基于实物期权的高科技企业价值评估方法分析研发.doc

基于实物期权的高科技企业价值评估方法研究 摘 要 近年来，高新技术企业的蓬勃发展，在经济增长中贡献的比例逐步增大，人们己经开始愈发的重视起高新技术的企业的发展，对高新技术的企业的价值的评估也成为人们愈发关注的重点的问题。高新技术的企业的价值由现有的资产的价值和有增长的机会的价值而构成，我们所能运用的传统的价值的评估的方法能比较准确的评估现有的资产的价值，但是对企业的增长的机会的价值却很难用传统的方法来进行评估。如何来评价高新技术的企业的价值就成了一个的重要的问题。 本文一开始对过去的几十年的国内外的实物期权的理论进行了回顾与总结，其次对高新技术的企业的特点和价值评估进行了详细的介绍，对传统的价值的评估的方法的局限性展开了一些的分析，并提出了用实物期权的方法对高新技术的企业的价值进行了评估，再次的提出了高新技术的企业的实物期权的识别，构建了基于的实物期权的高新技术的企业的价值的评估的框架，最后运用了折现的现金流量的方法与实物期权的方法的结合对亿阳信通公司的价值进行了评估，得出的亿阳信通公司每股价值略微高于市场每股 的价值，在很大的程度上反映了公司的价值。 关键词：实物期权；高科技企业；价值评估  Abstract Recently, with high-tech enterprises vigorous developing, the importance of high-tech enterprises has been widely reco加zed. Value of high-tech enterprises also became more and more concern. Value of high-tech enterprises is consisting of the existing property value and the growth opportunity value. The traditional valuation methods can be more accurate assessment of the value of existing assets, while ignoring the value of growth opportunities. How do you assess the value of high-tech enterprises have become an important issue. First, this article reviewed and summarized over the past few decades the theory of real options, pricing model, as well as applied at home and abroad. Followed, this article introduces characteristics of high-tech enterprises, difficulty in assessment of enterprise value and analyzed the value of the traditional limitations of assessment methods .This article propose to make use of real options method to assess the value of high-tech enterprises and discusses the real option method relative advantages of traditional methods. It put forward high-tech enterprises to identify the real options, build a real option based on the framework for assessing the value of high-tech enterprises. Finally, this article make the use of discounted cash flow method and the combination of real options method of to asses the value of YI YANG XIN TONG listed companies .The value per share of YI YANG XIN TONG listed companies slightly higher than the market