The Corporate Evaluation Based On Real Option Method

In recent years, with the NEEQ market expansion continues to deepen, the number of listed companies is constantly increasing. NEEQ business transactions more frequent,the growth rate is also very fast. Therefore, whether it is investors, or the NEEQ enterprises, once the value of the NEEQ to be assessmented reasonable, then it can help them recognize the real value of the enterprise, so that investors can grasp the opportunities and the business transactions can be promoted.The idea of this paper is that choosing one of the NEEQ enterprises as an example,and then use the DCF model and the Black-Scholes model to assessment,taking the comprehensive evaluation of the value into the valuation method. Finally, we can get the closer results of the corporate. This paper is divided into five chapters. The first chapter is the introduction, introducing the background of this topic and the significance of the topic. In the literature review, some scholars have discussed the controversy over the traditional valuation method and the applicability of the real option method in assessing the high-tech enterprises.The second chapter is a case study. First, the author introduced the case business,and introduced the value of the enterprise driving factors. Second, it points out the market valuation of the case enterprise, and points out whether the case enterprise is really overestimated or underestimated. Again, analyze the reasons for the selection of the case. Finally, by comparing the commonly used valuation methods, this paper puts forward the comparison between the discounted cash flow discount model and the real option method.The third chapter is the evaluation of the case enterprise by the traditional valuation method. According to the enterprise's latest annual report and financial statements, using the relevant data to calculate the results.The fourth chapter is the valuation of the case enterprise by the real option method and the value of the value after the inclusion factor. The obtained data is substituted into the real option method to calculate the value, and then the value of the comprehensive evaluation of the value into the valuation method. After the calculation, the results are compared. And the authors analyzed the results.The fifth chapter is the conclusion and suggestion of this paper. The conclusion of this paper is: Real option method is more applicable to the valuation of NEEQ high-tech enterprises, and in the valuation we should fully consider the value of the enterprise driving factors. The author also make suggestions that evaluating NEEQ needs to choose a more appropriate valuation model and the NEEQ market pricing mechanism should be more perfect.