智飞生物公司价值评估案例研究-case study on valuation of zhifei biology company.docx

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2018-06-09 发布于上海
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智飞生物公司价值评估案例研究-case study on valuation of zhifei biology company.docx

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智飞生物公司价值评估案例研究-case study on valuation of zhifei biology company

AbstractNowadays, the new technology and new industry has developed rapidly. Which is giving birth to a new industrial revolution. The new industry will be the most important leading power of the economic and social development. Facing the present situation of the rapid development of enterprises, the GEM market provides financing to those high-tech enterprises which is lack of funds or has difficulties in financing. However, the majority of the society worried about the continue rising of the GEM. And also the over valued capital market has becoming the focus of attention.Because of the different features of the high-tech enterprise, we should use a unique method to assess the enterprise value. This paper selects Zhifei Biological Technology Co., Ltd. as a research subject which is a high-tech enterprises of the GEM, we use valuation methods to assess the value of the company ,and we will judge whether the companys stock value is overrated, and whether it’s a bright decision to invest on this company. In this thesis were define the enterprise value, and we believe that a companys value is generated from future cash flows which comes from the business operating activities, plus the value of the opportunity which is a potential profit, so the value of the enterprise can be divided into two parts, the value of existing investment sand the potential value which comes from patented technology. In this thesis, we use FCFF model to asses the existing value, and we use the technical divided assessment method to assess the potential value. This study shows that in order to assess the value of the high-tech enterprise of the GEM accurately, we should not only assess the existing value of the company, but also we should evaluate its potential value which comes from the future possible profit, and it will be more reasonable to considerate the two parts of the company when we start the valuation.Key words: High-tech company Growth Enterprise Market（GEM） Valuation Free Cash Flow