Research On The Value Evaluation Of Science And Technology Innovation Board Enterprises Based On The Real Option Method

When Science and technology become the commanding heights of global competition,the development of science and technology innovative enterprises becomes the surging power of a country's national strength and economic development.In order to support the faster development of science and technology innovative enterprises,in 2019,science and Innovation Board was set up in Shanghai Stock Exchange in order to create a better financing environment and expand financing channels for new science and innovation enterprises.The Science and Technology Innovation Board is the emerging market which mainly aims at the science and technology enterprise and the innovation enterprise establishes,is provides for these enterprises the transaction,the financing,the bond and so on function platform.Whether it is the IPO of a sci-tech enterprise or the investment of investors,it is necessary to have a comprehensive understanding of the value of the enterprise.Therefore,the correct valuation of sci-tech enterprises is the technical support for sci-tech Innovation Board to accomplish its mission,it is also a prerequisite for investors to choose their investment object.The Science and innovation enterprises have the characteristics of high investment,high income and high risk.There is a great uncertainty in the calculation of the income when the income method is used to evaluate the enterprises.At the same time,the time of the science and innovation enterprises going on the market is short and the proportion of the enterprises in the intangible asset is high,the core technology is often different from other enterprises,so it is more difficult to find a comparable enterprise,which brings challenges to the use of the market method,while the cost method can only evaluate the value of an enterprise in a special historical period and condition,therefore,there are limitations in the traditional enterprise value evaluation methods if we want to evaluate the science and technology innovation enterprises correctly.The real option method is focused on the uncertainty of the project,which can be reconsidered by investment decision-makers at different stages according to the results of previous decisions and new situations,to make new or next-stage decisions,with a certain degree of flexibility.So it is reasonable to use real option method to evaluate sci-tech enterprises.Anji Science and technology core technology ownership is clear,technology level of international advanced or domestic leading,is a typical representative of science and Innovation Board enterprises.On the basis of the comprehensive analysis of Anji Technology,the option of Anji technology is identified,the B-S option evaluation model is selected,and the value of Anji technology is evaluated,this paper analyzes the applicability of different evaluation methods,and selects the income method and the market method to evaluate Anji Science and technology,so as to compare the use of the methods and the evaluation results,it is concluded that the real option method has certain advantages in the evaluation of science and technology innovation enterprises and can reflect the intrinsic value of science and technology innovation enterprises.Based on the characteristics of science and technology innovation enterprises,this study compares and discusses the evaluation methods of science and technology innovation enterprises,which are helpful to the healthy development of the capital market.