高科技上市公司價(jià)值評(píng)估研究

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摘要
隨著我國社會(huì)經(jīng)濟(jì)的快速發(fā)展，我國GDP總量已經(jīng)攀升到了世界第二的位置，伴隨而來的是一系列的社會(huì)經(jīng)濟(jì)的轉(zhuǎn)型與變革問題，而在這些轉(zhuǎn)型過程中，經(jīng)濟(jì)發(fā)展模式的轉(zhuǎn)型尤為引人注目。由于國內(nèi)外經(jīng)濟(jì)形勢(shì)的變化，傳統(tǒng)產(chǎn)業(yè)的發(fā)展受到了嚴(yán)重的沖擊，各地政府以及中央政府都在尋求新的經(jīng)濟(jì)增長點(diǎn)，以高科技企業(yè)為代表的新產(chǎn)業(yè)異軍突起。
然而，高科技企業(yè)不同于傳統(tǒng)工業(yè)企業(yè)，它們具有高風(fēng)險(xiǎn)、高成長、高收益等特點(diǎn)，這類企業(yè)的發(fā)展需要足夠的資金支持，而在高科技企業(yè)的初創(chuàng)時(shí)期又往往缺乏資金支持，所以證券市場(chǎng)，特別是創(chuàng)業(yè)板，成為了高科技企業(yè)尋求資金支持的最佳路徑。而鑒于高科技企業(yè)的特點(diǎn)，對(duì)高科技類行業(yè)的公司進(jìn)行價(jià)值評(píng)估則需要用全新的視角。目前，針對(duì)高科技上市公司的價(jià)值評(píng)估方法主要有現(xiàn)金流量法和實(shí)物期權(quán)法。本文通過借鑒國內(nèi)外的研究經(jīng)驗(yàn)和成果并結(jié)合我國資本市場(chǎng)的實(shí)際情況，利用我國高科技上市公司的實(shí)際案例分析探索高科技企業(yè)的價(jià)值構(gòu)成及其評(píng)估方法和思路。


關(guān)鍵詞：高科技 上市公司 價(jià)值評(píng)估 現(xiàn)金流量法 實(shí)物期權(quán)法

Abstract

With the rapid social and economic development of our country, China's GDP has climbed to second of the world's position, accompanied by the transition and transformation of a series of problems in social economy, and in the process of transformation, the transformation of economic development mode is particularly attract people’s attention. Due to the changing domestic and international economic situation, the development of traditional industry has been under the serious impact, and the local governments and the central government are seeking new point of economic growth, where high-tech enterprises represents the sudden emergence of new industries.
However, unlike traditional industrial enterprises, high-tech enterprises have high-risk, high-growth, high-yield and other characteristics. The development of high-tech enterprises need adequate financial support, but high-tech enterprises in the start-up period are often lack financial support, so the stock market, especially the GEM, become the best path to seek financial support for high-tech enterprises. But in view of the characteristics of high-tech enterprises, to assess the value of high-tech companies needs a new perspective. Currently, there are two methods to eva luate the high-tech listed company value, which are cash flow and real options method. In this paper, by drawing on experience and achievements of domestic and overseas research, and combined with the actual situation of China’s capital market, I use actual case analysis to explore China's high-tech listing Corporation formed high-tech enterprise value and its eva luation methods and ideas.

Keywords: high-technology, listed company, value assessment, discounted cash flow method, Real Options

目 錄
前言 1
1、企業(yè)價(jià)值評(píng)估的理論概述 2
1.1企業(yè)價(jià)值的涵義 2
1.2企業(yè)價(jià)值評(píng)估的涵義 2
1.3企業(yè)價(jià)值評(píng)估的特點(diǎn) 3
2、高科技上市公司及其特點(diǎn) 3
2.1高科技上市公司概念 3
2.2高科技上市公司特點(diǎn)分析 4
3、高科技上市公司價(jià)值評(píng)估方法 6
3.1現(xiàn)金流量法 6
3.2實(shí)物期權(quán)法 7
4、基于現(xiàn)金流量法的案例分析 8
4.1公司情況簡介 8
4.2財(cái)務(wù)分析 9
4.3未來預(yù)測(cè) 14
4.3.1 產(chǎn)業(yè)預(yù)測(cè) 14
4.3.2 企業(yè)競(jìng)爭(zhēng)優(yōu)勢(shì) 15
4.4企業(yè)分析總結(jié) 16
5、評(píng)估方法總結(jié) 16
5.1評(píng)估方法的局限性 16
5.2評(píng)估方法發(fā)展的建議 17
結(jié)束語 18
參考文獻(xiàn)