The Value Evaluation Of The New OTC Market Listed Companies Taking HG Company As An Example

The New OTC Market is an indispensable part of the multi-level capital market system in China,and is an important way to solve the financing difficulties of small and medium-sized enterprises.With the increasing number of Listed Companies in the National Equities Exchange and Quotations,the corresponding system of laws and regulations is constantly improved,and its financing function is becoming increasingly apparent.From the New OTC Market listed companies,whether they are based on the needs of listing,or for restructuring,business management and other purposes,we need to have a basic understanding and evaluation of the value of enterprises.The New OTC Market mainly for high growth and high risk of SME business,listed companies have great uncertainty,dynamic management decision sequence,stage characteristics,and the traditional enterprise value appraisal method to evaluate such high-tech enterprises with business uncertainty.In order to evaluate the value of the New OTC Market listed enterprises,the comprehensive evaluation model of the enterprise characteristic index is constructed by the principal component analysis method,and the comparable enterprise is selected.Then,we use the two methods of historical volatility and GARCH family model to predict the asset price volatility of comparable enterprises,and get the asset price volatility of the New OTC Market listed enterprises through adjustment and empowerment.On this basis,the BLACK-SCHOLES option pricing model is used to evaluate New OTC Market target enterprises.Finally,we select the New OTC Market listed enterprises to analyze the case,verify the effectiveness of the New OTC Market listed enterprise value evaluation based on the Volatility Prediction,and find that the valuation result based on the GARCH family model is lower than the historical fluctuation valuation result.