相对估价法评估高科技上市公司价值的研究

On the Application of Multiples in Evaluating the High-tech Listed Firms

探讨用相对估价法对中国高科技上市公司进行价值评估的实用性和局限性。首先,高科技企业将大量利润投资于新产品研发,当采用所有上市公司作为总样本所获取的基准比率对该类公司进行价值评估时,其值往往偏低。其次,各比率工具对高科技企业的定价误差存在差异,准确性有高有低。最后,高科技企业的高风险和收益的不确定性导致对该类公司未来现金流难以估算,使用市盈率对其定价不准确。

This paper discusses the practicability and limitation of various multiples used to estimate values of listed high-tech companies. Firstly, high-tech companies are undervalued when the values are attained from the basic multiples calculated based on all companies. Since high-tech companies reinvest abundant profits into new products development. Secondly, it isn＇t coincident for the multiples used evaluate values of high-tech companies. Finally, it isn＇t precise to use P/E of high-tech companies. Because of the high risk and uncertainty involved, it＇s hard to estimate the cash flow in future.