| Science and technology are the primary productive forces.At present,my country is in the stage of high-tech development,and high-tech enterprises have become the mainstay of promoting the country’s scientific and technological progress.According to statistics released by the Ministry of Science and Technology,by the end of 2020,the country’s high-tech enterprises have reached 275,000.00 an increase of24% over 2019.With the rapid development of high-tech enterprises,the number of economic activities such as investment,mergers and acquisitions,and financing is also increasing day by day,and these economic activities need to evaluate the value of high-tech enterprises.In the evaluation practice,traditional evaluation methods are generally used,but these evaluation methods cannot reflect the characteristics of high-tech enterprises.Especially in growing enterprises,there are a large number of intangible assets and projects under investment.These intangible assets and projects under investment have not yet brought benefits to the enterprise,and traditional evaluation methods have certain limitations.Therefore,this paper analyzes the value characteristics of high-tech enterprises in the growth stage,explores the valuation methods suitable for such enterprises,and provides more reference for investors.Through analysis,this paper finds that the traditional evaluation method is no longer suitable for the value of high-tech enterprises in the growth stage,and cannot reflect the potential profitability.Then combined with the operating characteristics and value composition of high-tech enterprises in the growth period,the evaluation method of EVA and B-S combination model is explored.Based on the existing profitability value brought by the current patented technology and plant equipment and other assets of the growing high-tech enterprise,the EVA model is used to evaluate;for the potential profitability value of the enterprise’s R&D and projects under construction,the real option BS model assessment.The enterprise value is equal to the existing profitability value plus the potential profitability value.The model comprehensively considers the overall profitability of the enterprise and makes up for the limitations of traditional evaluation methods.This paper selects BOE as a case company.The company is a high-tech enterprise and it is in the growth stage.By analyzing the current development status and financial status of BOE’s industry,it predicts the future development trend.Then,based on the EVA model to evaluate the existing profitability value of BOE,use the B-S portfolio model to evaluate the potential profitability of the investment project,and finally calculate the intrinsic value of the company as a whole.The evaluation results are compared with the stock price,and the difference rate is low,so as to verify the rationality of the evaluation. |
