高新技术企业价值评估研究
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摘要
加入WTO后，随着我国科技力量的增强和国家政策扶持力度的加大，高新技术企业的发展更加迅猛，相互间的竞争也更加激烈，导致企业间的并购、破产清算和司法纠纷等产权交易行为频繁发生；另一方面，高新技术企业作为“高投入、高风险、高收益”的企业，在其发展的不同阶段需要发生不同规模的融资行为，还要对企业进行有效的以价值链为核心的价值管理，以最大可能的为企业创造价值。以上这些行为都要以高新技术企业价值评估为依据。因此，迫切需要对高新技术企业价值评估开展研究，以加深我国评估工作人员、风险投资家、企业管理者及广大投资者对高新技术企业价值的认识，提高我国高新技术企业价值评估的水平，促进高新技术企业的健康发展。
本文系统地分析了高新技术企业的价值及其影响因素，建立了一套较科学的高新技术企业价值评估因素修正指标体系，对现有的高新技术企业价值评估模型进行了修正。本文共分五章：
第一章：分析研究高新技术企业价值评估的意义，对国内外高新技术企业价值评估研究现状进行综述，给出本文研究的脉络和方法。
第二章：从高新技术的内涵和界定出发，给出高新技术企业的定义和认定标准，同时对高新技术企业的分类、特点和生命周期进行分析，为全文的展开做好铺垫。
第三章：在分析一般企业价值的涵义基础上，给出了高新技术企业价值的特定涵义，系统分析高新技术企业价值的特点及其形成机理，重点分析高新技术企业价值的影响因素，为后文进行高新技术企业价值评估及建立评估修正指标体系提供依据。
第四章：概述高新技术企业价值评估的概念、基本要素和评估原则，分析高新技术企业价值评估具有的特性；指出传统的企业价值评估方法在评估高新技术企业价值时的缺陷。针对高新技术企业价值评估的特性，探讨采用贴现现金流量法和期权定价法相结合来评估高新技术企业价值的合理性及可行性，并具体分析其中各参数的确定及存在的问题。
广东工业大学管理学硕士学位论文
第五章:针对第四章评估模型中有关参数确定中存在的问题，构建
一套较科学的高新技术企业价值评估因素修正指标体系，采用多层次灰
色评估模型确定修正系数，对第四章提出的高新技术企业价值评估模型
进行修正。
After joining WTO, on the increase of the scientific and technological strength of our country and with the support from state policies, the development of new high-tech enterprise will be swift and more violent, and its competition is fiercer. This must lead to the fact that merged among enterprises, bankrupt behavior of transactions clearing, the judicial dispute etc, take place even more frequently; On the other hand, the new high-tech enterprise is the enterprise of " high investment, high risky, high income", so it must supplement financing on different scales at its different development stages and carry on the effective value management taking value chain as the core, to satisfy the shareholder's request of high repayment by creating value as possible as it can. All of these behaviors should base on the assessment of the value of new high-tech enterprise. So it is extremely urgent to carry on the research on the value of new high-tech enterprise so as to strengthen the understanding to the value of ne
w high-tech enterprise of assessor, risk investment entrepreneur, enterprise administrator and the masses of investors, heighten the level to assess the value of new high-tech enterprise, and promote the sound development of the new high-tech enterprise in our country.
The value of the new high-tech enterprise and its influence factors have been cooked and analyzed systematically in this text. And set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess, to revise existing assess model of new high-tech enterprise value. This text is divided five chapters altogether:
Chapter one: Analyze the meaning to study the assessment of new high-tech enterprise value, and give a summary of the current situation that studies the assessment of new high-tech enterprise value in domestic and abroad, and work out the trains of thought and the method about thesis study.
Chapter two: Offer the definition and cognizance standard of the new high-tech enterprise after definitizing the new and high technology. At the same time, the classification and the characteristic of the new high-tech enterprise, and life period to the new high-tech enterprise are analyzed. This chapter is the base on this text.
Chapter three: Give out the specific meaning of the value of new high-tech enterprise on the basis of analyzing the meaning of traditional enterprise value. Analyze systematically the characteristic of new high-tech enterprise value and the mechanism in which the value forms, and emphatically the influence factor of new high-tech enterprise value. This chapter is the base to carry on the assessment of new high-tech enterprises value, and to set up revise index systems in the back part this text.
Chapter four: Summarize the conception, the essential and the principle of new high-tech enterprise appraisal, and analyze the characteristic of new high-tech enterprise appraisal. Assesses the traditional approaches of evaluating the enterprise value, and point out its defect while assessing the value of new high-tech enterprise. It's supposed to assess the value of the new high-tech enterprise rationally and exactly by combining cash flow valuation method with option pricing method. And the author also has discussed the calculation of the parameters in this combing method.
