Equity Valuation of High-tech Startup Enterprises: A Real Option Model based on the Perspective of Strategic Investors

Abstract

The development of high and new technology has become a major feature of the era of knowledge economy. The proportion of high and new technology start-up enterprises in the economic growth is increasing, which is becoming an important driving force to promote the positive development of society. Combining with the characteristics of high-tech start-up enterprises, a new way of thinking is explored to evaluate the value of high-tech start-up enterprises. Using scientific and reasonable value evaluation method to measure the real value of high-tech start-up enterprises is helpful to promote the development of investment and financing. From the perspective of strategic investment, there are interdependence and interaction between projects and projects, and among the steps in the project. The existence of this interrelationship makes the project have strategic value.  It also introduces the idea of real option evaluation, and uses the pricing model to evaluate the equity valuation of new high-tech start-up companies. In project investments with better strategic growth or strong operational flexibility, decision-making will need to be adjusted as the environment changes.