Research On The Pricing Of New Three Board Enterprises And Its Influencing Factors

China's New Three Board market has been rapidly developed in recent years,received extensive attention from investors.As the base of our country's capital market pyramid,by the end of 2017,the number of companies listed on the New Three Board has exceeded 10,000.The New Three Board is playing an important role in China's capital market,also reflects China's multi-level capital market is maturing.The constant growth of the New Three Board market in China puts forward higher requirements for the pricing of the New Three Board.Seeking reasonable pricing for New Three Board companies and resolving the liquidity problems of the New Three Board all need to attract the attention of market participants.In recent years,most of the studies on the New Th Board have focused on the status of the New Third Board in the capital market of China,as well as on some policy theories.There has been little research on the factors affecting pricing and stock pricing,especially on the basis of research on stock groups.The research on the main board market has been subdivided into the study level of the effects of individual factors.The lagging of the new three boards has many objective factors.First,the new board market in China is very young and has a short development period,only a few dozen years.There is a big difference between the new Third Board market rules and other sectors,and most of the new Third Board companies are small-scale small and micro enterprises or new high-tech enterprises that are in the initial stage.These reasons have led to the study of the New Three Board.The results are very few.With the introduction of the New Three Board market maker system,the advent of the two major new indices,including the release of various political policies,is a good opportunity for us to study New Three Board market.After a detailed introduction of the New Three Board Market,this article focuses on the New Three Board market-making enterprises with more research value.In order to ensure the objective accuracy of the research results and the extensive coverage,this paper has selected the real options pricing method and the multi-factor regression analysis method to analyze the traditional valuation system from the perspective of individual stocks and stock groups,and to make new markets for the new three boards.The firm's pricing and its influencing factors are empirically studied.At the individual stock level,Real Option pricing model was adopted,and multi-factor regression analysis method was adopted at the stock group level.The two-level empirical results were analyzed,and then the two levels of analysis results were combined and compared.On the premise of conducting research summarization,relevant recommendations are made on the pricing of the New Third Board and how to better develop the New Third Board Market.