Research On Value Evaluation Of High-tech Service Enterprises Based On Improved DCF-BS Model

Since the reform and opening up,especially in the new era and stage of socialism with Chinese characteristics,China’s economy has developed steadily and created many economic miracles that have attracted the attention of the world.In this situation,new and high-tech technologies continue to emerge,and business models continue to innovate.Relying on new high-tech technologies such as big data,5G,and cloud computing,a number of new service industries have been promoted.Especially in today’s increasingly personalized service requirements,links such as research and development,design,and consulting are gradually separated from the value chain of high-tech industries,forming a knowledge intensive,high value-added,high-tech service system that provides support and services to industries and enterprises.These high-tech service industries are in full swing of development and have now become one of the key industries supported by the state.Their purpose is to share high-tech achievements with high value-added professional services,promote the optimization and upgrading of traditional industries,and achieve high-quality economic growth.With the rise and rapid development of such enterprises,there is a huge demand for value assessment among high-tech service enterprises.Compared with traditional enterprises,the characteristics of high-tech service industry have put forward more stringent requirements for the value evaluation of such enterprises.Therefore,how to find an effective evaluation method to relatively accurately evaluate the value of high-tech service enterprises is of great significance.In view of this,this article takes Jiangxi Tianli Technology Co.,Ltd.as an example to study the value evaluation of high-tech service enterprises.Firstly,based on an in-depth study of relevant literature such as enterprise value evaluation theory and practice,this paper discusses the methods and theoretical system of high-tech service enterprise value evaluation.Secondly,based on the connotation of high-tech service enterprises,the characteristics and value composition of high-tech service enterprises are analyzed,and the value of high-tech service enterprises is divided into two parts: existing value and potential value.For the value evaluation of high-tech service enterprises,this article comprehensively analyzes the applicability of three traditional methods,and selects the cash flow discount model in the income method to evaluate the existing value of the enterprise.At the same time,this article also conducts in-depth research on the real option method.In order to construct an evaluation model suitable for high-tech service enterprises,this paper introduces fuzzy mathematics theory and fuzzy comprehensive evaluation method to modify the parameters of the evaluation model.When using the fuzzy comprehensive evaluation method,this paper sets the sustainable growth rate in the stable growth stage of the discount model as a fuzzy number to improve the accuracy of the evaluation results.At the same time,this article also introduces the theory of fuzzy mathematics into the real option model,setting the volatility and underlying asset price as fuzzy numbers,replacing the more absolute single value with interval values,improving the defects of the original model’s absolute single value,thereby further improving the accuracy of the option value evaluation results.Finally,a quantitative analysis was conducted on the selected evaluation object "Tianli Technology".By comparing the value of the improved DCF-BS model and Tianli Technology at the evaluation time point,and conducting in-depth analysis of the reasons for the differences,it was concluded that the improved model had a certain degree of reliability and feasibility.In summary,the improved DCF-BS evaluation model can help overcome the limitations of traditional evaluation methods that are too absolute.The evaluation method constructed in this article is based on domestic and foreign research and has been modified to some extent.Applying this method to the value evaluation practice of high-tech service enterprises can provide certain reference for their evaluation practice and investors.