Research On The Valuation Of Artificial Intelligence Enterprises On The Star Market On The EVA And B-S Combination Model

In recent years,economic growth has slowed in many countries,with traditional industries bringing less impetus to economic growth than before.The booming development of artificial intelligence has brought unprecedented opportunities and challenges to countries around the world,prompting them to transform their economies and find new economic growth points.Against this backdrop,China is actively exploring channels to promote the development of artificial intelligence companies.The establishment of the Science and Technology Innovation Board has reduced the difficulty for AI companies to obtain financing from the capital market and provided strong support for their development.At the same time,the rapid growth of the scale of AI companies on the STB and the rapid expansion of company size,IPOs,share transactions,mergers and acquisitions and other transactional behaviours are frequent,posing a whole new challenge to the asset valuation industry,so it is particularly important for the asset valuation of AI companies on the STB during this period.Against this background,this article combines the theoretical knowledge related to enterprise valuation and focuses on the valuation of artificial intelligence enterprises on the Science and Technology Venture Board(STB),and selects Hongsoft Technology as a typical case for analysis.The article first analyses the characteristics,value composition and valuation challenges of AI enterprises on the STB,arguing that AI enterprises are characterised by high development uncertainty,a large proportion of intangible assets,high growth and high risk.Based on the characteristics of these enterprises,the article examines the reasonableness and applicability of traditional valuation methods and concludes that none of the traditional valuation methods is suitable for valuing AI enterprises alone.Then,taking into account the current understanding and definition of AI company value in domestic academia,this paper divides the overall value of an AI company into two main parts,one being the value of its existing assets and the other being the potential value of the company,thus constructing a combination of EVA and B-S models and analysing the applicability in the assessment.In the case study section,the EVA model was applied to assess the value of Hongsoft’s existing profitability,and the B-S model was used to analyse Hongsoft’s potential profitability.The final calculation of the overall value of IISI is compared with the market value of the company,and the error rate is calculated and the reasons for this are analysed.Finally,the main conclusion of this paper is that there are certain shortcomings in using a single valuation method to evaluate AI companies listed on the KCI based on their value components and valuation characteristics.The applicability of the combination of EVA and B-S model is verified by comparing the estimated value of IISI with the market price on the valuation benchmark date.At the same time,it is of practical significance in providing a reference for management and investors in making decisions.