EVA Model Construction And Application Research On The Value Evaluation Of The New OTC Market High-Tech Enterprises

In order to meet the increasing financing needs of the enterprises,China was committed to establishing and improving multi-level capital market.And the New OTC Market has become an important part of the multi-level capital market,and plays an important link in the multi-level capital market.It can be transfer board listing and accept non-public transfer of shares in small and medium enterprises across the countr.Compared to the main board market,the GEM market,the New OTC Market meets the financing needs of a large number of high-growth,high-innovation and small-and medium-sized enterprises in China.It is a financing platform with more potential for development,more influential to the social economy,and more power for the development of enterprises.With the continuous expansion of the New OTC Market,the number of listed companies and trading volume in the New OTC Market has shown a blowout model in recent years.Its prosperity and development have also become the focus of investment for all investors,Including securities firms,funds,management and so on。At the same time,the rapid development of the New OTC Market also needs the continuous improvement of the enterprise value evaluation method,in order to reasonably and accurately evaluate the real value of the New OTC Market listed companies。Traditional value evaluation methods,such as cost approach,market approach,discounted cash flow technique,are more applicable to the value evaluation of traditional enterprises.And because the New OTC Market has not been perfected and the unique features of the high technology enterprises,It is difficult to accurately evaluate the value evaluation of high technology enterprises.But the EVA value evaluation method focuses on the long-term development of the enterprise and takes full consideration of the impact of the equity cost on the enterprise value.Adjust the accounting profit of the enterprise into economic profit,combining the characteristics of high technology enterprises to adjust the specific formula,it can provide investors with a scientific method to evaluate the value of the New OTC Market Enterprises.This article is divided into five chapters.The first chapter is the introduction,introduce the background and significance of the application of EVA value evaluation method to the New OTC Market high-tech enterprises,and summarize the research status of academic field at home and abroad.The research methods and research ideas of this paper are put forward,combing the innovation point and inadequacies of the article.The second chapter is the value evaluation method of the New OTC Market high-tech enterprises.This chapter is based on the introduction of the development process of the New OTC Market and the analysis of the characteristics of high technology enterprises,it introduces the traditional enterprise value evaluation method and the EVA value evaluation method and its advantages and disadvantages.And analyze the limitations of the traditional value evaluation method in its value evaluation,And the applicability of the EVA evaluation method to its value assessment,It is concluded that the value evaluation of EVA is more suitable for evaluating the value of the New OTC Market high-tech enterprises.The third chapter is the EVA model for the construction of the New OTC Market high-tech enterprises.Before the model is built,the specific adjustment items of the accounting subjects should be analyzed,the parameters of the three variables of the EVA estimation model will be determined.Then the specific classification of EVA valuation model is introduced:single stage model,two stage model and three stage model,combined with the characteristics of the New OTC Market high-tech enterprises,the two stage model is selected.The fourth chapter is an empirical analysis of the EVA valuation model.This paper selects Huayi as a sample enterprise,calculating the historical EVA value according to the related data of the financial statements,and through the analysis of the growth rate of the future sales,forecast future balance sheet and profit statement data using the sales percentage method,calculate the future EVA value of the enterprise.Finally,the value of Huayi is calculated by the two stage model of the EVA evaluation method.The applicability and validity of the EVA evaluation method is confirmed by the analysis of the error rate of the results.At the same time,the limitations of the method are proposed.The fifth chapter is the conclusion and suggestion,summarize the research results of this article,it also gives some suggestions on the role of EVA evaluation method in evaluating the value of the New OTC Market high-tech enterprises.