Research On NASDA Enterprise Value Evaluation Based On Real Option Method

Introduced from abroad since China's reform and opening up many frontier theory and technology,in the aspect of scientific research and innovation to create invested a lot of energy and effort,the state high-tech enterprises gave strong support,seize every opportunity to try to catch up with the time development,shorten the distance between the.In 2015,the two sessions proposed "mass innovation","let the manufacturing industry move to the high-end","cancel the approval items,encourage innovation and entrepreneurship",which also helped the further development of China's high-tech enterprises.The development of this industry in China is not particularly mature and stable,and market regulation and other aspects are not yet standardized.Although the state strongly supports it,market self-regulation is still dominant,and market guidance and norms for this industry are crucial.Correct evaluation and guidance as well as market regulation are based on the premise that every enterprise has an accurate value positioning in the industry,and then reasonable and accurate valuation is pushed to a high position.This paper takes nasda co.,ltd.as the research object and evaluates its value.Firstly,this paper reviews and sorts out the relevant literature on the value of high-tech enterprises,and expounds the purpose and significance of this research.Then,the limitations of the basic valuation method in the valuation of high-tech enterprises are analyzed.On this basis,the feasibility and applicability of the real option method in the valuation of high-tech enterprises are discussed,and the model and theoretical basis of the method are introduced.Secondly,it introduces the case company and its industry.In this paper,nasda is taken as the evaluation object,and its value is evaluated by the real option pricing model.The selection methods and reasons of various parameters to be determined in the evaluation of the real option model are analyzed to determine the parameters and obtain the evaluation results.Finally,the paper analyzes the research conclusions and deficiencies,hoping to improve the deficiencies in future research and improve the valuation method to make the enterprise value obtained more accurate.Through the analysis of the above content,it is very important to reflect the real value of high-tech enterprises with appropriate valuation methods,whether from the strategic decision-making level of enterprises themselves or from the level of regulating market operation.From the analysis of the traditional valuation method is not applicable for high and new technology enterprise valuation,real option method can well reflect its true value,on the basis of this method for this kind of enterprise valuation will avoid blind decision when in the face of the investment decision-making,and so on and so forth,influence the development of enterprises,in turn,affects the development of the market.