【正文】 技術(shù)要想認(rèn)識(shí)自身的價(jià)值，尋求升值的可能，就必須對(duì)企業(yè)的價(jià)值進(jìn)行評(píng)估。s hightech enterprises, mergers and acquisitions, corporate financial management, enterprise listing, risk investment advisory services and other activities bee more active, which has a great demand on enterprise value evaluation. Hightech enterprise value is posed of the opportunity value of existing assets and increase in value, traditional valuation methods can accurately assess the value of existing assets, ignoring the value of growth opportunities. Be just unfolding on the hightech enterprises value assessment methods of China, has not yet formed a plete theoretical system, mature. Evaluation method for improving the value of hightech enterprises, research methods of theoretical analysis and case analysis, quantitative analysis and qualitative analysis, the main contents include:the value of existing assessment methods of enterprises, based on the concept of hightech enterprises and its evaluation methods, applicability analysis of various existing valuation methods, explaining the method of Chinese traditional enterprise value evaluation.(1) valuation methods in hightech enterprise construction part, the first evaluation of hightech enterprise value drivers。(4)結(jié)論與展望部分，總結(jié)了研究工作的重要意義、存在的問(wèn)題和有待拓展之處。在價(jià)值評(píng)估過(guò)程中，應(yīng)用了定量分析工具。(2)高新技術(shù)企業(yè)價(jià)值評(píng)估方法構(gòu)建部分，首先評(píng)估高新技術(shù)企業(yè)價(jià)值驅(qū)動(dòng)因素；分別用折現(xiàn)現(xiàn)金流量法評(píng)估現(xiàn)有資產(chǎn)的價(jià)值，簡(jiǎn)單介紹實(shí)物期權(quán)定價(jià)法用于評(píng)估高新技術(shù)企業(yè)價(jià)值。我國(guó)有關(guān)高新技術(shù)企業(yè)價(jià)值評(píng)估方法的探討尚未形成完整、成熟的理論體系。高新技術(shù)企業(yè)的價(jià)值大小是投資者最為關(guān)心的焦點(diǎn)之一，也是投資者投資成敗的關(guān)鍵因素。西安石油大學(xué)本科畢業(yè)設(shè)計(jì)（論文） 本科畢業(yè)設(shè)計(jì)（論文） 題 目： 高新技術(shù)企業(yè)價(jià)值評(píng)估基于北斗星通公司的案例分析 學(xué)生姓名： 石浩 院 （系）： 經(jīng)濟(jì)管理學(xué)院 專業(yè)班級(jí)： 財(cái)管0901 指導(dǎo)教師： 寧宇新 完成時(shí)間： 高新技術(shù)企業(yè)價(jià)值研究評(píng)估研究 ——基于北斗星通公司的案例研究摘要：自20世紀(jì)90年代以來(lái)，隨著計(jì)算機(jī)網(wǎng)絡(luò)、生物工程、新材料、航空航天技術(shù)的興起和發(fā)展，引發(fā)了經(jīng)濟(jì)增長(zhǎng)模式、經(jīng)濟(jì)運(yùn)行規(guī)律的變化，在世界范圍內(nèi)誕生了一大批高新技術(shù)企業(yè)。特別是 2009年 10月在深圳啟動(dòng)的創(chuàng)業(yè)板市場(chǎng)，為我國(guó)高新技術(shù)企業(yè)的發(fā)展提供了廣闊的發(fā)展空間和平臺(tái)，同時(shí)也為廣大投資者提供了新的投資領(lǐng)。高新技術(shù)企業(yè)價(jià)值由現(xiàn)有資產(chǎn)價(jià)值和衍生機(jī)會(huì)價(jià)值構(gòu)成，傳統(tǒng)價(jià)值評(píng)估方法能準(zhǔn)確評(píng)估現(xiàn)有資產(chǎn)價(jià)值，而忽視衍生機(jī)會(huì)價(jià)值。為完善高新技術(shù)企業(yè)價(jià)值評(píng)估方法，應(yīng)用理論分析與案例分析、定量分析與定性分析相結(jié)合的方法展開(kāi)研究，主要內(nèi)容包括：(1)現(xiàn)有企業(yè)價(jià)值評(píng)估方法評(píng)析部分，在論述高新技術(shù)企業(yè)及其評(píng)估方法概念的基礎(chǔ)上，分析現(xiàn)有各種估價(jià)方法的適用性，說(shuō)明我國(guó)傳統(tǒng)企業(yè)價(jià)值評(píng)估的方法。(3)案例分析部分，以北斗星通公司為例進(jìn)行構(gòu)建方法的應(yīng)用研究。用趨勢(shì)外推法預(yù)測(cè)銷售收入，確定經(jīng)營(yíng)年限以及折現(xiàn)率，運(yùn)用現(xiàn)金流量法對(duì)北斗星通公司進(jìn)行價(jià)值研究。關(guān)鍵字：高新技術(shù)企業(yè)，價(jià)值評(píng)估，折現(xiàn)現(xiàn)金流量法，實(shí)物期權(quán)法，北斗星通公司Study on the Assessment of the Value of Hightech Enterprises The case study pany based on the Big DipperAbstract: with the rapid development of China39。 respectively using the discounted cash flow method to assess the value of existing assets and real option pricing method is applied to evaluate the value of hightech enterprises.(2) the part of case analysis, applied research on BDStar pany as an example for constructing method. In the evaluation process, applied the tools of quantitative analysis. (3) the part of case analysis, applied research on BDStar pany as an example for constructing method. In the evaluation process, applied the tools of quantitative analysis. Forecast sales ine trend extrapolation method, to determine the operating period and the discount rate, the Big Dipper pass pany value of using cash flow method.(4) the conclusion, summarizes the positive significance of the research, the existing problems and to expand it.Keywords: high technology and new technology enterprise, valuation, discounted cash flow method, real option method, the Big Dipper pany目 錄………………………………………………………………………………………………5…………………………………………………………………………5…………………………………………………………………………6...................................................................6...................................................................6.............................................................................6.............................................................................7.……………………………………………….7 高新技術(shù)企業(yè)概述………………………………………………………………………7.......................................................................7.......................................................................8 高新技術(shù)企業(yè)價(jià)值要素分析………………………………………………………9……………………………………………………10 企業(yè)評(píng)估價(jià)值理論論述………………………………………………………………10..............................................................................10........................................................................10.................................................................11 現(xiàn)金流量法應(yīng)用于高新技術(shù)企業(yè)價(jià)值評(píng)估……………………………..…12...............................................................................12.....................................13 .......................................14 實(shí)物期權(quán)法應(yīng)用