Research On Value Evaluation Of Science And Technology Enterprises In The Initial Stage

In recent years,there have been many innovative and entrepreneurial enterprises in the new economic field.Many of these start-up companies are technology-based enterprises with original technologies in certain fields.They rely on the strong capital behind them to grow rapidly,get listed quickly,and have a very high valuation,surpassing many traditional technology giants.With the implementation of the Shanghai Science and Technology Board and the implementation of reform measures that allow unprofitable companies to go public,the company's pricing will be more dependent on market-oriented intermediaries.In the face of these financial information is very small,cash flow is negative,high-growth start-up technology companies,how to assess their value has become a task before us.This paper will first briefly explain the research background,purpose and significance of the paper,and then review the related literatures of the science and technology enterprises in the initial stage,and adapt the traditional evaluation methods.After analysis,I found that the free cash flow of enterprises is still the basis of enterprise value assessment,but the discounted cash flow model can not reflect the potential investment option value of start-up technology companies.Aiming at the shortcomings of discounted cash flow method,combined with the characteristics of the technology-based enterprises in the initial stage,this paper constructs an evaluation model of discounted cash flow combined with real option method.In other words,the value of the start-up technology-based enterprise is considered to be composed of two parts,one is the value brought by the current assets of the enterprise,and the other is the value brought by the future investment choice of the enterprise.Next,I will discuss the theoretical and model selection of the discounted cash flow model and the real option model separately,and correct the relevant parameters.In this section,I elaborate on the derivation of the multi-period binary tree model and point out its advantages over the B-S model.At the same time,I proposed some new ideas and improved methods for the measurement of volatility in real options.This paper then empirically studies the case of Wei Lai to prove the validity of the model.In this part of the data forecast,in order to overcome the lack of financial information,this paper attempts to analyze the case company in the whole industry,and make reasonable predictions through the resource endowment of the case company and market development.Finally,the application and shortcomings of the model are summarized,and the future research directions are prospected.