Chapter five: Set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess on the basis of pointing out the problem in calculating the parameters in chapter four. And adopt the Multi-level Grey Evaluation Model to determine revising coefficient that revises assess model of new high-tech enterprise value in chapter four.
本文系统地分析了高新技术企业的价值及其影响因素，建立了一套较科学的高新技术企业价值评估因素修正指标体系，对现有的高新技术企业价值评估模型进行了修正。本文共分五章：
第一章：分析研究高新技术企业价值评估的意义，对国内外高新技术企业价值评估研究现状进行综述，给出本文研究的脉络和方法。
第二章：从高新技术的内涵和界定出发，给出高新技术企业的定义和认定标准，同时对高新技术企业的分类、特点和生命周期进行分析，为全文的展开做好铺垫。
第三章：在分析一般企业价值的涵义基础上，给出了高新技术企业价值的特定涵义，系统分析高新技术企业价值的特点及其形成机理，重点分析高新技术企业价值的影响因素，为后文进行高新技术企业价值评估及建立评估修正指标体系提供依据。
第四章：概述高新技术企业价值评估的概念、基本要素和评估原则，分析高新技术企业价值评估具有的特性；指出传统的企业价值评估方法在评估高新技术企业价值时的缺陷。针对高新技术企业价值评估的特性，探讨采用贴现现金流量法和期权定价法相结合来评估高新技术企业价值的合理性及可行性，并具体分析其中各参数的确定及存在的问题。
广东工业大学管理学硕士学位论文
第五章:针对第四章评估模型中有关参数确定中存在的问题，构建
一套较科学的高新技术企业价值评估因素修正指标体系，采用多层次灰
色评估模型确定修正系数，对第四章提出的高新技术企业价值评估模型
进行修正。
After joining WTO, on the increase of the scientific and technological strength of our country and with the support from state policies, the development of new high-tech enterprise will be swift and more violent, and its competition is fiercer. This must lead to the fact that merged among enterprises, bankrupt behavior of transactions clearing, the judicial dispute etc, take place even more frequently; On the other hand, the new high-tech enterprise is the enterprise of " high investment, high risky, high income", so it must supplement financing on different scales at its different development stages and carry on the effective value management taking value chain as the core, to satisfy the shareholder's request of high repayment by creating value as possible as it can. All of these behaviors should base on the assessment of the value of new high-tech enterprise. So it is extremely urgent to carry on the research on the value of new high-tech enterprise so as to strengthen the understanding to the value of ne
w high-tech enterprise of assessor, risk investment entrepreneur, enterprise administrator and the masses of investors, heighten the level to assess the value of new high-tech enterprise, and promote the sound development of the new high-tech enterprise in our country.
The value of the new high-tech enterprise and its influence factors have been cooked and analyzed systematically in this text. And set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess, to revise existing assess model of new high-tech enterprise value. This text is divided five chapters altogether:
Chapter one: Analyze the meaning to study the assessment of new high-tech enterprise value, and give a summary of the current situation that studies the assessment of new high-tech enterprise value in domestic and abroad, and work out the trains of thought and the method about thesis study.
Chapter two: Offer the definition and cognizance standard of the new high-tech enterprise after definitizing the new and high technology. At the same time, the classification and the characteristic of the new high-tech enterprise, and life period to the new high-tech enterprise are analyzed. This chapter is the base on this text.
Chapter three: Give out the specific meaning of the value of new high-tech enterprise on the basis of analyzing the meaning of traditional enterprise value. Analyze systematically the characteristic of new high-tech enterprise value and the mechanism in which the value forms, and emphatically the influence factor of new high-tech enterprise value. This chapter is the base to carry on the assessment of new high-tech enterprises value, and to set up revise index systems in the back part this text.
Chapter four: Summarize the conception, the essential and the principle of new high-tech enterprise appraisal, and analyze the characteristic of new high-tech enterprise appraisal. Assesses the traditional approaches of evaluating the enterprise value, and point out its defect while assessing the value of new high-tech enterprise. It's supposed to assess the value of the new high-tech enterprise rationally and exactly by combining cash flow valuation method with option pricing method. And the author also has discussed the calculation of the parameters in this combing method.
Chapter five: Set up relatively reasonable revise index system of factor influencing new high-tech enterprise value assess on the basis of pointing out the problem in calculating the parameters in chapter four. And adopt the Multi-level Grey Evaluation Model to determine revising coefficient that revises assess model of new high-tech enterprise value in chapter four.
