Research On The Value Assessment Of High-tech Enterprises Based On EVA Valuation Model

With the development of economic globalization,enterprise mergers and acquisitions,restructuring and other activities are becoming more and more frequent,how to value the enterprise becomes a very important part.At present,high-tech industries are developing rapidly,and high-tech enterprises are highly invested,innovative,profitable and risky,catering to the strategic needs of a strong national science and technology nation and meeting the requirements of high-quality development.Therefore,the value assessment of high-tech enterprises is of great significance to the development of high-tech enterprises in China and the progress of the country.The core and fundamental goal of modern enterprise management is to pursue the maximization of enterprise value.Enterprise managers,investors and other rel EVAnt stakeholders should aim at the long-term development of the enterprise.They need to comprehensively analyze the factors that affect the value of the enterprise.They should not only focus on the short-term business performance of the company,but also on the value creation ability and long-term competitive advantage of the enterprise.The value of an enterprise is a comprehensive concept,including various factors such as financial returns,market value and non-monetary asset exchange.By assessing the value of an enterprise,it is possible to recognize more precisely where the true value of an enterprise lies and to avoid over-or under-estimating the value of an enterprise.The business characteristics of high-tech enterprises are usually technological innovation,high risk,high growth and high profitability,so the traditional enterprise value assessment methods may not be applicable to this type of enterprises.EVA-based enterprise value assessment methods can be better adapted to the characteristics of high-tech companies.EVA methods can help high-tech companies EVAluate their performance and financial position more comprehensively,including taking into account the cost of shareholders’ equity,as well as taking into account non-recurring factors,etc.By using the EVA approach,high-tech companies can better measure the return and effectiveness of their capital investments and the value creation capability of their operating activities.This thesis analyzes theoretically that traditional methods of enterprise valuation have certain scope,pros and cons and are not suitable for high-tech enterprise EVAluation.Therefore,it is necessary to consider the enterprise value assessment of high-tech enterprises as a whole and apply a variety of modern management ideas to EVAluate and value them in a comprehensive and integrated manner.In this paper,we use EVA as the core enterprise valuation method to make up for the shortcomings of traditional valuation methods.In addition,the EVA method can be used to EVAluate the value of an enterprise more accurately by analyzing the enterprise in detail and gaining insight into its profitability model.In this thesis,a high-tech company,ZTE Corporation,is selected as an example for study.Because of its unique industry characteristics and operating features,this makes the valuation of high-tech listed companies very different from that of traditional companies.Through the application of the EVA enterprise value model,we are able to understand more precisely how to apply the EVA enterprise value approach in high-tech companies and to determine the appropriate accounting adjustments to reflect the true value of the company.It can also provide better implications and reference values for the development of high-tech listed companies.In addition,the study considers future value creation,which is an important characteristic of high-tech companies.The final conclusions and recommendations will also help investors and managers to better understand how to use EVA-based enterprise value assessment methods to make the right investment and business decisions.