Research On The Way Of Evaluation Of New Three Board Enterprises

The new third market transactions are becoming increasingly popular,and for the valuation method of three new board companies currently in the relative valuation method,this paper analyzes and compares the applicability of the discounted cash flow method,the relative valuation method,economic value added.Using the method of AHP mathematical model is improved and proposed a new valuation approach,in order for investors to assess the value of the new board of enterprise,to provide a theoretical basis and practical reference.First of all,this paper introduces the evaluation methods of traditional enterprise value,and analyzes the characteristics of the new three board market.Thus draw the following conclusions: the new third market is in the enterprise the early development of the enterprise,the cash flow is not stable,which lead to the application of limited company of discounted cash flow model;the effect is difficult to expectations of the new board assessment of enterprise value and the equity dividend discount model of free cash flow discount model;relative valuation model for benchmarking enterprises are not comparable,most do not apply to the new board of enterprise valuation;the real option valuation model of complex operation,the practice effect is poor,only as a supplement to the enterprise value assessment of the new board.Based on the above analysis,on the basis of the principle of relative valuation method,this paper puts forward several factors that should be considered when evaluating the value of the new three board enterprises.According to industry trends(Industry),business model(Strategy),the core competence of the Corporation(Ability),mobility(Liquidity)of four kinds of main elements,at the AHP basic theory analysis method,a quantitative evaluation of the corresponding index,the creation of sailing(Sail)valuation method,to measure the actual value of the enterprise.Thirdly,this paper selects a new three board enterprise,which is divided into two modules: enterprise introduction,analysis and application of the new valuation method.Finally,based on the logic of this paper,the paper summarizes the traditional methods,and the advantages and characteristics of the new method.