The Enterprise Equity Valuation Of The New Three Board Market

National SMEs share transfer system(the New Third Board Market) developed rapidly as an important part of the multi-level capital market since 2015. As of March 2016, the number of listed transacting enterprises in the the New Third Board Market has exceed 6000, with total equity transaction number exceed 360 billion shares. The New Third Board Market has become the most rapid developing market sector. However the New Third Board Market also exposed some problems such as valuation of enterprises while its rapid development.This paper revealed the New Third Board Market’s problems in enterprise valuation from analyzing market position, enterprise development of the New Third Board Market. Combined applicability of various corporate valuation method with characteristics of the New Third Board Market, this paper chose real option method as the valuation method. Traditional enterprise valuation methods mainly focused on analyzing financial data of the enterprises and development situation in the past. While real option pricing method is different, it also puts a lot of attention to the potential future growth of the business of enterprise, which is more suitable for the new three board market enterprises valuation. Because that the New Third Board Market is less active in share transaction and it’s difficult to collect data, this paper only chose software service sector which is a relatively active transacting sector in the market to do the comparison with corresponding sector in the main-board. The result of comparison is that the relatively low trading price also has certain representativeness. The result of real option valuation is corrected and closer to the main board trading price. It concludes that the real option method is a suitable valuation methods for the New Third Board which could be a basis for price negotiation.