增长机会价值

高新技术企业增长机会价值评估

Evaluation on growth chance of new high-tech enterprises

高新技术企业价值由现有资产价值和增长机会价值构成，我们所能运用的传统价值评估方法能较为准确的评估现有资产价值，但是对企业增长机会的价值却很难用传统方法来评估。

Value of high-tech enterprises is consisting of the existing property value and the growth opportunity value . The traditional valuation methods can be more accurate assessment of the value of existing assets , while ignoring the value of growth opportunities .

本文研究了债务决策、增长机会与公司价值三者之间的关系。

This paper studied the relationship between debt decision , growth opportunity and firm value .

企业价值的另一部分则是未来增长机会的折现价值，即目标企业包含的期权价值；

Another part of enterprise 's value is the discounted value of future improving chance , namely the option value of target enterprises ;

本文对增长机会的三种价值评估工具，逐一做了简单介绍和评述，最后探讨如何将净现值、实物期权、决策分析，三种分析工具综合运，用来评估一项增长机会的价值。

This article introduces three valuation tools on growth opportunity , and the purpose is to discuss how to integrate them with each other to valuate an growth opportunity .

其中，企业价值量的增长主要表现为实物资产价值增长和成长机会价值增长两种形态，二者具有可加性；企业价值质的增长主要表现为企业综合能力增长。

One is value growth of enterprise in quantity which includes value growth of real asset and value growth of opportunity of development . The other is value growth of enterprise in quality which includes growth of ability of enterprise .