Design of High-tech Enterprise Value Evaluating Measure System Grounded on Value Based Management

Abstract

Recently, many scholars have studied measure system of enterprise valuation, but the researches on the measure system of high-tech enterprise valuation are not too much and not perfect enough. But with the rise of high-tech industries and high-tech enterprises are attracting increasing attention. In this paper, the design of high-tech enterprise value evaluating measure system grounded on value based management, according to the characteristics of high-tech enterprises, takes increasing high-tech enterprise value as the final aim. It comprehensively considered following factors impact on high-tech enterprise value, namely current profitability, potential profitability and opportunity value of future industry. When we design and select evaluation measure, we start with tow aspects: the financial value drivers (that is, profitability indicators, financial status indicators, operating capacity indicators) and non-financial value drivers (that is, technological innovation capacity, integrated efficiency of human resources, risk factors, opportunity value of industry development, corporate governance structure). Here from we put forward the new ways how to research on the valuation of high-new-tech enterprise use ANP (analytic network process) model.