Study On The Valuation Of The Listed Companies On GEM

October 30, 2009, the first batch of 28 companies listed on GEM focused on the Shenzhen Stock Exchange, marking the preparation for more than ten years, China formally opened the GEM. As more companies enter the GEM to obtain financing, how to GEM fair and reasonable valuation of companies has now become the subject of extensive discussion. Scientific and rational assessment of the value of companies listed on GEM, there are companies listed on GEM help to promote healthy and rapid growth, improve our level of business valuation, value management to help management to establish the idea, and for enterprises mergers and acquisitions, to provide a scientific theory The basis and foundation.In this paper, the classical international business valuation theory, introduced relevant concepts of business valuation, the value of GEM listed companies and to assess the source of the objects and principles. On this basis, describes four business valuation methods, Serve this law, the relative comparison approach, income approach and the real option pricing method. These four basic principles of valuation methods and the applicability of GEM listed companies were compared, that: the majority of listed companies because the market for the high-tech enterprises, the GEM research and development costs of the total company turnover Relatively high proportion of general, so GEM's main assets, intangible assets such as patents or patents account for a large proportion. Together with companies listed on GEM Board listed company with respect to its business risk is very great. These factors contribute to the cost method, the relative comparison method, income approach and other traditional valuation methods do not apply to the valuation of companies listed on GEM. For GEM listed companies, often the most valuable business income opportunity is accompanied by great uncertainty. Listed companies have their own characteristics as well as high-tech products and high-risk, option value of the total value of the entire company is very large proportion. Real options in dealing with uncertainties as the use of investment uncertainty, irreversibility and the timing of the linkages between the three and role of the company the value of the uncertainty facing the investment value as part of the company Beyond the traditional business valuation methods in dealing with the uncertainty of deficiencies.In this paper, Jia Hao Shanghai Stock Ship Engineering Co., Ltd., for example, according to the company's characteristics and investment projects, put forward the use of adjusted book value method and the Black - Scholes option pricing model to assess the company's enterprise value. Through the adjustment of intangible assets and intellectual capital gains discount model, this paper identifies the financial statements of the enterprise can not display the value of intangible assets and intellectual capital. Then this paper, Black - Scholes option pricing model to quantify the company's three fund-raising project in 2009 the option value. Finally, according to the calculated fair value of existing assets and the option value of investment projects, evaluate the company's overall value. This paper will assess the result of the IPO pricing and the company's market value in 2010 compared to IPO price that the company is more conservative, but the company's share price high in the listing.