高新技术企业价值评估方法研究

发布时间：2019-05-08 21:01

【摘要】： 高新技术企业的重组、并购、上市等经济活动日益频繁,价值管理在企业管理中的重要性越来越凸现,以及高新技术企业对风险投资的特殊需求,这些都使得高新技术企业的价值评估需求越来越大。然而,由于新技术、新产业不断涌现,知识更新速度加快,产品的生命周期缩短,企业外部环境愈加动荡和不确定,使高新技术企业具有不同于传统型企业的成长模式和发展特点,因而也就具有了不同的企业价值评估特点。本文系统地分析了高新技术企业的价值特点及其价值驱动来源。并着重分析了其价值链特征,紧接着本文基于价值链角度,其企业价值是一种综合价值,是由财务因素和非财务因素共同构成的综合体。本文共分五章: 第一章:对国内外高新技术企业价值评估研究现状进行综述,对其价值作了一番定义,并给出本文研究的目的、思路和方法。第二章:从高新技术产业的界定入手,对高新技术企业进行界定,然后再分析高新技术企业所具有的一般特点。同时对高新技术企业生命周期、价值来源、价值链进行分析,为其价值评估做好铺垫。第三章:首先分析高新技术企业价值评估所具有的特性,指出传统的企业价值评估方法的局限性和适用性,基于此,本文提出基于价值链管理思想下的价值评估方法新思路,即从财务因素和非财务因素两方面来进行高新技术企业价值评估。财务因素的评估可根据企业的生命阶段来选取不同的传统评估方法,而对于非财务因素的评估本文采用AHP-模糊综合评价模型进行评估。第四章:基于上文的分析,提出了高新技术企业价值评估模型思路,并阐述了基于AHP-模糊综合评价法下的非财务因素指标体系建立的一般步骤。第五章:选用中山大学达安基因公司对上文建立的高新技术企业评估模型进行实例分析,验证其可行性。
[Abstract]:The restructuring, mergers and acquisitions, listing and other economic activities of high-tech enterprises are increasingly frequent, and the importance of value management in enterprise management is becoming more and more prominent, as well as the special needs of high-tech enterprises for venture capital. These all make the high-tech enterprise's value appraisal demand more and more big. However, as a result of new technologies, new industries continue to emerge, the speed of knowledge renewal is accelerating, the life cycle of products is shortened, and the external environment of enterprises becomes more volatile and uncertain. As a result, high-tech enterprises have different growth patterns and development characteristics different from those of traditional enterprises, so they have different evaluation characteristics of enterprise value. This paper systematically analyzes the value characteristics of high-tech enterprises and the source of value-driven. Then, based on the angle of value chain, the enterprise value is a kind of comprehensive value, which is composed of financial factors and non-financial factors. This paper is divided into five chapters: chapter one: a review of the research status of value evaluation of high-tech enterprises at home and abroad, the definition of its value, and the purpose, ideas and methods of this study are given. Chapter two: start with the definition of high-tech industry, define the high-tech enterprise, and then analyze the general characteristics of the high-tech enterprise. At the same time, the life cycle, value source and value chain of high-tech enterprises are analyzed. The third chapter analyzes the characteristics of the value evaluation of high-tech enterprises, and points out the limitation and applicability of the traditional enterprise value evaluation method. Based on this, this paper puts forward a new idea of value evaluation method based on the thought of value chain management. That is, from the financial factors and non-financial factors to evaluate the value of high-tech enterprises. The evaluation of financial factors can select different traditional evaluation methods according to the life stage of the enterprise, and the AHP- fuzzy comprehensive evaluation model is used to evaluate the non-financial factors in this paper. Chapter 4: based on the above analysis, this paper puts forward the thought of the value evaluation model of high-tech enterprises, and expounds the general steps of establishing the index system of non-financial factors based on AHP- fuzzy comprehensive evaluation method. In chapter 5, we select Da'an Gene Company of Sun Yat-sen University to analyze the evaluation model of high-tech enterprises above, and verify its feasibility.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2008
【分类号】：F276.44

【引证文献】