Research On The Real Option Evaluation Of The New Third Board Enterprises

With the constant improvement of our multi-level capital market, the new third board which is for non-listed enterprises’ stock transfer and directional financing has gradually become an integral part of the capital market. As the pilot zone increasing, the new third board enterprise’s quantity is increasing. With the system constantly improving and financing constantly simplifying, it is of great significance for the small and medium-sized enterprise development. The new third board market as the main market, optimizes the structure of the capital market of our country and alleviates the financing difficulties of small and medium-sized enterprises, supports the development of private enterprises, increases the vitality of the Chinese economy. As an investor, having a correct understanding of the value of the new third board enterprises can make the right investment decisions. So how to properly assess the value of the new third board enterprises becomes increasingly important for investors.This paper takes the new third board enterprises value evaluation as the research object, and points out the research background of enterprise value evaluation, and the related theoretical and practical significance for the study. Through the analysis of the new third board market and its characteristics of listed enterprises, the limitations of traditional evaluation method are pointed out. Combining the theory of value evaluation and the application practice, this paper finds out the most suitable value evaluation method for the new third board enterprise, which is called real option method. Then through the identification and analysis of the real option of the new third board enterprise, this paper points out the real option method can be applied to the new third board enterprise value evaluation. By analyzing the case for Z enterprise which is one of the new third board enterprises, we establish the thinking of the value evaluation methods through in-depth analysis of Z enterprise. We choose B-S pricing model of real option method to evaluate its value. According to the analysis of Z enterprise financial data and stock trading data, we can estimate the five parameters of B-S pricing model, therefore, Z enterprise’s value data can also come out. What’s more, through the comparative analysis with stock market prices and the sensitivity analysis of the five parameters of B-S pricing model, it can verify the applicability of real options. In the end, this paper makes a summary and outlook.