引文
[1] 汤姆．科普兰、蒂姆．科勒，杰克．默林．价值评估——公司价值的衡量和管理(第三版)．郝绍伦，谢关平译．北京：电子工业出版社，2002
[2] Michel Benaroch, Robert. J.Kauflan. A Case for Using Real options Pricing Analysis to Evaluate Information Technology Project Investments. Information Systems Research, March 1999
[3] J. S. Busby, C. G.. C. Pitts. Real Option and Capital Investment Decisions.Management Accounting(British), 1997, 75
[4] Franklin J. Powa. Jr.,GeorgeT. Friedlob.全面理解现金流．李桂荣 译．北京：清华大学出版社，1999
[5] 王少豪．高新技术企业价值评估．北京：中信出版社，2002
[6] 左庆乐，刘杰．高新技术企业价值评估的基本问题探析．中国资产评估，2001，(6)：20-23
[7] 张丽平．风险投资下创业期高科技企业价值评估：[硕士论文]．电子科技大学图书馆，2002．
[8] 韦勇钢．高新技术企业投资机会价值评估研究：[硕士论文]．西安理工大学图书馆，2003．
[9] 余磊．互联网企业投资价值研究：[硕士论文]．西南财经大学图书馆，2000．
[10] 卢后盾，傅斌．中国新技术风险投资运作与案例分析．北京：中国税务出版社，2002
[11] S．戴维．扬，斯蒂芬．F．奥伯．EVA与价值管理—实用指南．李立萍，史璐等译．北京：社会科学文献出版社，2002
[12] 罗伯特．F．赖利、罗伯特．P．斯奇韦斯．高级商业价值评估手册．闫小娜，王海云，宋泓明等译，北京：中信出版社．2003
[13] 于鸿君．资产评估教程．北京：北京大学出版社，2000
[14] Cortazar.Gonzalo, Schwartz.Eduar do S., Sakubas.Marcelo. Evaluating environmental investments: A real options approach. Management
Science,1998,44(8): 1059-1070
[15] Huchzermeier.Arnd, Loch.Christoph H. Project management under risk: Using the real options approach to evaluate flexibility in R and D.Management Science,2001, 47(1): 85-101
[16] Amico.Michele, Pasek.Zbiqniew J., Asl.Farshid Maqhami, Perrone Giovanni. A new methodology to evaluate the real options of an investment using binomial trees and Monte Carlo simulation. Winter Simulation Conference Proceedings,2003,1:351-359
[17] Zhanq.Liyun, Jin.Ruiling. Research on venture capital evaluation/decision model of high-tech industrialization. Huadong Gongye Daxue Xuebao/Journal of East China University of Technology,1997, 19(4): 27-33
[18] Qiu.Fashenq,Yeo.K.T.The value of management flexibility-a real option approach to investment evaluation. International Journal of Project Management,2003, 21(4):243-250
[19] 帕特里克．沙利文．价值驱动的智力资本．赵亮译．北京：华夏出版社，2002
[20] 阿斯沃思．达蒙德理．价值评估——证券、投资评估与公司理财．张志强，王春香等译．北京：北京大学出版社，2003
[21] 武兴兵．关于高新技术企业并购的整体价值评估及应对措施．现代企业，2001，4：47～48
[22] 王俊垒．高新技术企业价值评估探讨．山西财经大学学报，2002，24：4～5
[23] 陈秀霞．高新技术企业财务管理若干问题的思考．福州大学学报，2002，(4)：25～27
[24] 张春英，姜丹．高新技术风险投资项目评估定量模型研究．科学管理研究，2001，19(5)：69～72
[25] 张丽云，金瑞龄．高新技术产业化风险投资评估决策模型的研究．华东工业大学学报，1997，19(4)：27～33
[26] 张萍，杨芳，蒋昆．高新技术企业生命周期与内部控制环境．广东审
计，2002，(10)：4～6
[27] 邓聚龙．灰色系统理论教程．武汉：华中理工大学出版社，1990
[28] 谭跃进，陈英武，易进先．系统工程原理．长沙：国防科技大学出版社，1999
[29] 王学萌，张继忠，王荣．灰色系统分析及实用计算程序．武汉：华中科技大学出版社，1996
[30] 傅立．灰色系统理论及其应用．北京：科学技术文献出版社，1992
[31] 刘思峰，郭天榜，党耀国．灰色系统理论及其应用(第二版)．北京：科学出版社，1999
[32] 罗帆．多层次灰色评价法在新产品评估中的应用．武汉理工大学学报(交通科学与工程版)，2001，25(3)：294～297
[33] 蔡建春，王勇，李汉铃．风险投资中投资风险的灰色多层次评价．管理工程学报，2003，17(2)：94～97
[34] 吴明赞，陈淑燕，陈森发．高新技术产品开发投资风险的多层次灰色评价．科研管理，2001，22(5)：117～121
[35] 罗小明，杨惠鹄．灰色综合评判模型．系统工程与电子技术，1994(9)：18～25
[36] 谢家平，孔令丞．设备更新的灰色层次综合评价模型．地质技术经济管理，1997，19(4)：58～63
