Research On The Real Evaluation Of The New Third Board Enterprises

The new three board is also called the national small and medium-sized enterprise stock transfer system.Since opening operation operation in January 2013,get the favour of many has the financing needs of small and medium-sized enterprises.As of February2017,in just four years to surpass the 10 listed companies.The vigorous development of the new three board in the running of our capital market continuously inject new vigor at the same time,also for its trading regulation put forward higher requirements.Constantly improve the order of the new three board trading system,for the new three board enterprise more reasonable value orientation become a new three board to ensure healthy and orderly operation of the important factors.Under the above background,this paper tries to explore new three board listed companies more in line with the characteristics of the enterprise value evaluation methods.The discussion of enterprise value evaluation has always been a hot topic of enterprises and investors.Today,the new three board market is growing by leaps and bounds development,but the setting time is shorter,than the main board market active trading objective factors,make suitable for new three board enterprise value evaluation methods compared to the main board market is not a lot.Therefore,under the background of new three board market booming,looking for more in line with the enterprise value evaluation methods,is helpful to the development of the new three market better,create more economic value.The author thinks that the correct research new three board listed companies value should not be confined to the financial management theory Angle,should focus on finding more in line with the new three board enterprise actual equity evaluation methods.In equity value assessment theory system of rich at the same time,also to be able to guide the reasonable enterprise production and business operation and realistic significance to investors rational investment decision.Based on the new three board listed companies more for high and new technology enterprise,with great uncertainty of the future operation characteristics,the author of traditional enterprise value evaluation methods in the class doubted the enterprise value evaluation is the applicability,and based on this,advances the real options method compared with traditional enterprise value evaluation methods in the assessment of such enterprises has more applicability.Make the new three board business owners and investors to grasp more appropriate evaluation method,to avoid improper evaluationmethod to assess results appear larger deviation and according to the debt into equity losses.This paper focuses on the selection and application of the equity valuation method of the new three-board listed enterprise,which is mainly the high-tech enterprise.Firstly,the paper introduces the research results of relevant scholars at home and abroad on the evaluation of enterprise value,especially the development of the real option method in the value evaluation of the enterprise.First of all,this paper introduces the traditional enterprise value evaluation method and real options method,and application in the enterprise value evaluation of two kinds of method comparison and points out that in the new three board companies assess the value of the traditional evaluation methods have limitations in certain degree.Then,the applicability and operability of real option method in the value assessment of new third board are analyzed.On the basis of theoretical research,this paper combined with the case of a company S new three board listed enterprises,respectively,using the discount cash flow method and the Black-Scholes model,calculate S the value of a share of the company,will be two kinds of methods to calculate the value per share compared with S company in 2016,the average share price,show that real options method can more reasonable assessment of the value of the new three board enterprise.Finally,the conclusions are summarized and the limitations of the research are pointed out.