| New material refers to the materials that are being developed with special properties or excellent performance,with leading functions and good development prospects.Nowadays,the development of new materials is an inevitable requirement to promote the development of national science,technology and economy,and it is also related to the country’s long-term development and even national defense security.In recent years,China has continuously strengthened its support for the new material industry,which has greatly promoted the development of new material enterprises.However,as a new industry,new material enterprises want to achieve good development and formulate scientific and reasonable development strategies,first of all,they must know their own strengths and weaknesses and what kind of core competitiveness they have.Therefore,which evaluation method to choose can comprehensively and accurately evaluate the target enterprise is still a key issue to be studied at present.The traditional market value evaluation method has some limitations in practical application,which leads to a big error between the final result and the actual situation,and it is impossible to accurately evaluate new material enterprises.Based on this,this paper studies the value evaluation methods suitable for new material enterprises,which can supplement the research in the field of value evaluation of new material enterprises to a certain extent,and also provide some directions and ideas for other scholars’ research.Based on this,this paper starts from the research angle of valuation.Firstly,the concept,connotation and development status of new material enterprises are studied,and the research results of domestic and foreign scholars are summarized.Secondly,on the basis of considering the factors that affect the enterprise value of new materials,the applicability of traditional evaluation methods is analyzed.In this paper,based on the FCFF model under the traditional income method,Monte Carlo simulation is used to improve the parameters,so as to ensure the accuracy of the value evaluation results.In the case analysis,firstly,the situation of enterprise T is analyzed,then the free cash flow method is used to evaluate enterprise T,and then Monte Carlo is introduced to improve it,so that it can be more suitable for the value evaluation of enterprise T.Finally,the sensitivity analysis of the evaluation results proves that the selected parameters are reasonable and the evaluation results are accurate.The main advantage of this document is that it fully takes into account the characteristics of the new materials industry and the uncertainty regarding the future receipts of the company’s new materials.However,traditional models do not take into account this uncertainty and do not take into account the existing ranges of fluctuations,which leads to the deviation of the estimation results improved simulation methods in Monte Carlo make the results of the improved model estimation more accurate. |
