Research On Valuation Of Small And Medium-sized Sci-tech Enterprises At VC-backed

There are two major difficulties in the valuation practice of small and mediumsized sci-tech enterprises.First,there is a huge uncertainty in the process of innovationdriven enterprise value growth.Second,there is a lack of targeted ready-made theories,methods and models in the valuation.Both lead to a difficult to reasonably and accurately estimate the enterprise value.Only by identifying impacts of innovation on enterprise value,can a reasonable valuation be determined for small and medium-sized sci-tech enterprises.It is an innovative issue worthy of discussion and research in the enterprise valuation practice that how the innovation of small and medium-sized scitech enterprises at VC-backed drives the growth of enterprise value.This paper mainly studies two issues: 1)What role does VC play in the process of innovation-driven enterprise value growth and how does VC affect enterprise value? 2)In the valuation practice of small and medium-sized sci-tech enterprises,can considering the impact of the VC background improve the accuracy of valuation? In view of the first problem,this paper first reviews and summarizes the development process and basic principles of innovation theory to explain that innovation output is a direct factor affecting the value of small and medium-sized sci-tech enterprises.Secondly,combining with relevant literature research,this paper analyzes the role of value-added services provided by VC in the process of enterprise innovation driving enterprise value growth to clarify principle and mechanism of innovation-driven enterprise value growth under the background of VC.Then,the NEEQ market information technology industry is taken as an example to make empirical research.Aiming at the second problem,this paper selects six NEEQ marke enterprises belonging to the software and information technology service industry.And based on the empirical analysis,the value evaluation model of small and medium-sized sci-tech enterprises at VC-backed is used to evaluate these six case enterprises.Then by comparing and analyzing the valuation error of the innovation layer enterprises and the basic layer enterprises considering the background of VC,this paper explores the applicability of the model in asset valuation practices.Through empirical research and case application,it is found that 1)the moderating effect of VC on the innovation-driven process of the value of small and medium-sized sci-tech enterprises is significant;2)considering the VC background can improve the accuracy of valuation and the innovation layer case companies has smaller valuation error than the base layer case companies.These indicate that it is necessary to consider the moderating effect of VC in the value assessment of small and medium-sized scitech enterprises.In this paper,research on the valuation of enterprise can provide a new way for the assessment practice of small and medium-sized sci-tech enterprises.