[37] 胡笙煌．主观指标评价的多层次灰色评价法．系统工程理论与实践，1996(1)：12～20
[38] 胡运权．运筹学教程．北京：清华大学出版社，1998
[39] 杨为国．无形资产评估与实务．湖北：湖北人民出版社，2002
[40] 任蔼堂，喻晓宏，曹新途．社会管理会计．北京：中国物价出版社，2002
[2] Michel Benaroch, Robert. J.Kauflan. A Case for Using Real options Pricing Analysis to Evaluate Information Technology Project Investments. Information Systems Research, March 1999
[3] J. S. Busby, C. G.. C. Pitts. Real Option and Capital Investment Decisions.Management Accounting(British), 1997, 75
[4] Franklin J. Powa. Jr.,GeorgeT. Friedlob.全面理解现金流．李桂荣 译．北京：清华大学出版社，1999
[5] 王少豪．高新技术企业价值评估．北京：中信出版社，2002
[6] 左庆乐，刘杰．高新技术企业价值评估的基本问题探析．中国资产评估，2001，(6)：20-23
[7] 张丽平．风险投资下创业期高科技企业价值评估：[硕士论文]．电子科技大学图书馆，2002．
[8] 韦勇钢．高新技术企业投资机会价值评估研究：[硕士论文]．西安理工大学图书馆，2003．
[9] 余磊．互联网企业投资价值研究：[硕士论文]．西南财经大学图书馆，2000．
[10] 卢后盾，傅斌．中国新技术风险投资运作与案例分析．北京：中国税务出版社，2002
[11] S．戴维．扬，斯蒂芬．F．奥伯．EVA与价值管理—实用指南．李立萍，史璐等译．北京：社会科学文献出版社，2002
[12] 罗伯特．F．赖利、罗伯特．P．斯奇韦斯．高级商业价值评估手册．闫小娜，王海云，宋泓明等译，北京：中信出版社．2003
[13] 于鸿君．资产评估教程．北京：北京大学出版社，2000
[14] Cortazar.Gonzalo, Schwartz.Eduar do S., Sakubas.Marcelo. Evaluating environmental investments: A real options approach. Management
Science,1998,44(8): 1059-1070
[15] Huchzermeier.Arnd, Loch.Christoph H. Project management under risk: Using the real options approach to evaluate flexibility in R and D.Management Science,2001, 47(1): 85-101
[16] Amico.Michele, Pasek.Zbiqniew J., Asl.Farshid Maqhami, Perrone Giovanni. A new methodology to evaluate the real options of an investment using binomial trees and Monte Carlo simulation. Winter Simulation Conference Proceedings,2003,1:351-359
[17] Zhanq.Liyun, Jin.Ruiling. Research on venture capital evaluation/decision model of high-tech industrialization. Huadong Gongye Daxue Xuebao/Journal of East China University of Technology,1997, 19(4): 27-33
[18] Qiu.Fashenq,Yeo.K.T.The value of management flexibility-a real option approach to investment evaluation. International Journal of Project Management,2003, 21(4):243-250
[19] 帕特里克．沙利文．价值驱动的智力资本．赵亮译．北京：华夏出版社，2002
[20] 阿斯沃思．达蒙德理．价值评估——证券、投资评估与公司理财．张志强，王春香等译．北京：北京大学出版社，2003
[21] 武兴兵．关于高新技术企业并购的整体价值评估及应对措施．现代企业，2001，4：47～48
[22] 王俊垒．高新技术企业价值评估探讨．山西财经大学学报，2002，24：4～5
[23] 陈秀霞．高新技术企业财务管理若干问题的思考．福州大学学报，2002，(4)：25～27
[24] 张春英，姜丹．高新技术风险投资项目评估定量模型研究．科学管理研究，2001，19(5)：69～72
[25] 张丽云，金瑞龄．高新技术产业化风险投资评估决策模型的研究．华东工业大学学报，1997，19(4)：27～33
[26] 张萍，杨芳，蒋昆．高新技术企业生命周期与内部控制环境．广东审
计，2002，(10)：4～6
[27] 邓聚龙．灰色系统理论教程．武汉：华中理工大学出版社，1990
[28] 谭跃进，陈英武，易进先．系统工程原理．长沙：国防科技大学出版社，1999
[29] 王学萌，张继忠，王荣．灰色系统分析及实用计算程序．武汉：华中科技大学出版社，1996
[30] 傅立．灰色系统理论及其应用．北京：科学技术文献出版社，1992
[31] 刘思峰，郭天榜，党耀国．灰色系统理论及其应用(第二版)．北京：科学出版社，1999
[32] 罗帆．多层次灰色评价法在新产品评估中的应用．武汉理工大学学报(交通科学与工程版)，2001，25(3)：294～297
[33] 蔡建春，王勇，李汉铃．风险投资中投资风险的灰色多层次评价．管理工程学报，2003，17(2)：94～97
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