Research On Equity Valuation Of The National Equities Exchange And Quotations Enterprises Based On Real Options Method

In December 2017,the 19 th National Congress of the People's Republic of China officially opened a new chapter in China's financial reform and development.The real economy and technological innovation have become the new focus of the financial system reform in the future.The National Equities Exchange and Quotations(NEEQ),as the base of China's multi-level capital market,has not only broadened the service coverage of small,medium and micro enterprises,optimized the financing structure,but also injected fresh blood for high-tech enterprises and effectively became a booster for the development of the real economy.However,The NEEQ concept stock market is still at an early stage of growth.Due to the profusion of listed companies,many high-quality companies with uncertain development and low earnings are buried.This article does some research on the effective valuation of the NEEQ.Firstly,this paper takes the equity value of the NEEQ as the research object,discusses the research background and significance of choosing the equity value of the NEEQ,combs the research results of domestic and foreign scholars on enterprise valuation,and introduces relevant concepts,and lays the theoretical foundation for the study of this article.Secondly,the status quo of the equity valuation of enterprise is discussed from various aspects.The relevant factors affecting the equity value of the NEEQ are analyzed in depth from both external and internal perspectives,and the difficulties in the process of value evaluation are pointed out and combined.Therefore,this paper introduces the real option method to evaluate the value of the NEEQ,expounds the applicability of the real option method from the two perspectives of theoretical rationality and practical rationality.Through identifying and analyzing the real option characteristics of the NEEQ,the B-S pricing model was finally selected for evaluation.Again this article selected 31 companies in the software and information technology services industry as research samples,and used Hisign(430021)as an example to analyze various options of the company according to the valuation model of real options method,analyze the company's various options and determine the values of the five basic parameters.Bring intothe B-S model option calculation formula to get the option price,this is the intrinsic value of the stock.Subsequently,the remaining 30 sample companies were assessed using the same method to evaluate the equity value,compare the calculated equity price in descending order with actual market price order,and calculate the deviation rate from the market price.The research results show that the concise calculation and accurate valuation results of the B-S model have brought great inspiration to the equity valuation of the NEEQ.At last,this paper summarizes the research conclusions,and puts forward some suggestions for the healthy and orderly development of the new three boards in China in the process of researching the equity value.At the same time,it points out the deficiencies of this paper's research and development in future.