Application Of Grey Relational Degree Model In Equity Valuation Of High-tech Enterprises

In recent years,with the continuous advancement of the market economy process and the hot development of artificial intelligence,chips,big data and other technologies,high-tech enterprises quickly broke away from the tired development of traditional enterprises due to the national top-level policies and their technological progressiveness,becoming an important source of power to create national economic wealth.In the context of hard science and technology,high-tech enterprises,as a new force to exert innovative power of China,are increasingly engaged in economic activities such as mergers and acquisitions,restructuring,and equity trading.In order to maintain the existing market share and effectively enhance the market share of enterprises,enterprises usually use the method of trading equity to enhance their competitiveness and improve the operational quality and efficiency of corporate capital.A large number of equity trading activities have made it an urgent need to estimate the equity trading value of high-tech enterprises and provide scientific price references for the parties involved in the transaction.Market approach,as the most persuasive method that can best reflect the actual market price in value evaluation,is widely favored when evaluating the equity value of enterprises.However,due to the restrictions of open and active markets and the need to select a large number of comparable reference materials for judgment,market approach has a gray nature in the practical application process.The combination of the grey correlation degree model and the market method has broken some of the constraints of gray characteristics,and has also freed the market method from the rigid conditions that require a large number of reference systems.However,due to the lack of comprehensive research on the factors affecting the equity value of high-tech enterprises in the market,the criteria for determining the degree of difference between comparable references are not standardized enough,resulting in a serious deviation between the final evaluation results and the actual price when using the market method combined with the gray correlation model to evaluate the equity value of high-tech enterprises.The paper extensively reviewed and analyzed relevant literature at home and abroad,led by four research methods literature research method,qualitative analysis method,quantitative analysis method,and case analysis method.It successively sorted out the definition,characteristics,and value evaluation concepts of high-tech enterprises,and confirmed the evaluation scope of equity value of high-tech enterprises.At the same time,the use steps and application principles of the gray correlation degree model introduced in the paper provide a reliable theoretical basis for the application of the market method combining the gray correlation degree model to evaluate the equity value of enterprises.Subsequently,the paper selects ZTE Corporation as a sample and evaluates the equity value of the selected enterprise using the traditional grey correlation model,completing a preliminary case analysis.In the preliminary analysis,the application limitations of the model were clarified,and the model was revised based on the valuation requirements for the equity value of high-tech enterprises.Using the modified model to re estimate the equity value of the target enterprise and comparing the results obtained twice,it is concluded that the application of the modified gray correlation model can promote a more scientific and objective conclusion of the evaluation.According to the difficulties encountered in the evaluation process,appropriate suggestions are proposed for applying the gray correlation model to evaluate the equity value of high-tech enterprises.