The Characteristics Of The New Third Board Enterprises And Equity Evaluation

The new third board market, as a part of a multi-layered capital market system, is a platform designed for high-growth technology-based, innovative unlisted companies'share transfer and targeted financing. It is of great significance for small scale, risk, difficult in financing companies. With the improvement of its various systems, its financing function becomes increasingly apparent; its trading will also become more active. Therefore, how to assess the equity value of the new third board market's companies is very important obviously.After analyzing the new third board market companies'characteristics and the traditional equity evaluation methods, this article viewed its equity as a call option from the perspective of real options, and then used the B-S model to calculate the equity value of COMPASS (430011) and compared with its market price.Empirical study came to the following basic conclusions:(1) Real option method can overcome the limitations and lack of the traditional methods, is supplement and improvement for equity evaluation.(2) Real option method gives full consideration to the characteristics of the new third board companies and the real options contained in.(3) Institutional investors play an important role in the stability of the new third board market.