion,and points out the deficiency and prospect of the article.Taking X high-tech enterprise as a case company,this paper finds that according to the characteristics of high and new technology,the value of X enterprise is divided into two parts of the profit value and potential profit value of the existing business,the value evaluation of the stable profit of the X enterprise is evaluated with the DCF model,and the potential value of the profit is evaluated by the B-S model.In this paper,DCF model and B-S pricing model are combined to evaluate the value of X enterprise,and enrich and improve the existing enterprise value evaluation system.It is estimated that the value of the company is 16.74% higher than that of the X in December 31,2016,and the value of the company is overvalued.The reason is that people have always been optimistic about the concept of navigation in the military industry sector.In addition,it is also closely related to the implementation of the long-term equity incentive measures for the group of X companies.The research results show that it is feasible and necessary to use DCF and B-S combination model to evaluate the value of X high-tech enterprises.On the other hand,the shortcomings of the real market environment and the B-S model are pointed out.