| The establishment of the NEEQ,is an important measure to the construction of China's multi-level capital market.The NEEQ help to make the direct financing system of China's capital market more complete,has a beneficial effect on value-finding function and the resource distribution function of the market.The birth of NEEQ also meets the financing needs of small and medium enterprises,especially innovative enterprises,which promotes scientific technological small or medium enterprises to grow and develop.Besides it also provide high-quality listed company resources for the A Share Market of China.Giving reasonable valuation of enterprises,is not only help investors and managers to improve decision-making,but also to promote the healthy development of NEEQ.At present,the most enterprises of NEEQ are innovative small or medium enterprises,which has a short set-up time,strong growth speed,high technology content,unstable cash flow and high risk.These characteristics greatly hinder the investors from evaluating these enterprises reasonably,making it difficult for investors to ensure the accuracy of the valuation results.In order to solve this problem,this paper systematically combs the main valuation methods such as cash flow discount valuation method,price-earnings ratio method,book value ratio method and real option model,and then analyzes and compares the advantages and disadvantages of these valuation methods when evaluating enterprises of NEEQ.Then it draws the following conclusions: DCF method has a big limitation,which means it does not apply to the most of NEEQ's enterprises valuation;whether to use PE method depends on how to choose comparable enterprises correctly;Real Option Valuation model is relatively good to adapt to the characteristics of enterprises of NEEQ.Finally,the paper analyzes the conclusion with 55 companies,and finds that the practice test is in good agreement with the theoretical analysis... |
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