【摘要】 资本市场对高科技企业的价值判断缺少有效的评估手段。本文对高科技企业的投资价值评估建立了两阶段EBO模型并利用动态规划法进行求解。理论分析表明,高科技企业的投资价值与企业的盈利性、资本成本、研发周期、研发期期末的价值溢价有关,其中,研发周期的变动对高科技企业的投资价值影响较大。更多还原

【Abstract】 The capital market’s response of valuation upon hi-tech companies has changed from one extreme to the other.This is because of lack of efficient investment evaluation tools.In this article,we build a two-stage EBO evaluation model for hi-tech companies and dynamic programming is employed.The theoretical analyses prove that hi-tech company’s investment value is related to its profitability,capital cost,R&D duration,and the post-horizon capital premium.更多还原