Research On Equity Value Evaluation Of High-tech Enterprises

Since 1940,a series of new technological changes have appeared around the world,which has made the concept of high technology popular.Today,high-tech has become an indispensable part of the sustained and robust economic development of countries around the world,and has become the focus of countries’ struggle for global influence and competitiveness.And as the wave of economic globalization continues to advance,China’s economic growth rate is also showing a faster and faster trend,and high-tech industries have also emerged,and have become China’s main force to promote economic development in the 21 st century.The Chinese government has issued policies such as tax reductions,export credits,and equity incentives to vigorously develop high-tech industries in order to achieve the goal of rapid development and growth of high-tech enterprises.In November 2018,General Secretary Xi announced his willingness to set up a science and technology innovation board,and planned to conduct a registration system pilot on this board and since the "13th Five-Year Plan",the country’s key support and promotion have shown the national government’s development of high-tech industries Attaches great importance to,so how to scientifically and reasonably evaluate the value of high-tech enterprises has become the common focus of the country,the capital market and enterprises.However,due to the late start of the research on enterprise value assessment in China,the development of relevant value assessment theory is not yet mature,and the research work on the value of high-tech enterprises began only in the late 20th century and the beginning of the 21 st century.And taking into account the characteristics of high-tech enterprises with a large proportion of intangible assets,weak early-stage revenue capacity,high industry technology update and elimination rate,and high risks.Therefore,in order to ensure the expansion and growth of high-tech enterprises for financing and listing,business mergers,mortgage guarantees and the introduction of venture capital,it is particularly important to accurately assess the value of high-tech enterprises.This thesis takes M company as the starting point for introducing external investment,cuts in from the unique characteristics of high-tech enterprises,and discusses how high-tech enterprises conduct enterprise value assessment.And through the introduction of M company’s all equity value project cases,analyze the industry status,financial status and operating status of M,find out the reasons and problems in this evaluation case,and further improve suggestions for the above problems To get the experience and enlightenment in the practice of value assessment of high-tech enterprises.This thesis is divided into five parts:The first part is introduction.This section mainly elaborates the background of the research and the significance of the research in this thesis,as well as the domestic and international research status of enterprise value assessment and high-tech enterprise value assessment.Point out the research content and methods of this thesis,and put forward innovative ideas and related technical routes.The second part introduces the evaluation case.This section introduces and sorts out the background of the evaluation case and the basic elements involved in the evaluation process,and describes and analyzes the basic process and evaluation conclusions of the case.The third part evaluates the case analysis.This section first analyzes the current status of the industry in which Company M is located and the overall situation of this evaluation case.On this basis,around this case,the applicability of the traditional evaluation method to the value evaluation of high-tech enterprises is analyzed,and the problems existing in the evaluation process are raised,and the corresponding reasons are analyzed.The fourth part evaluates case suggestions and inspirations.This part is based on the analysis of this evaluation case,and puts forward relevant suggestions for the company value evaluation and high-tech enterprise value evaluation conducted by Company M to attract external investors,and the enlightenment obtained during the analysis.The fifth part of the research conclusions and limitations.This part is to summarize the full thesis,analyze and draw conclusions,and point out the deficiencies of this thesis and related prospects.This thesis mainly adopts literature review method,case study method and quantitative and qualitative analysis methods.Taking M Company as an example,combined with the characteristics of its industry,it conducts an overall analysis and value evaluation of the case,proposes existing problems and gives suggestions,and provides reference for the value evaluation of this type of enterprise.