基于熵权模糊物元模型的创新型企业价值评估

Evaluation on Innovative Enterprise's Value Based on Entropy-based Fuzzy Matter-element Model

以国家级创新型企业为研究对象,结合创新型企业价值评估理论基础,构建了包含企业创新能力指标的企业价值评估体系,并运用熵权模糊物元综合评价方法和PB/PE估值法评估创新型企业价值。结果显示,创新能力指标在创新型企业价值评估中的权重高于其他指标,显示了创新能力对创新型企业价值评估的重要性;PE估值法能够降低创新型企业的行业/企业间差异,避免企业创新驱动下的增长不确定性引起的市场价值偏离,其估值结果更接近于创新型企业的实际价值。

Based on the theoretical basis of innovative enterprise＇s value evaluation,this paper uses the state-level innovation-oriented enterprises as the research object,and constructs the value evaluation system including innovation ability index of enterprise.Then it uses the entropy weight fuzzy matter element comprehensive evaluation method and the PB/PE valuation method to evaluate the value of innovative enterprise.The results show that the weight of innovation ability index is higher than those of other value indicators,which indicates the importance of innovation ability to the value evaluation of innovative enterprise.PE valuation method could reduce the industrial and enterprise＇s difference among innovation enterprises,and avoid the uncertainty of the growth caused by innovation driven by enterprise market deviation,and the valuation result is closer to the actual value of innovative enterprises.