Research On The Evaluation Of High-Tech Listed Corporation

In recent years,governments around the world have turned artificial intelligence into a national strategy,firmly grasping the development opportunities of artificial intelligence enabling various industries,so that it can help traditional industries to achieve leap-forward upgrading.Artificial intelligence is gradually becoming a new engine that sets off the disruptive wave of the Internet.At present,artificial intelligence is in the primary stage of the third wave of artificial intelligence,focusing more on interpretive and universal artificial intelligence technology.Chinese artificial intelligence technology development and application market began to approach the ranks of leading international groups,and accumulated a certain advantage.On the policy side,MIIT issued the three-year action plan for the development of a new generation of artificial intelligence industry(2018-2020)in December 2017,which promotes the deep integration of artificial intelligence and the real economy.Artificial intelligence was written to the government’s work report for the third year in a row during the two sessions in 2019,and the concept of "smart +" was first proposed.Under the strong support and guidance of the state,Chinese artificial intelligence is keeping pace with the development of the times.With the development of international artificial intelligence,China has also introduced the industrial policy on artificial intelligence.As a result of the artificial intelligence industry giving strong support,Chinese artificial intelligence industry has been rapid development.Nowadays,the artificial intelligence industry has become an important factor in the future economic development,so it is very important to evaluate the value of artificial intelligence enterprises through some pricing models and other methods.In writing this thesis,the author first is a simple combing of the domestic and foreign information on the evaluation of enterprise value,and then a brief description of the traditional value assessment method,EVA valuation model and Real option pricing method.Selecting the leading enterprise of artificial intelligence-iFLYTEK,the analysis of its main business that combine with various models evaluate the value of the enterprise.By analyzing parameter sensitivity enhance the effectiveness of the real option model.Finally,through the market inspection of the model analysis form a composite model and then value enterprise valuation once again.At the end,the research of this paper is summarized.The main conclusions of this paper are as:(1)According to the results of enterprise value evaluation,we can know that the actual value of the company is higher than the theoretical value,which shows that the enterprise value of the company is indeed overrated to a certain extent.(2)Through the sensitivity analysis of the main parameters,the real option valuation method is relatively effective.While the EVA valuation method for enterprise accounting items adjusted,the valuation is relatively close to the actual valuation,but also relatively effective.