Research On The New Three-board Enterprise Value Evaluation Based On REVA

Under the background of the development of the new three-board market,this paper makes a qualitative comparison with the applicability of the traditional value evaluation method and the new economic value-added valuation model in the new three-board enterprise with the distinctive features of the new three-board enterprises Analysis,hope to be able to investors and managers in the new three board enterprises to provide valuation,to provide theoretical and practical guidance.According to the analysis of this paper,we can see that the vast majority of enterprises in the new three board enterprises are high-tech enterprises in the start-up period,so they have some typical characteristics,such as short operating period,unsound historical data,high technical content,high capital investment Large,small but fast growth,a single financing channels,stock transactions are relatively inactive,the proportion of intangible assets and future business uncertainty is also large and so on.In view of the above-mentioned significant features of the new three-board enterprises,this paper analyzes the mainstream traditional valuation methods-cash flow discounting method,relative value method,option pricing method and new value evaluation method-economic value added method in the new three board enterprises.The paper analyzes the applicability of the method,and finally compares the scope of application of various valuation methods and their own advantages and disadvantages to draw the following conclusions: economic value added method is most suitable for the evaluation of new three board enterprises;option pricing model can test the enterprise the value of the assessment results;cash flow discount method and the relative value method in most cases does not apply to the new three board enterprise value assessment.Then respectively in detail elaborated the economic value added(EVA)and the revised economic value added(REVA)the relevant theoretical basis,pointed out that there is the theory basis of the basic theory of EVA,the there are the introduction of new three board enterprise value assessment in reference to the discount cash flow method and enterprise competitive equilibrium theory to build the basic valuation models there,according to the different stages of development of the enterprise again there are single phase is deduced valuation model and two-stage valuation model.In order to verify the reasonableness and accuracy of the REVA valuation model,first of all,select a company listed on the new board of three companies-A technology company,combined with the company's external macro environment and the status quo of competition in the industry A technology company's future Development trend forecast,and then combined with the actual situation of the company selected a two-stage REVA valuation model of A technology companies to assess;followed by A technology companies from 2011 to 2015,based on historical financial data,through the ratio analysis And the trend forecast method to obtain the financial data of A technology company from 2016 to 2020,calculate the future REVA value;Finally,the use of two-stage REVA valuation model to assess the market value of the enterprise,the valuation of the results of analysis and evaluation.The results of the evaluation show that the REVA model is the same as the market value of the A-technology company and its new three-board market value.