The Research Of The Method About The New Three Board Corporate Valuation

The establishment of the New Three Board is less than three years,since the National Equities Exchange and Quotations formally operated.The Market has experienced from the cold to hot,and then return to the rational,repeatedly become the focus of the capital market,plays an important role for our country to establish and improve the multi-level capital market system.The New Three Board prompted many small and micro tech enterprises leveraging the capital market to obtain a good development,but also exposed some problems,such as pricing confusion,price volatility,extent hindered the healthy development of the market.In this thesis,the author is based on the practical experience about the New Three Board,combined with the results of previous studies,making the research of the method about the New Three Board corporate valuation.The study found that the applicability of the costing,the income value,the marketing and the option pricing for the New Three Board corporate valuation is not good,and then define the 15 explanatory variables,study the influence of these factors on the stock price difference through correlation analysis,factor analysis and multiple linear regression analysis.Through the research,I found 4 main influencing factors including profitability,operational capacity,management efficiency and development potential,and established a regression model of stock price.It is found that the 4 common factors can explain the stock price difference partly,but it can't contain all the influencing factors.In practice,it is suggested that the comprehensive application of multiple estimation methods,and the comparison of the results.Finally,the article analyzes the reasons for the failure of several valuation methods,and puts forward some policy recommendations for the New Three Board market,promoting a health and rapid development.