Value Evaluation Of Growth Stage High Tech Enterprises Based On EVA And B-S Model

In recent years,the global political shock has intensified,the risk of economic stagflation has risen,and the COVID-19 has been repeated.China’s economic risks have increased,and macroeconomic growth is facing severe challenges.Under the complex situation,China’s economic development should adhere to the innovationdriven principle,clarify the main position of enterprises in innovation,improve the innovation ability of enterprises,expand the scale of high-tech enterprises,let science and technology and innovation support the national core economy,and lead the new momentum of economic development.At the same time that China’s innovation power is increasing,it is increasingly important and urgent to carry out accurate and reasonable value evaluation for high-tech enterprises.How to determine the value characteristics of high-tech enterprises and reasonably reflect the overall value of high-tech enterprises has become a new challenge in the field of value evaluation.This paper selects North Huachuang as a case enterprise for evaluation and analysis.North Huachuang is deeply engaged in the semiconductor field in the information technology industry,mastering a number of key technologies of high-end integrated circuits,and is a leading enterprise in the field of semiconductor equipment.First of all,this paper combs the relevant literature to determine the definition characteristics and value composition of high-tech enterprises.High-tech enterprises have the characteristics of high risk,high income,and large proportion of intangible assets.These operating characteristics different from traditional enterprises become the difficulty of value evaluation.The traditional single evaluation model has limitations on the value identification of high-tech enterprises.Aiming at the evaluation difficulties of high-tech enterprises,the enterprise life cycle theory is introduced to define the internal characteristics and value characteristics of high-tech enterprises at different stages of the cycle.For the growing high-tech enterprises,their enterprise value consists of the existing profit value and the potential profit value.Based on the intrinsic value composition of high-tech enterprises,this paper selects EVA and B-S comprehensive model to evaluate high-tech enterprises.EVA model is used to evaluate the current profit value of the existing plant buildings,machinery and equipment and other assets of the growing high-tech enterprises.For the potential profit value of R&D projects and capacity construction projects invested by the growing high-tech enterprises,the B-S model is used to evaluate.Take the growing North Huachuang Company as an example,analyze the overall profitability of the company,and carry out two-stage EVA valuation based on the prediction of the company’s financial situation and the development of the semiconductor industry.Then use the B-S model to evaluate the potential profit value of the company’s investment projects.The evaluation result of the overall value is calculated through the comprehensive model and compared with the actual market value on the benchmark date.This paper believes that the division of life cycle in the process of evaluating high-tech enterprises is an important method to understand the composition of enterprise value.The construction of the comprehensive evaluation model also avoids the limitations of a single evaluation model to a certain extent,improves the accuracy of the evaluation results,provides reliable reference for investment decisions,and helps the development of high-tech enterprises.