基于战略投资的高新技术企业上市估值

对于高新技术企业的价值评估，传统的估值方法（如现金流贴现法DCF），忽略了企业在投资中的不确定性和决策的灵活性，往往低估了企业的价值，通过对高新技术企业的生命周期进行划分，考虑实物期权所带来的灵活性价值，首次引入公司上市的战略价值，从战略投资这一全新角度评估在创业板上市的高新技术企业的价值，建立更加适合高新技术企业的定价模型，并通过算例分析表现该模型在实践中的现实意义。

The Market Estimation of High and New-technology Enterprises based on Strategic Investment

For the evaluation of high-tech enterprises,the traditional estimation methods(such as Discounted Cash Flow),ignore the enterprise uncertainty in the investment and the flexibility in decision making,thus they often underestimate the value of the enterprise.In this article,the author has combined the value of flexibility brought from real option,as well as introducing the strategic value of company's being listed on market for the first time through dividing the life-cycle of new and high-tech enterprises t...