| Since the end of 2016,with the adjustment of China's capital market,the IPO(Initial Public Offerings)audit has passed the accelerated pace,and the new over-the-counter market transfer board will usher in a new historical opportunity.The new over-the-counter market after more than ten years of development,has formed the largest number of industries,the most complete,most extensive geographic distribution pattern,new over-the-counter market and the main board,second board,small board and regional equity trading center,together constitute the main body of China's capital market,the new over-the-counter market is an important cornerstone of China's capital market.Since 2017,new over-the-counter market transfer board has been on the market faster,compared with the previous ten years,the number has increased absolutely.Although the number of new over-the-counter market enterprises is numerous,but the good and bad are intermingled.Now,new over-the-counter market is divided into two parts,namely,the basic level and the innovation level.The new over-the-counter market enterprises entering the innovation layer have the potential to transfer the board to the market.It is an urgent problem to study the possibility of successful transfer of the new over-the-counter market enterprises in the innovation layer.As an independent third party valuation subject,the asset valuation organization will be able to evaluate the feasibility of the new three board enterprises.According to the listed conditions issued by the SFC,the asset appraisers have concluded that the financial index is an important factor in the listing of the transfer board.The new over-the-counter market enterprises have particularities,most of them belong to high risk and innovative small and medium-sized enterprises.Asset appraisers should adopt special valuation methods for new over-the-counter market enterprises.The performance valuation methods of asset appraisal include financial index analysis,discount cash flow method,economic value added method,balanced scorecard method,fuzzy comprehensive performance valuation method and so on.Look from the number,the number of companies listed on the new over-the-counter market is the main board and second board both the sum of the times,and the gap between the nature of the industry three new board among enterprises,personnel assessment isvery difficult to use the method of enterprise performance evaluation,mainly the valuation method of long period,large amount of work and low accuracy.By adopting the reasonable performance valuation method of new three board listed companies,we can quickly determine whether the new over-the-counter market enterprises have the possibility of transferring the board to be listed,and provide accurate suggestions for investing in the new over-the-counter market transfer board listing institutions.Based on the literature review of performance evaluation at home and abroad,we find that DEA(Data Envelopment Analysis)is a scientific method of performance evaluation.First of all,the innovation of this paper lies in using case analysis,statistical analysis and comparative analysis method,selects ten new board 2017 mougeotia listing of listed companies and ten innovation new board listed companies,ten companies listed on the board,has been on the main board or GEM listed in part,issuing and listing the preparation stage;listing time are distributed in 2014-2015 years.Secondly,from the perspective of valuation based on the third party,the performance valuation index system,selects the financial indicators and non-financial indicators,financial indicators including operation ability index,profitability index,solvency ability index,asset liability ratio,non financial indicators are indicators of corporate governance structure,to construct the performance evaluation index system;valuation index data from the 2016 annual financial statements of listed companies,extracting relevant data,classified into the corresponding performance indicators,using data envelopment analysis method,respectively analysis of technical efficiency,pure technical efficiency,scale efficiency,calculate the average enterprise performance valuation;the results found,ten new board listed companies transfer average performance average more than ten innovative new three layer enterprise performance means,but the ten innovation three new board companies of individual enterprises.The average performance also appears to be equal to 1.Finally,by using the method of prediction and analysis,combined with the Malmquist index of2014-2016 years,we analyze ten new third tier enterprises of innovation layer,and the efficiency of input and output of issuers is effective enough to have the conditions of the transfer board listing. |
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