Research On Enterprise Value Evaluation Of Suzhou HYC Technology Co.Ltd Under FCFF And B-S Combination Model

On November 5,2018,the Science and Technology Innovation Board was established in Shanghai Stock Exchange and piloted the registration system for the first time.The technology innovation board will support the development of high-tech innovation companies economically.Most of the companies that have applied for and been listed on the science and technology Innovation Board are those with high R and D costs and uncertain future profits.Traditional absolute valuation method represented by market method,cost method and income method or relative valuation method represented by price-earnings ratio are often used to evaluate such enterprises.These methods only consider the existing value created by the existing assets and ignore the potential value brought by the capital invested by the enterprise,thus underestimating the enterprise value and incorrectly pricing such enterprises.Therefore,a reasonable enterprise value evaluation is the basis for the long-term development of enterprises.Under this background,this paper chooses to evaluate the enterprise value of Huaxing Yuanchuang innovation.This paper selects Huaxing Yuanchuang as the research object,and evaluates the enterprise value of Huaxing Yuanchuang with free cash flow and real option pricing(B-S)model before and after fuzzy processing.First of all,according to the characteristics of the kechuang board market profile and enterprises will be divided into Huaxing Yuanchuang and overall value of the existing assets to create value and high r and d brings the follow-up value of two parts,and uses the free cash flow discount model reflect its present value,B-S model reflects its value,on the basis of the two models to reflect the overall enterprise value.Secondly,considering that the parameters will change at any time and the uncertainty of the future,which will lead to inaccurate valuation,fuzzy mathematics is introduced to fuzzy the model to obtain the range of enterprise value and improve the accuracy and rationality of valuation.Again,for the sake of the institute to build a portfolio model,the effect of the building model of application Yu Huaxing Yuanchuang,and the fuzzy processing respectively before and after the combination of the model to evaluate the Huaxing Yuanchuang and enterprise value,the two evaluation results compared with Huaxing Yuanchuang and the market value of that portfolio model can better reflect the overall value of Huaxing Yuanchuang.The fuzzy combined model can effectively increase the accuracy of evaluation and reduce the error.Finally,the evaluation results of enterprise value are taken as the basis,and the free cash flow of the enterprise is taken as the driving factor affecting the enterprise value.The problems affecting the cash flow of the enterprise are analyzed,and relevant countermeasures are put forward.