Hits:

Indexed by:会议论文

Date of Publication:2009-01-01

Included Journals:CPCI-S、CPCI-SSH

Page Number:273-279

Key Words:real options; evaluation; high-tech enterprises

Abstract:According to its characteristics, this paper views the high-tech enterprise wholly as a risk investment project which contains multiple real options from an investor's perspective and designs the evaluation method based on Geske model. In the calculation of the present value of the underlying asset, the present value of the cash flow was replaced by that of the enterprise's EVA, which can greatly enhance the accuracy of the estimation. The validity of the proposed evaluation method is verified by the data of the listed companies.