Research On Valuation Of NEEQ Enterprise Equity Based On Real Option Method

The NEEQ(National Equities Exchange and Quotations)is a part of China's multi-level capital market system,which is of great significance for small and medium-sized enterprises with small scale,large risks and difficult financing problems.With the gradual improvement of the system of the NEEQ market,its financing function is becoming more and more obvious,and the activity of the trading activity will be more and more active.For investors,the correct scientific understanding on the value of the enterprise to make the right investment decisions in the market,therefore,how to evaluate the value of equity is especially important.Based on the value assessment of the NEEQ,this paper expounds the research background of the enterprise value assessment and the theoretical and practical significance of the research.By analyzing the characteristics of the NEEQ market and its listed enterprises,the limitations of traditional valuation methods are pointed out.At the same time,combining value assessment theory and application practice,the value assessment method for NEEQ enterprises is established-real option method.Then,the recognition and analysis of the real option of the NEEQ enterprises are discussed,and the real option method can 'be applied to the enterprise value evaluation of the NEEQ.By analyzing the case for a listing on the NEEQ H enterprise,through in-depth analysis of H company,establish the thinking of the value assessment methods,choose B-S pricing model of real option method to evaluate the value,according to the analysis of H company financial data and stock trading data and estimate the B-S pricing five parameters in the model,and then calculate the enterprise value of H enterprise,and through the comparison and analysis with the stock market price,at the same time,also the B-S five parameters sensitivity analysis in the model,to verify the applicability of real options.At the end of the article,the author summarizes and prospected.