Evaluation Of High-tech Enterprises Based On Fuzzy Real Options

With the rapid development of this era,China has shifted from a high-speed development stage to a high-quality development stage.As enterprises with strong R&D creativity,high-tech enterprises are one of the keys to achieving national development goals.high-tech enterprises have some unique characteristics,such as high barriers,high R&D investment,high risks,and high returns,which may be affected by uncertain factors,lack of reference cases,and insufficient business data in the actual evaluation process.As ordinary investors,it is difficult to accurately judge the value of high-tech enterprises.A reasonable evaluation of high-tech enterprises can help investors improve the quality of investment decision-making,and also help regulatory authorities strengthen regulatory efficiency.Therefore,it is very important to scientifically and reasonably evaluate the value of high-tech enterprises.This article takes Greatpower as an example to conduct in-depth analysis and research on the existing and potential values of high-tech enterprises,aiming to provide more accurate and effective investment suggestions to the capital market,and also contribute some ideas to the enterprise value evaluation of high-tech enterprises.Firstly,this article reviews the theories related to enterprise value evaluation,and understands that there are not many applications that combine fuzzy mathematics theory with real option method.By analyzing the characteristics and industry specificities of high-tech enterprises,this paper finds that traditional evaluation methods are not sufficient to support the overall value evaluation of high-tech enterprises.Therefore,the real option method is introduced to measure the potential value of enterprises.Because the parameters of the B-S pricing model in the traditional real option method are fixed values,there is a lack of consideration for uncertain factors.If only the traditional real option method is used to evaluate the option value of an enterprise,the evaluation results may deviate from the market value.To compensate for this deviation,this paper uses fuzzy mathematics to fuzzify fixed values,quantify the uncertainties,and construct a fuzzy real option model to improve the accuracy of the evaluation results.Then,based on relevant theoretical frameworks and empirical models,the value of Greatpower is evaluated through case analysis.The first step is to calculate the current value of Greatpower using the free cash flow model;The second step is to use the traditional B-S model and the fuzzy B-S model to evaluate the potential value of Greatpower and calculate the overall value of the enterprise.Finally,by comparing the degree of deviation between the evaluation value and the securities market value,it can be seen that the enterprise evaluation value combined with the fuzzy real option method is closer to the market value.Therefore,it is also verified that this theoretical framework and experimental model are consistent with the value evaluation of high-tech enterprises.Based on the research of enterprise value,this article explores a theoretical system suitable for the evaluation of high-tech enterprises,establishes a scientific empirical model,and provides some reference for the future evaluation of high-tech enterprises.