Application Of Real Option Model Based On Fuzzy Mathematics In Value Evaluation Of High Tech Enterprises

In the past decade,the number of high-tech enterprises in China has been growing.Some data show that the annual growth rate of high-tech enterprises in the 13 th Five Year Plan period is more than 25%.It is precisely because of the rapid growth of its number that both the actual controllers inside the enterprise and the possible investors outside the enterprise have increasingly strict requirements for the accuracy of the value evaluation of hightech enterprises.However,different from traditional enterprises,high-tech enterprises have the characteristics of hidden assets,high-risk operation and high investment in innovation.At present,the cost method,income method and market method,which are widely used in enterprise value evaluation,are not applicable to high-tech enterprises to varying degrees.In practice,there is a lack of a method that can perfectly fit the characteristics of high-tech enterprises Therefore,it is urgent to improve the evaluation methods of high-tech enterprises to meet the needs of the new era.After discussing in detail the applicability of the existing evaluation methods in evaluating high-tech enterprises,this paper takes the value characteristics of high-tech enterprises as the starting point,and finds that the value of high-tech enterprises can be divided into two parts: the value created by explicit assets and the value that may be created by implicit assets in the future.After analyzing the value characteristics of these two parts,this paper mainly discusses the possibility of using the income method to evaluate the ex-plicit assets of high-tech enterprises and the B-S real option model to evaluate the implicit assets of high-tech enterprises.It is found that the explicit assets of high-tech enterprises are the assets reflected in the balance sheet just like the general traditional enterprises,and can be evaluated by the income method In order to reduce the impact of improper paramet-er selection on the accuracy of high-tech enterprise value evaluation results,this paper proposes to use fuzzy mathematics theory in B-S real options to modify the relevant parameters.Finally,this paper puts forward the model of "income method + fuzzy B-S real option" to evaluate the value of high-tech enterprises.This paper also selects Guangdong Shuanglin biopharmaceutical Co.,Ltd.to conduct a case study of the evaluation model,and compares the evaluation results of this model with those of other methods.It proves that the "income method + fuzzy B-S real option" model can be used to evaluate the value of high-tech enterprises more in line with the market value on the benchmark date,and the results are satisfactory It is more reasonable,and provides a certain reference for the practical evaluation of high-tech enterprises.