| At present,the global economic development model is undergoing major strategic adjustment,in which China undoubtedly faces great challenges.The key to changing the development mode at the level of strategic adjustment lies in high-tech enterprises,which is also an important symbol of China’s advanced productive forces.With the rapid development of high-tech enterprises in recent years,the field of enterprise value evaluation is followed by new challenges.Among them,the most challenging is the high-tech enterprises in the growth period.It is mainly caused by the frequent trading activities of such enterprises,including IPO,equity acquisition,merger and reorganization.In view of this,enterprise value evaluation is very important.Currently the value evaluation methods and research system of high-tech enterprises are not mature,and the traditional enterprise valuation methods are still used in most cases.Therefore,it is very important to find the methods which suitable for the value evaluation of high-tech enterprises.Based on the life cycle and characteristics of high-tech enterprises,this paper further constructs the EVA/B-S portfolio evaluation model and analyzes the construction path and feasibility of the model.On this basis,Huayu software is selected as a case for analysis.The case analysis of this paper is divided into two parts.One part uses EVA model to evaluate the existing value of Huayu software,and the other part employs B-S model to evaluate the future value of Huayu software.The former is to evaluate the current value created by the existing assets of the evaluation enterprise at the evaluation time point;the latter is to evaluate the potential value that Huayu software can recover in a certain period of time in the future.The appraisal time point has not been really realized,and the invested projects are under construction,but these projects.Are still eligible to be regarded as an important part of enterprise value.EVA/B-S evaluation portfolio model can comprehensively consider the industry attributes of Huayu software and the characteristics of the enterprise,and objectively,comprehensively and authentically consider the enterprise value from the two aspects of existing profitability and potential profitability.Finally,this paper will employ EVA/B-S evaluation combination model to calculate and analyze the valuation results of Huayu software.Figure out the overall value of Huayu software and compare it with the market price of the company,and then calculate the error rate and analyze the reasons.Draw further conclusions and give suggestions. |
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