摘要
本文以虹软科技为例,在分析科创板制度背景的基础上,使用REVA估值模型评估虹软科技的企业价值,对科创板人工智能类企业的价值评估进行探索。考虑到科创板企业技术路线和市场环境存在高度不确定性,本文在原有估值模型的基础上对虹软科技未来发展分别进行乐观、中性和悲观预测,最后加权得到评估结果。研究结果表明:REVA估值模型适用于科创板人工智能类企业的价值评估,能够合理地考虑科创型企业未来的潜在价值,为投资者提供相对有效的决策信息。
This article uses ArcSoft as an example. Based on the analysis of the scientific innovation board system background, the REVA valuation model is used to evaluate the corporate value of ArcSoft, and explores the value evaluation of artificial intelligence companies on the technology innovation board. Taking into account the high degree of uncertainty in the technology route and market environment of sci-tech innovation board companies, this article makes optimistic, neutral and pessimistic forecasts on the future development of ArcSoft on the basis of the original valuation model, and finally weights the evaluation results. The research results show that the REVA valuation model is suitable for the value evaluation of artificial intelligence companies on the science and technology innovation board. It can reasonably consider the potential value of the science and innovation enterprises in the future and provide investors with relatively effective decision-making information.
作者
曹梦蝶
林东杰
Cao Mengdie;Lin Dongjie(KPMG Advisory(China)Limited,Shanghai 200041;School of Public Finance and Taxation,Central University of Finance and Economics,Beijing 102206)
出处
《中国资产评估》
2021年第9期21-31,共11页
Appraisal Journal of China
基金
国家自然科学基金青年项目(72002234、71702051)
教育部人文社会科学研究青年项目(19YJC790072)
中央财经大学青年教师发展基金项目(QJJ1801)
中央财经大学教学方法研究项目(2020XYJG02)。
关键词
科创板
人工智能类企业
REVA估值模型
STAR Market
Artificial Intelligence Enterprises
Revised economic value added(REVA)
